Lululemon hits $10B — powered by China, menswear

Lululemon released today its financial results for the fourth quarter and full fiscal year 2024, which ended February 2. In Q4, global net revenue rose 13% to $3.6 billion. For the full year, net revenue grew 10% YoY to $10.6 billion — a milestone for the brand. In mainland China, the Canadian multinational athletic apparel retailer achieved 41% YoY revenue growth for the full year, closing 2024 with 151 stores in the market, highlighting the country’s growing significance in the brand’s global expansion strategy. “This strong finish to the year reflects our continued innovation and product newness,” said CEO Calvin McDonald. “It’s a testament to the resilience of our brand and the passion of our teams worldwide. In 2025, we remain focused on executing our Power of Three ×2 growth strategy and delivering innovation and brand activations that excite our guests and communities.” Technical innovation yields returns At a time when much of the global fashion and retail industry is navigating rising uncertainties, Lululemon’s performance stands out — not just as a financial achievement, but as a strategic one. Originally known for its yoga wear, Lululemon has pushed the boundaries of “technical athletic apparel.” The company has invested in fabric innovation, functional design, and category expansion — including a strong push into menswear, which has broadened its consumer base and usage scenarios. In fiscal 2024, the company added 56 net new stores, including 14 through its acquisition in Mexico, bringing its global store count to 767. Its direct-to-consumer model has given it tight control over inventory, pricing, and the customer experience — enabling it to reinforce both its brand value and operational efficiency. During its earnings call, McDonald emphasized the importance of community-based activations, ambassador relationships, and global brand campaigns in boosting brand awareness — particularly in high-growth markets like China. Menswear momentum and the Lewis Hamilton effect Celebrity partnerships, meanwhile, have played a pivotal role in unlocking growth among male consumers. Earlier this month, Lululemon took advantage of the return of the Grand Prix to Shanghai to announce seven-time world champion Lewis Hamilton as a global brand ambassador — a move that blends sports prestige with the brand’s lifestyle culture. To date, Lululemon has signed over 10 male athletes across disciplines including basketball, racing, and fitness. These figures bring with them not only performance credibility, but also digital influence, helping the brand engage a younger consumer base through aspirational storytelling. In 2022, Lululemon unveiled its “Power of Three ×2” five-year plan, setting a bold ambition: to double its 2021 revenue of $6.25 billion and hit $12.5 billion by 2026. Surpassing the $10 billion mark marks a major milestone in that journey — but the hardest part may still lie ahead. From yoga to $12.5B: A broader, bolder brand The path to $12.5 billion is far from guaranteed. In an era when fast fashion is in decline, luxury brands are in flux, and competition in the performance apparel sector is intensifying, Lululemon faces both external and internal pressures. The brand must continue to innovate, stay culturally relevant, and tell compelling new stories — not just to grow, but to retain the attention of increasingly fickle and overstimulated consumers. In today’s market, speed alone is no longer enough — brands need vision, agility, and storytelling that resonates.

Lululemon hits $10B — powered by China, menswear

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Published March 28, 2025

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Lululemon hits $10B — powered by China, menswear