Lululemon Athletica (LULU)
Designs technical athletic apparel, footwear, and accessories for movement through direct retail channels.
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Lululemon is still overwhelmingly a seller of women’s athletic clothing, and that core is now in a product reset. Growth has shifted away from its weakening Americas base toward China and other overseas markets, while the next chapter depends on making women’s bottoms feel fresh again without losing the loyal customers who built the brand.
Item facts: FY2025 · year ended Feb 1, 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
5 in detail · 16 more below
Women’s apparel
Women’s pants, shorts, tops and outerwear brought in $7.00B in FY2025. Leggings weakened much faster than the category in Q2 FY2026, so fresh shapes must revive the business that still carries Lululemon.
Competes with Salutation Stash High Rise Legging (Athleta) · Airlift 7/8 High-Waist Legging (Alo Yoga)
In plain English
This is the rack that holds up the company. Lululemon designs clothing for yoga, running, training, tennis, golf, lounging and everyday movement, then pays outside factories to make it.
Shoppers buy through Lululemon’s own stores and websites, mostly one piece at a time. The company keeps the selling price after returns and discounts, then pays for the garment, staff, rent and delivery. The formula works best when a fabric or fit becomes a favorite and customers return for another color; it strains when the familiar leggings stop feeling new.
Groove and away-from-body bottoms
Wide-leg pants, flares and joggers are the answer to fading legging demand. They are gaining traction, but Lululemon does not break out their sales and they have not yet made up for the decline in tighter styles.
Competes with Powervita in Salutation Stash (Athleta) · Airlift fabric (Alo Yoga)
In plain English
Fashion has moved from close-fitting leggings toward roomier shapes. Groove and the broader away-from-body range are Lululemon’s attempt to follow that wardrobe change with wide legs, flares and joggers.
The money arrives through an ordinary clothing sale in a store or online; there is no separate fee or subscription. These styles matter because a successful new shape can persuade an existing shopper to refresh a drawer she already filled with leggings. For now, demand for the new cuts is growing, just not quickly enough to replace what the old cut has lost.
Men’s apparel
Men’s pants, shorts, tops and outerwear produced $2.66B in FY2025. Recent sales slipped only slightly, with ABC pants, Metal Vent tops and golf clothing holding up better than much of the assortment.
Competes with Meta Pant (Vuori) · Commuter Pant (Rhone)
In plain English
A smaller wardrobe with a broader daily job: Lululemon sells men clothing that can cross from exercise into commuting, golf or ordinary errands. ABC pants cover the everyday end, while Metal Vent Tech and sport ranges serve running, training and tennis.
Each purchase flows through the same stores and websites as the women’s range. Fit is the hook: once a shopper knows which cut works, replacing or adding colors becomes easy. That repeat habit turns fabric and design into sales, but the line still has to win new male customers rather than rely only on the brand’s original audience.
Accessories and other categories
Bags, yoga gear, socks, headwear, underwear and shoes generated $1.44B in FY2025. This was the weakest major category in Q2 FY2026, so the smaller products are not yet cushioning softer clothing demand.
Competes with Pegasus running shoes (Nike) · Clifton running shoes (Hoka)
In plain English
The smaller aisle widens what can go into a shopper’s basket. It ranges from a low-priced belt bag or pair of socks to yoga equipment and running shoes, giving existing clothing buyers an easy add-on and newcomers a cheaper first purchase.
Lululemon earns when those goods sell through its stores, websites or partner routes. The appeal is simple: more kinds of products can mean more reasons to visit and a larger basket at checkout. The tradeoff is complexity—shoe fit, bag fashion and a broad spread of stock all have to be right at once.
Footwear: Beyondfeel, Blissfeel and Chargefeel
Running and training shoes have extended Lululemon beyond clothing since 2022. Lululemon does not break out shoe sales, and their recent disappearance from management’s discussion leaves the size of that extension hard to see.
Competes with Pegasus daily trainer (Nike) · Clifton premium trainer (Hoka)
In plain English
Shoes ask a clothing customer to trust Lululemon with a harder fit problem. Beyondfeel, Blissfeel and Chargefeel cover running and training, putting the brand into a category where comfort must hold up step after step.
A pair is bought like any other item, through a store or online, and its sale is counted with bags and other gear. Footwear can turn a loyal apparel buyer into a head-to-toe customer, but it also requires distinct design and factory know-how. Because Lululemon does not break out shoe sales, the clearest test is whether the shoes become a repeat purchase rather than a one-time experiment.
Women’s apparelWomen’s pants, shorts, tops and outerwear brought in $7.00B in FY2025. Leggings weakened much faster than the category in Q2 FY2026, so fresh shapes must revive the business that still carries Lululemon.Women’s pants, shorts, tops and outerwear brought in $7.00B in FY2025. Leggings weakened much faster than the category in Q2 FY2026, so fresh shapes must revive the business that still carries Lululemon.
