No time for shavasana... Lululemon was busy revealing its 5-year strategic plan, heroically christened “The Power of Three.” It began with a humble brag ("we've already delivered on several 2020 goals") and then focused on three big new ones — two are huge, one is surprising:
- "Product innovation": Lulu's designing its own sneakers this year and expanding its khaki-infused office/travel/commute wear.
- "Market expansion": Double its men's business (see khaki reference above), double online sales, and quadruple international sales. Ambitious.
- "Omniguest experience": This one intrigued us. More below.
"Sweatlife" is why you athleisure... Lulu's calling us "guests" instead of customers. The omniguest element of its master plan is about transforming beyond stretchy cloth into “an experiential brand for people living the sweatlife.” Sweatlife looks like this:
- Lulu shampoo, deodorant, moisturizer, and other self-care bathroom shelf-stuffers through partnerships (SoulCyle is partner #1).
- A new 25K-square-foot mega-store in Chicago with meditation space, yoga studios, and a juice bar. It's so big you'll lose yourself (and then find yourself).
It all comes down to sales channels... Lululemon owns them. Yes, you can find its high-rise yoga leggings on Amazon. But Lulu mainly sells directly through its own website and stores. No retail middleman means more profits namastaying with Lulu.