Double Digit Growth
On Canada Day, I attended a really great house party. For me, what made the party so fun were the people I met. I didn’t know most of the guests, yet I had some wonderful conversations because people were so friendly. In this case, the conversations focused on dating, relationships and business, all topics I enjoy hearing stories about.
One of the conversations was with a dynamic woman who works for Lululemon in a management capacity at their head office. While discussing the economy and how retail is experiencing an overall dip, she said this wasn’t the case for Lululemon. In fact, Lululemon has been experiencing double-digit growth. This means instead of achieving growth of 7%, for example, their stores are achieving 18% growth.
I asked her what the main reasons were for this incredible success story other than obvious factors such as Lululemon’s exclusive brand. It seems that women’s luxury apparel is doing well, so being in the right industry at the right time has certainly been helpful.
And with that, Lululemon continues to produce high-end products at premium prices. The owner, Chip Wilson, is an outside-of-the-box thinker and an innovation master with a solid team behind him to successfully develop and implement his strategies. Lululemon marches to its own drum and are not swayed by what other businesses are doing. They continue to be a leader in the marketplace by consistently doing things differently than their direct and indirect competition. This keeps their brand fresh, exciting, unique and most of all, profitable.
What are you doing to keep your brand fresh, exciting, unique and profitable?