On February 2, 2024 Beijing time, Canadian sports lifestyle brand lululemon released its 2024 Spring/Summer footwear collection in New York, officially launching the brand's first men's shoe collection.
Lululemon, founded in 1998, initially started as a yoga outfit. In March 2022, it officially announced its entry into the footwear market, with the first running shoe Blissfeel being released globally.
After entering the footwear market, lululemon's initial shoes were all women's shoes. After the release of Blissfeel, Chargefeel women's sports shoes, Strongfeel women's training shoes, and Restfeel slippers were successively released in 2022.
At that time, Calvin McDonald, CEO of Lululemon, stated, "Entering the footwear category was also another milestone for the Lululemon brand. Just like creating a clothing category, when we launched our footwear collection, we also focused on unmet needs."
The year 2022 when Lululemon entered the footwear market is the year when Lululemon set various digital records. Canadian brands have surpassed Adidas in market value and become the second highest sports goods company in the global market, second only to Nike.
This year, Lululemon's annual revenue surged by 30% to $8.1 billion, with overseas markets contributing 35% of the growth. In the Chinese market, lululemon, Archaeopteryx, and Ralph Lauren have been awarded the "Three Treasures of Middle aged Girls" with a compound annual growth rate of over 50%.
In 2023, Lululemon continues to increase its presence in the footwear market, with the second generation of women's running shoes and sports shoes appearing one after another. At this time, when Lululemon's men's shoes will debut has become a focus of attention in the industry.
For over fifty years since Nike's official establishment in 1972, the sports consumer market has always been dominated by men's products.
Therefore, the original women's sportswear and sports shoes were all transformed from men's line products. It was not until the 21st century, especially after 2010, that major sports brands began to focus on the women's market, and women's products began to be independently designed.
At the beginning of launching footwear products, Sun Choe, Lululemon's Chief Product Officer, also mentioned this issue. "Currently, many sports women's shoes on the market are designed based on men's shoes with slight modifications. We want to change this situation and from her perspective, we have conducted research and development on the entire series. Innovation for women has always been Lululemon's DNA, and the launch of footwear products is no exception."
In contrast to the vast majority of sports brands, lululemon has been continuously increasing its presence in the men's line market since 2023. Obviously, Lululemon, who has achieved outstanding revenue and financial data in the women's market, is very clear that maintaining a long-term revenue growth of about 30% cannot be limited to the women's market.
At the beginning of 2023, Zhou Guanyu, the first Chinese F1 driver, signed a contract. During the summer break, Zhou Guanyu participated in the promotion of the brand's ABC men's pants series.
In early December 2023, Lululemon's first domestic men's clothing pop-up space appeared in Shanghai Hongqiao Tiandi, showcasing a series of products for autumn and winter running, training, and daily styling, including the ABC men's pants series and the Under Puff down series.
At the end of January 2024, Lululemon's first independent men's clothing store in China opened in Yidi Port, Beijing, which is also its first independent men's clothing store in the Asia Pacific region.
In early February 2024, lululemon officially entered the men's shoe market, with three men's shoes included in its first men's shoe series. Lululemon's first sports and leisure shoe, Cityverse, new Beyond Feel running shoes, and Beyond Feel Trail off-road running shoes, all cover both men's and women's styles and will be launched in the first half of the year.
It is reported that although the city verse is different, lululemon has designed different shoe lasts based on differences in foot shape between men and women, human body movements, and different sports scenarios. For example, beyondfeel running shoes are designed with 7 combinations of different upper materials, foam materials and structures.
This year, lululemon will also gradually launch more new and upgraded footwear products, including restful sandals.
The company will release its 2023 financial report at the end of March, and Lululemon's global revenue is expected to exceed 10 billion US dollars. But after breaking through billions of dollars, how to continue to maintain a high growth rate of about 30% is a new issue facing the brand, and whether men's products can grow as scheduled is crucial.