In plain English
This is the rack that holds up the company. Lululemon designs clothing for yoga, running, training, tennis, golf, lounging and everyday movement, then pays outside factories to make it.
Shoppers buy through Lululemon’s own stores and websites, mostly one piece at a time. The company keeps the selling price after returns and discounts, then pays for the garment, staff, rent and delivery. The formula works best when a fabric or fit becomes a favorite and customers return for another color; it strains when the familiar leggings stop feeling new.
Competes with Salutation Stash High Rise Legging (Athleta) · Airlift 7/8 High-Waist Legging (Alo Yoga)
Groove and away-from-body bottomsWide-leg pants, flares and joggers are the answer to fading legging demand. They are gaining traction, but Lululemon does not break out their sales and they have not yet made up for the decline in tighter styles.Wide-leg pants, flares and joggers are the answer to fading legging demand. They are gaining traction, but Lululemon does not break out their sales and they have not yet made up for the decline in tighter styles.
In plain English
Fashion has moved from close-fitting leggings toward roomier shapes. Groove and the broader away-from-body range are Lululemon’s attempt to follow that wardrobe change with wide legs, flares and joggers.
The money arrives through an ordinary clothing sale in a store or online; there is no separate fee or subscription. These styles matter because a successful new shape can persuade an existing shopper to refresh a drawer she already filled with leggings. For now, demand for the new cuts is growing, just not quickly enough to replace what the old cut has lost.
Competes with Powervita in Salutation Stash (Athleta) · Airlift fabric (Alo Yoga)
Men’s apparelMen’s pants, shorts, tops and outerwear produced $2.66B in FY2025. Recent sales slipped only slightly, with ABC pants, Metal Vent tops and golf clothing holding up better than much of the assortment.Men’s pants, shorts, tops and outerwear produced $2.66B in FY2025. Recent sales slipped only slightly, with ABC pants, Metal Vent tops and golf clothing holding up better than much of the assortment.
In plain English
A smaller wardrobe with a broader daily job: Lululemon sells men clothing that can cross from exercise into commuting, golf or ordinary errands. ABC pants cover the everyday end, while Metal Vent Tech and sport ranges serve running, training and tennis.
Each purchase flows through the same stores and websites as the women’s range. Fit is the hook: once a shopper knows which cut works, replacing or adding colors becomes easy. That repeat habit turns fabric and design into sales, but the line still has to win new male customers rather than rely only on the brand’s original audience.
Competes with Meta Pant (Vuori) · Commuter Pant (Rhone)
Accessories and other categoriesBags, yoga gear, socks, headwear, underwear and shoes generated $1.44B in FY2025. This was the weakest major category in Q2 FY2026, so the smaller products are not yet cushioning softer clothing demand.Bags, yoga gear, socks, headwear, underwear and shoes generated $1.44B in FY2025. This was the weakest major category in Q2 FY2026, so the smaller products are not yet cushioning softer clothing demand.
In plain English
The smaller aisle widens what can go into a shopper’s basket. It ranges from a low-priced belt bag or pair of socks to yoga equipment and running shoes, giving existing clothing buyers an easy add-on and newcomers a cheaper first purchase.
Lululemon earns when those goods sell through its stores, websites or partner routes. The appeal is simple: more kinds of products can mean more reasons to visit and a larger basket at checkout. The tradeoff is complexity—shoe fit, bag fashion and a broad spread of stock all have to be right at once.
Competes with Pegasus running shoes (Nike) · Clifton running shoes (Hoka)
Footwear: Beyondfeel, Blissfeel and ChargefeelRunning and training shoes have extended Lululemon beyond clothing since 2022. Lululemon does not break out shoe sales, and their recent disappearance from management’s discussion leaves the size of that extension hard to see.Running and training shoes have extended Lululemon beyond clothing since 2022. Lululemon does not break out shoe sales, and their recent disappearance from management’s discussion leaves the size of that extension hard to see.
In plain English
Shoes ask a clothing customer to trust Lululemon with a harder fit problem. Beyondfeel, Blissfeel and Chargefeel cover running and training, putting the brand into a category where comfort must hold up step after step.
A pair is bought like any other item, through a store or online, and its sale is counted with bags and other gear. Footwear can turn a loyal apparel buyer into a head-to-toe customer, but it also requires distinct design and factory know-how. Because Lululemon does not break out shoe sales, the clearest test is whether the shoes become a repeat purchase rather than a one-time experiment.
