Lululemon Athletica Inc, a Canadian athletic apparel company, opened 40 new stores and closed 10 existing company-operated stores resulting in net company-operated store openings of 30 in 2021, similarly, the company also opened around 51 stores in 2020. Lululemon’s product portfolio includes sports, tanks, short sleeves, long sleeves, jackets and hoodies, sweaters and wraps, swimsuits, tights, vests and outerwear, shorts, skirts, crops, 7/8 pants, yoga pants, underwear, footwear for men and women. The omni business model proved to be advantageous to the company, and in 2021, net sales from the company-operated store channel increased by 70%, while e-commerce revenue increased by 22%.
The United States, Canada, China, Australia, and United Kingdom are among the top five countries with the highest number of stores in the world in 2021. The 10 stores closed in 2021 due to the decrease in store traffic caused by the spread of the Omicron variant and restrictions in most markets, and the company has chosen to prolong store closings across North America, Europe, Malaysia, Australia, and New Zealand until the situation settles down which resulted in the decrease in net revenue of the company-operated store segment.
By the end of FY2021, Lululemon operated 521 stores, up from 491 operational stores in 2020. Lululemon works with a group of about 41 vendors to make its products, and in 2021, five of those vendors contributed 57% of the total production, with the biggest manufacturer producing 15% of its goods.
In 2021, The company added 30 net new company-operated stores in 2021, comprising of 18 in the Asia Pacific, 9 stores in North America, and 3 in Europe. Net sales to consumers directly increased by 22% and by 20% on a constant currency basis. The rise in traffic and higher average transaction values from theie direct-to-consumer segment, which was somewhat offset by a decline in conversion rates, were the main causes of the rise in net revenue for this segment.
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