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.
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 company’s recent introduction of a marketplace model has led to a flood of listings for new, high-end goods by third-party sellers. Some brands aren’t happy, but there may not be much they can do.
A new study from Trove and Worldly found that if luxury and outdoor apparel brands can grow their resale offering to account for a quarter of total revenue, then they can substantially reduce carbon emissions. Fast fashion, not so much.
The US Federal Trade Commission filed a long-awaited antitrust lawsuit against Amazon on Tuesday, charging the online retailer with harming consumers through higher prices in the latest US government legal action aimed at breaking Big Tech’s dominance of the internet.
Malls across the US have been ‘flash robbed’ by groups of about 20 to 30 suspects stealing retail merchandise.