Lululemon Athletica inc. is a U.S.-Canadian athletic apparel retailer with its corporate headquarters in British Columbia. It was established in 1998 to sell yoga pants and other yoga clothing, but it has since grown to also sell athletic wear, lifestyle clothing, accessories, and personal care items. The business sells both online and at 574 locations across the globe. Let us know more detail about ‘Lululemon’.
In November 2000, a freestanding store on West 4th Avenue in Vancouver’s Kitsilano neighborhood was established from what had once been a design studio by day and a yoga studio by night.
Lululemon has seen incredible growth in the past couple of years, having generated revenue of $6.275 billion in 2022 alone.
Does Lululemon have any competition in the market?
Even after being able to secure a position for itself in the market, Lululemon is no exception when it comes to the stiff competition in today’s globalized world. Lululemon’s competitors include big name like Nike, Adidas, Puma and more.
Let’s have a look at lululemon’s biggest alternatives and competitors.
Nike, Inc. is an American multinational corporation that creates, develops, produces, markets, and sells shoes, clothes, equipment, accessories, and services on a global scale. The business has its headquarters in the Portland metro area, close to Beaverton, Oregon. It is a significant producer of sporting goods and the leading provider of athletic footwear and apparel in the world.
Brand image, unique designs, marketing through celebrities, product quality, and customer experience, all have helped Nike, make a distinct place for itself in the market and reach a global sales of $44.4 billion in 2022.
One of the top brands in the sportswear and footwear sectors is Adidas.
The business is a formidable rival of Nike and Lululemon
Adidas has a bigger market share in the sports shoe and apparel sector than Lululemon does.
For both men and women, Adidas offers a wide selection of athletic shoes and clothing.
Additionally, a wide variety of accessories for sporty and athleisure activities are sold there.
The brand’s wide and varied product selection is a major source of competitive advantage.
With its headquarters in Herzogenaurach, Bavaria, Germany, Puma SE, also known as Puma, is a worldwide firm that creates and produces sports and leisure footwear, clothing, and accessories. The third-largest sportswear producer in the world is Puma. Rudolf Dassler launched the business in 1948. Rudolf and his brother Adolf Dassler founded Gebrüder Dassler Schuhfabrik together in 1924. (Dassler Brothers Shoe Factory). The two brothers’ relations worsened until they decided to separate in 1948 and create two own companies, Adidas and Puma.
Puma’s low pricing in comparison to lululemon has given it an edge and has enabled it to secure double-digit growth in all divisions making it harder for Lululemon to catch up to puma’s consumer share.
The Gap acquired Athleta in 2008 for $150 million. It has an exceptional selection of women’s sportswear. With more than 25 locations in the US alone and an extensive selection of sportswear, Athleta is renowned for its cozy clothing designs.
Athleta has to stylize its assortment in a more cutthroat sports apparel industry, even if both Lululemon and Athleta continue to increase sales.
While Lululemon focuses on elite athletes, Athleta has lately been more on female empowerment, including personal fitness gear. As more people work out indoors, this has allowed Athleta to more than treble its online sales.
5. New balance
One of the well-known brands in the sportswear and footwear industries is New Balance. It is American sportswear, apparel, and footwear company that was established in 1906. William J. Riley established the private corporation New Balance.
The company has a nice selection of athletic clothing, accessories, footwear, and apparel.
Along with producing sports shoes for various sports, the company also sells clothing for sports, such as bottoms, sweatshirts and hoodies, shirts, slacks, and tank tops.
6. Under Armour
A well-established company called Under Armour, known for its fabric that resists sweat, began concentrating on clothing for women. a region that Lululemon has controlled for a while.
Undoubtedly posing a challenge to Lululemon, Under Armour is reinventing itself as a more modern, stylish, and feminine brand to attract women.
Under Armour’s HOVR Breakthru basketball sneaker, which is exclusively for women, was introduced in September 2020. In September 2020, the business also made available its most recent M+MI line items. Lululemon’s market share is in danger from these two female-focused brands.
7. Beyond yoga
Offering the most pleasant material is a big competitive advantage when it comes to sportswear.
Beyond Yoga, a Culver City-based company founded in 2006, has 150 staff members and has distinguished itself as an excellent competition and substitute for Lululemon.
Fitness enthusiasts looking for activewear with the finest and most convenient material are becoming more and more enamored with it. Leggings and biker shorts from Beyond Yoga are more comfortable than those from Lululemon.
Retail prices for Lululemon and Beyond Yoga are above average, ranging from $80 to $100. Although they are both regarded as luxury sportswear companies, more and more Lululemon fans are being lured away by the comfy material of Beyond Yoga.
Last but not least on the list is one brand that ranks among the top ones- Reebok.
It has a fantastic selection of athletic clothing and footwear for CrossFit, jogging, and fitness.
T-shirts, hoodies, and jeans are some of the clothing items that Reebok sells. It has also collaborated with other firms to provide exercises and fitness equipment.
The sports brand also keeps a strong emphasis on marketing, innovation, and customer satisfaction.
Even after having faced stiff competition from big names like Nike, Puma, and Adidas, Lululemon has managed to maintain a certain position for itself in the market and continues to grow stronger. Could it be the next big thing? We’ll have to wait and watch.