Renowned Canadian athletic apparel retailer known for popularising yoga pants, Lululemon Athletica is gearing up to tap into India's burgeoning fitness and athleisure wear market.
The company is exploring potential locations to set up its stores in the country, and plans to enter the Indian market independently, without forming partnerships with local companies.
Lululemon's foray into the Indian market comes on the heels of its establishment of a tech hub in Bengaluru three years ago. This strategic move underscored the company's commitment to leverage data science, machine learning, and cloud engineering to drive global expansion efforts.
As per its 2023 annual report, Lululemon is present in over 25 countries, with robust revenue growth across different regions, including significant increases in the Americas, China Mainland, and other parts of the world.
The Indian market presents an enticing opportunity for Lululemon, given its vast population and rapidly growing consumer base. Moreover, the country's evolving retail landscape, coupled with a surge in demand for fitness and athleisure wear, makes it a promising destination for international brands.
The rise in health consciousness, particularly amid the COVID-19 pandemic, has fueled a significant uptick in sales for leading sports brands in India. Companies like Puma, Decathlon, Adidas, Skechers, and Asics have witnessed substantial year-on-year growth, indicating a shift towards a more active lifestyle among Indian consumers.
With nearly two dozen international brands entering the Indian market in 2023 alone, the post-pandemic resurgence in consumption has further bolstered the appeal of India as a lucrative retail destination. This influx of global brands reflects a broader trend of India emerging as a hotspot for retail expansion, signaling promising prospects for companies like Lululemon looking to establish a foothold in the country's thriving market.
