Lulu Lementrpreneur
Comments(0) In the year 1998, Chip Wilson, founder of Lululemon Athletica, completely altered the focus of his organization, changing specialization from a surf, skate and snowboard shop, to one of the most renowned yoga apparel stores in the world. The primary reason which separates Lululemon from the competitors is the innovative techniques it possesses in apparel. Cotton clothing was previously being used for sweaty, stretchy power yoga, which Chip found completely inappropriate. Thus, he introduced a yoga line manufactured entirely of technical athletic fabrics, capable of coinciding with every yoga movement and position, enabling pores to breathe, and contain the ability to absorb perspiration. The result of this action was a tremendous growth in sales and revenue over the inaugural years of operation. To this day, Lululemon is consistently continuing to produce additional revenue each year. This past August, the organizations quarterly revenue rose to $21.8 million (or 30 cents a share) compared to $9.2 million (or 13 cents a share) the previous annum. In my opinion, Chip Wilson is the epitome of a successful entrepreneur in a sense of conquering risk through innovating new ideas to implement in a market, and the dramatic speed and amount of revenue received initially and sustained.
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