Lululemon to open flagship store on Champs-Elysées in Paris
For several weeks there have been rumours among Parisian commercial real estate experts about the yoga and fitness apparel specialist Lululemon. The Canadian brand, already present in the French capital with four stores, has now revealed that in early December it will open a store at number 38 of Avenue Champs-Elysées. A 515 square-metre space previously occupied by Zara Home, next door to the brand-new Foot Locker store inaugurated this summer and only a few metres away from the huge Adidas flagship. Through this store opening Lululemon is consolidating its ambitious international plans in the city that will host the Summer Olympic and Paralympic Games in less than two years.
The new store will be Lululemon's first flagship in continental Europe, since the brand already operates a flagship in London, on Regent Street. The Paris store will showcase Lululemon’s men's and women's collections for running, fitness training, yoga and athleisure apparel.
“We are proud of our strong connection with the French capital, and opening our new flagship on the famous Champs-Élysées will enable us to forge closer relations with French and Parisian consumers, while continuing to develop our vision of unlocking everyone’s potential and promoting well-being for all,” said André Maestrini, Lululemon’s international executive vice-president.
The new store, for which the brand is set to hire about 30 employees, will therefore add to Lululemon's retail presence in Paris, with existing stores at place du Marché Saint Honoré, rue Pavée and rue Bonaparte, as well as a concession at Le Bon Marché department store.
The store will also undoubtedly be a global showcase for Lululemon, whose ‘Power of Three x2’ strategic growth plan is aiming to increase the brand’s 2021 international revenue by a factor of four at the end of fiscal 2026. In total, Lululemon is targeting a revenue of $12.5 billion. In H1 of the current fiscal year, set to close at the end of January 2023, Lululemon’s sales increased from $2.68 billion to $3.48 billion. “In Q2 of fiscal 2022, international net revenue increased by 35% compared to Q2 2021,” said the group.
The Canadian brand, which recently appointed a new senior vice-president for the EMEA region, currently operates 43 stores and five e-shops in nine European countries: France, Spain, Germany, Ireland, the Netherlands, Norway, Sweden, Switzerland and the UK. In September, Lululemon opened its first two Spanish stores, one on Calle Serrano in Madrid and the other on Paseo de Gracia in Barcelona.
Copyright © 2023 FashionNetwork.com All rights reserved.