Lululemon Athletica announced plans to expand into Spain, marking the company’s first new European market since 2019.
With two Spanish stores and a local e-commerce site, the expansion will aid Lululemon’s goal of quadrupling its international revenue from 2021 to year-end 2026.
The company currently operates nearly 40 stores and three local-language sites across France, Germany, Ireland, the Netherlands, Norway, Sweden, Switzerland, and the U.K., with shipping on its European site available to other countries.
- Spain’s e-commerce site will launch in late July.
- The first Spanish brick-and-mortar store will open their doors in Madrid and Barcelona in September.
The expansion is part of Lululemon’s “Power of Three x2” strategy, which states that it will reach $12.5 billion in revenue by 2026 — double its 2021 revenue. Along with continuing to invest in women’s apparel and the North American market, Lululemon is also putting emphasis on menswear and the international market.
Lululemon reported a 32% year-over-year increase in first-quarter revenue to $1.6 billion and expects its full-year revenue to range between a record $7.6 billion and $7.7 billion. During the quarter, the company opened five stores, bringing its global total to 579.
The global sports and fitness clothing market is expected to reach $221.3 billion by 2026.