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.
The author has shared a YouTube video.
You will need to accept and consent to the use of cookies and similar technologies by our third-party partners (including: YouTube, Instagram or Twitter), in order to view embedded content in this article and others you may visit in future.
NEW YORK, United States — When consumers found themselves trapped at home by the coronavirus pandemic this Spring, demand for loungewear and activewear skyrocketed. Homebound consumers swapped out their trousers for leggings as they opted for comfort — and one of the chief brands to benefit from this uptick was Lululemon, which saw its online sales increase 70 percent in the quarter that ended May 3.
For the latest in our series of #BoFLIVE events, Executive Editor Lauren Sherman sat down with Senior Correspondent Sarah Kent, BMO Capital Markets Managing Director & Analyst Simeon Siegel and Director and Industry Analyst of Fashion Apparel at NPD Maria Rugolo in a virtual panel discussion, reflecting on how Lululemon came to dominate the athleisure market, prospered at the height of the pandemic and asserted its position as a leader in the apparel industry.
The brand all but created the trend, blurring the lines between activewear daywear before athleisure was even popularised as a phrase. “Lululemon has created this notion that you can have comfort in a world where we’re finally acknowledging comfort… The notion of fashion interjecting athletic or fashion interjecting function is an absolute key to this,” Siegel said.
While its rise to the top was fraught by successive scandals, consumer demand for Lululemon’s famed leggings has consistently sustained and propelled its brand, placing it in prime position to benefit from a period where tracksuit bottoms and leggings became crucial at-home-office attire.
ADVERTISEMENT
“Lifestyle brands like Lululemon have really been able to fill a void… Right now the consumer is looking to maximise their wardrobe,” Rugolo said. “They’re looking for one wardrobe, especially since activewear has become acceptable to wear for a number of occasions. There really is a less of a need to have multiple wardrobes.”
To participate in #BoFLive, BoF’s digital events series offering insight, advice and inspiration, visit our calendar where you can find details of upcoming digital events.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.