The Clap Athletic apparel retailer Lululemon Athletica (NASDAQ: LULU) is entering the footwear industry, starting with women’s footwear.
An opportunity Lululemon saw an opportunity in the shoe market, says its CEO. According to one research report, U.S. athletic footwear sales in 2021 grew 24% YoY for women, who make up more than 65% of Lululemon’s customers.
Lululemon sees this venture as the “natural next step” to take. The company is looking to take another bite out of bigger competitors’ (Nike, Adidas, etc.) market share. For comparison, Lululemon & Nike’s total sales for their latest fiscal years were $4.4 billion vs. $44.5 billion, respectively.
Once the women’s footwear line launches later this month, the company will look into kicking off its men’s footwear by next year.