Competes with Pegasus daily trainer (Nike) · Clifton premium trainer (Hoka)
Named in filings, launches and programs
- Company-operated storesEcosystemStores made $5.05B, or 45.5% of FY2025 sales; the network topped 800 locations even as Q2 FY2026 store sales fell 6%.
- E-commercePlatformWebsites and apps made $4.92B, or 44.3% of FY2025 sales; Q2 FY2026 digital sales fell 6% alongside stores.
- Other channelsEcosystemOutlets, partners, licensing, temporary shops, resale and old Studio subscriptions together made $1.13B; Q2 FY2026 sales rose 11%.
- AlignProductThe signature women’s yoga and lifestyle range remains central while Lululemon experiments with a foldover jogger during the leggings reset.
- Scuba and DefineProduct lineNamed tops and outerwear ranges that returned to management’s discussion as the company looked for more fresh women’s styles.
- ABC and Metal Vent TechProduct lineMen’s everyday pants and technical tops were recent areas of relative strength inside a category that still slipped slightly.
- Everywhere Belt BagProductA small, lower-priced bag that gives new shoppers an entry point and existing clothing buyers an easy add-on.
- lululemon MembershipEcosystemA free U.S. and Canadian benefits program with roughly 30 million members; spending tiers unlock events, returns, services and partner perks.
- Science of FeelPlatformA product-development approach built around fabric, construction, fit and touch; it earns money only when the resulting goods sell.
- Like NewServiceA U.S. trade-in and online resale service that takes used Lululemon goods through regular stores and gives them another sale.
- Fanatics x NHLCustomer programLicensed clothing for every NHL team reached fans through Fanatics, Lids and team venues in the 2025–26 season; the deal’s value is unknown.
- Team Canada OutfitterCustomer programThe official outfitting relationship is stated to run through 2028, keeping Lululemon tied to Team Canada apparel.
- Peloton partnershipCustomer programA five-year relationship pairs Peloton fitness content with Lululemon as Peloton’s main athletic-clothing partner.
- Amex Platinum partnershipCustomer programEnrolled U.S. cardholders can receive up to $300 a year in quarterly credits on eligible Lululemon purchases.
- India market entry with Tata CLiQCustomer program · AnnouncedLocal online sales and a first physical store were announced for the second half of 2026 but had not opened by the cutoff.
- Syntetica investmentEcosystem · Pre-revenueAn undisclosed stake in a nylon-recycling startup; Lululemon joined its $30 million funding round without naming its own check.
Company-operated storesEcosystem
Stores made $5.05B, or 45.5% of FY2025 sales; the network topped 800 locations even as Q2 FY2026 store sales fell 6%.
E-commercePlatform
Websites and apps made $4.92B, or 44.3% of FY2025 sales; Q2 FY2026 digital sales fell 6% alongside stores.
Other channelsEcosystem
Outlets, partners, licensing, temporary shops, resale and old Studio subscriptions together made $1.13B; Q2 FY2026 sales rose 11%.
AlignProduct
The signature women’s yoga and lifestyle range remains central while Lululemon experiments with a foldover jogger during the leggings reset.
Scuba and DefineProduct line
Named tops and outerwear ranges that returned to management’s discussion as the company looked for more fresh women’s styles.
ABC and Metal Vent TechProduct line
Men’s everyday pants and technical tops were recent areas of relative strength inside a category that still slipped slightly.
Everywhere Belt BagProduct
A small, lower-priced bag that gives new shoppers an entry point and existing clothing buyers an easy add-on.
lululemon MembershipEcosystem
A free U.S. and Canadian benefits program with roughly 30 million members; spending tiers unlock events, returns, services and partner perks.
Science of FeelPlatform
A product-development approach built around fabric, construction, fit and touch; it earns money only when the resulting goods sell.
Like NewService
A U.S. trade-in and online resale service that takes used Lululemon goods through regular stores and gives them another sale.
Fanatics x NHLCustomer program
Licensed clothing for every NHL team reached fans through Fanatics, Lids and team venues in the 2025–26 season; the deal’s value is unknown.
Team Canada OutfitterCustomer program
The official outfitting relationship is stated to run through 2028, keeping Lululemon tied to Team Canada apparel.
Peloton partnershipCustomer program
A five-year relationship pairs Peloton fitness content with Lululemon as Peloton’s main athletic-clothing partner.
Amex Platinum partnershipCustomer program
Enrolled U.S. cardholders can receive up to $300 a year in quarterly credits on eligible Lululemon purchases.
India market entry with Tata CLiQCustomer program · Announced
Local online sales and a first physical store were announced for the second half of 2026 but had not opened by the cutoff.
Syntetica investmentEcosystem · Pre-revenue
An undisclosed stake in a nylon-recycling startup; Lululemon joined its $30 million funding round without naming its own check.