Vancouverite, born and raised, I have come to appreciate our culture of Canuck bandwagoners, kale-munching activists, sushi fanatics, and yogis. Undeniably, our West Coast ways are peculiar.
Furthermore, we Vancouverites “enjoy” being active (or at least tell others that we are). What’s even more obscure about this whole fitness craze is the “recognizable, swirly “A” logo appearing so frequently on every booty, shoulder blade and ankle at the gym.”
In my opinion, while Lululemon was initially recognized as a vendor of overpriced workout gear, the company has certainly positioned their brand in the consumer mind as an icon of yoga culture – a status symbol. Who in their right mind ever imagined that a company selling sports bras and stretchy pants that eventually would reek of sweat could be valued at 10 billion dollars today? I vote no one.
How is Lululemon different from other retailers? Since 2007, Lululemon has continued to refine the depth of their core product line, with the CEO pledging to improve the fabrics and features of Lululemon’s products year-by-year. While such improvements rack up the cost factor, customers continue to demand their aesthetically pleasing, functional, and versatile products.
In today’s competitive industry, knock offs and various other designer brands (Nike, Underarmour, Addidas, etc.) offer alternative, quality options. However, I believe that Lululemon’s success can be attributed to their “scarcity” model. In the eyes of the consumer, Lululemon products are hot commodities – with little inventory – waiting to buy it the following week is not an option.
While Lululemon’s customers may be sweating to replenish their wallets after their costly purchases, Lululemon is keepin’ it dry!
https://www.youtube.com/watch?v=2mkxMQGG2z4
Sources:
http://www.vancouversun.com/life/Vancouverite/8827087/story.html
http://theweek.com/article/index/226020/how-did-lululemon-become-a-10-billion-yoga-empire