The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
VANCOUVER, Canada — Lululemon Athletica Inc. beat quarterly revenue estimates on Tuesday, boosted by a surge in online sales of yoga pants and other athleisure apparel to consumers spending more time at home.
A shift to remote working and at-home exercise around the globe due to the COVID-19 pandemic has increased demand for comfortable athletic clothing.
Lululemon said its direct-to-consumer business, which includes its online platform, rose 155 percent in the quarter.
The yogawear maker acquired at-home fitness company Mirror for $500 million in the reported quarter as it looks to diversify from apparel and capitalize on the booming demand for home workout classes spurred by coronavirus lockdowns.
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Net revenue rose 2.1 percent to $902.9 million in the second quarter ended August 2, compared with estimates of $842.5 million, according to IBES data from Refinitiv.
The company reported a net income of $86.8 million, or 66 cents per share, in the quarter, compared with $124.99 million, or 96 cents per share, a year earlier.
By Mehr Bedi and Nivedita Balu; editors: Krishna Chandra Eluri.
The companies agreed to cap credit-card swipe fees in one of the most significant antitrust settlements ever, following a legal fight that spanned almost two decades.
In an era of austerity on Wall Street, apparel businesses are more likely to be valued on their profits rather than sales, which usually means lower payouts for founders and investors. That is, if they can find a buyer in the first place.
The fast fashion giant occupies a shrinking middle ground between Shein and Zara. New CEO Daniel Ervér can lay out the path forward when the company reports quarterly results this week.
The performance coach and Allbirds’ co-founder discuss the transformative power of togetherness in fostering a culture of excellence.