Lululemon Athletica Inc (NASDAQ: LULU) is an apparel company that designs and sells technical athletic and lifestyle clothing through company-operated retail stores, e-commerce, and other channels. Revenue is transactional, generated at the point of sale across physical stores and digital platforms. As of February 1, 2026, Lululemon operated 811 company-operated stores across the Americas, Asia-Pacific, and EMEA, competing in the premium athletic apparel category. Net revenue was $11.1 billion in FY2025, with the Americas contributing 70.7% ($7.85B), China Mainland 15.8% ($1.75B), and Rest of World 13.5% ($1.50B). Gross margin was 56.6% in FY2025, down from 59.2% in FY2024. The company does not own or operate any manufacturing facilities, sourcing products through a limited number of third-party suppliers. Headquarters are in Vancouver, British Columbia, Canada. As of March 17, 2026, Meghan Frank serves as Interim Co-Chief Executive Officer and Chief Financial Officer.

Revenue model

Transactional retail revenue from sales of proprietary-branded athletic apparel through company-operated stores, e-commerce websites, mobile apps, third-party online marketplaces, and temporary or seasonal locations. No disclosed subscription or licensing revenue as primary income streams.

Products and services

Technical athletic and lifestyle apparel featuring proprietary fabrics developed in collaboration with third-party fabric suppliers. Products are designed for performance characteristics including pilling resistance, shrinkage control, abrasion resistance, and colorfastness. The company protects its fabric formulations through agreements, trademarks, and trade-secret arrangements.

Customers and end markets

Individual consumers purchasing premium athletic and lifestyle apparel. No disclosed customer concentration. Key end-market demand drivers include store traffic, conversion rates, and average order value, as cited in FY2025 segment disclosures.

Value-chain role

Brand owner and retailer. Lululemon designs products internally, outsources all manufacturing to third-party suppliers, and distributes through company-operated stores and direct e-commerce channels. Distribution centers are located in Ontario CA (1,255,000 sq ft, lease through February 2039), Brampton ON (980,000 sq ft, lease through October 2039), Delta BC (375,000 sq ft, lease through December 2037), and other facilities in Canada and Australia.

Geographic exposure

Americas: 70.7% of FY2025 net revenue ($7.85B), with 476 company-operated stores as of February 1, 2026, including 379 in the United States, 71 in Canada, and 26 in Mexico. China Mainland: 15.8% of FY2025 net revenue ($1.75B), with 172 stores. Rest of World: 13.5% of FY2025 net revenue ($1.50B), including APAC markets such as Australia, South Korea, Japan, and EMEA markets including the United Kingdom and Germany.

Source: SEC 10-K, filed 2026-03-17

Industry: Apparel & Other Finishd Prods of Fabrics & Similar Matl