Lululemon (LULU)’s newly appointed CEO Laurent Potdevin hopes to drive growth in the next three to four years by increasing the company’s range of fitness-related apparel and accelerating international plan.
In an interview with Live Trading News‘ Paul Ebeling, Potdevin discusses Lululemon’s prospects, saying the firm wants to dominate the international market.
“Given the vastness of the market, there are many cities in which the question is not, ‘Will we have a store?’ but When will we have a store?” CEO Potdevin said. “The global size of our playground is massive.”
Along with expanding “casual wear”, the company’s key component of its growth, and push other product lines, Lululemon’s plans over the coming years also include growing and further developing internationally. U.S. development is also consideration as the yoga-inspired athletic apparel company has 170 locations or 66% of the total it can open.
“The recent success of our [fitness wear called “&Go”] capsule, which I’m sure you’ve seen, speaks to the elasticity of the brand,” Potdevin said, adding that “This lifestyle product collection resonated with our guests exceptionally well and will become an important part of our collection.”
But the Vancouver-based company, which last months opened a 3,100- sft. yogawear emporium in London’s popular West End district of Covent Garden as part of its international drive, is one of many other retailers with the same criteria.
“Every price point and every channel, we’re not alone in this market that we created,” Deanne Schweitzer, senior VP of design and creation for women’s clothing at Lululemon acknowledged.
In the year since the yoga pants fiasco — Lululemon’s signature item of Luon pants which were pulled from the shelves on March 18 after it was discovered the pants were see through, the company’s shares have slumped 30 percent.
Lululemon shares reached an all-time high of $82.50 in early June, 2013, before slipping to trade at $51.71 at the close on Friday.