Chip Wilson: The Vision Behind Lululemon Athletica
It is certain that Lululemon embodies an entrepreneurial entreprise through the following characteristics (taken from quickMBA):
Amount of Wealth Creation: Within the first two quarters of 2010, Lululemon Athletica experienced a profit increase of 92.9% from the fiscal period of 2009. This figure translates into around $74.5 million. For the third quarter of 2010, Lululemon is looking to generate $155-$160 million in revenue, which will only succeed in boosting profits at exponential levels.
Speed of Wealth Creation: Lululemon was founded in 1998 but did not open its first store in Kitsilano until 2000. This indicates that within approximately 10 years, Lululemon has cultivated significant entrepreneurial wealth. The store has not taken a lifetime to grow, but instead has been expanding since its creation under founder Chip Wilson.
Risk: The original idea behind Lululemon was to create a clothing store that would function as a healthy environment in which people could discuss the physical and mental components to personal fitness. This contained significant risk, as it was unknown whether customers would be receptive to the combination of products and the services offered by the store.
Innovation: It can’t be denied that the design of the Lululemon brand is extremely innovative with regards to its emphasis on healthly living. Lululemon offers several programs to aid their customers in achieving personal success, and such programs strengthen the company’s relationship with its shareholders. Among these, a goal-setting website is easily accessible to assist with outlining objectives and free in-store yoga classes are offered for customers interested in learning about the practice of yoga.
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