Lululemon continues to grow faster than ever, opening new stores every year and acquiring new customers, who swear by its products. Yet if you’re thinking of investing in a Lululemon franchise, there are several things you should know before jumping into this business opportunity—things that aren’t widely publicized but that can save you time and money if you pay attention to them now before you invest in becoming a Lululemon franchisee yourself. Here are 8 things to know about Lululemon franchises that no one ever tells you.
1) Lululemon Was Founded in Vancouver, Canada
Originally founded in 1998 by Chip Wilson, Lululemon is a Canadian-based athletic apparel and lifestyle company best known for its yoga-inspired clothing.
The company was founded on the idea of making athletic wear that was form-fitting and flattering, yet wickedly comfortable. After a few years of business, the first Lululemon store opened in Vancouver’s Kitsilano neighborhood in 2000.
Since then, the company has grown tremendously and now has more than 170 stores around the world. There are two types of Lululemon franchises to choose from: To become an owner of an existing location, there are strict requirements. You’ll need to have at least $250,000 in liquid assets and have successfully owned and operated another small business within the past three years.
2) The Company’s Name was Inspired by a Running Trail in Vancouver
The company’s name was inspired by a running trail in Vancouver. The founder of Lululemon, Dennis Chip Wilson, was on the board of directors for Nike and they were looking to purchase a company that would give them a competitive edge in the industry.
When Chip took his family on vacation to Vancouver, he ran by the sea wall and noticed how well his Nike shoes gripped the wet surface.
3) Lululemon’s First Store was Opened in 2000
In 1998, Chip Wilson began to envision a new kind of athletic wear company that would combine his passion for athletics with his entrepreneurial spirit.
The name franchise lululemon was created by combining the Japanese word Luli meaning to be soft and pliable and lemon, reflecting the founders’ desire to have an energetic, enthusiastic, and positive outlook on life. In 2000, Lululemon opened its first store in Vancouver BC Canada.
4) The Company Sells Yoga-Inspired Apparel and Accessories
The company sells yoga-inspired apparel and accessories, including the famous Luon fabric. Lulu lemon franchise specializes in making clothes that are both functional and fashionable. They always have the latest styles and colors in stock, which they sell at all of their locations. Recently, they’ve begun to expand their product line to include accessories such as bags and shoes.
5) Lululemon is a Publicly Traded Company
Is lululemon a franchise? Lululemon is a public company with a market capitalization of $6 billion. Lululemon’s founder, Chip Wilson, is still the company’s chairman and CEO.
In March 2014, Wilson announced his plan to retire in May 2015. He will remain on the board of directors as executive chairman. At that time, Laurent Potdevin was appointed president and chief executive officer of the company.
6) Lululemon Has Over 400 Stores Worldwide
How to open a lululemon store? The first Lulu store opened in Vancouver, Canada in 1998. The company’s goal was to create clothing that could be worn for all types of workouts, from yoga to running.
Today, the lulu lemon franchise has over 400 stores worldwide and has also expanded into men’s and kids’ clothing. One thing you may not know is that Lululemon owns another popular women’s activewear brand called ivivva. Ivivva started as a sister line to Lululemon and now carries more affordable products for the everyday woman who wants to feel sexy when she works out.
7) Lululemon’s Revenue was Over $3 billion in 2016
Founded in 1998, the lululemon franchise has grown to be a $3 billion company with over 800 stores. It’s no wonder they’re one of the fastest-growing retail brands in North America.
In case you were wondering how much it costs to become a Lululemon franchise owner, the company website states that each store requires a lululemon franchise cost of $250,000 investment and an annual fee of $30,000.
8) Lululemon Has a Foundation That Supports Education and Community Initiatives
In the spirit of community, Lululemon Franchise Agreement has created a foundation to support education and community initiatives. The Lululemon Foundation funds programs that promote a healthy lifestyle through physical activity, as well as provide knowledge and skills for living an active and healthy life.
Opening a lululemon store? One way it does this is by providing grants to help get people involved in activities such as yoga or running clubs. It also funds programs that teach cooking classes or gardening classes. These are just some of the ways the foundation supports communities around the world.
Lululemon is one of the fastest-growing retailers in the world, with a loyal customer base and an army of loyal employees (or Lululemon Athletica Athletes as they’re called). There are plenty of reasons to join their team — or, if you’re looking to start your own business, their expanding network of franchises. But how do you get started? What do you need to know before opening your store? These are eight essential things you should know about joining the Lululemon Destin Fl family of athletes.