VANCOUVER, British Columbia--(BUSINESS WIRE)--lululemon athletica inc. (NASDAQ:LULU) today announced the nationwide expansion of lululemon Like New, the brand’s first trade-in and resale program. Starting on Earth Day, April 22, lululemon Like New will be available to all guests across the U.S., following a successful two-state pilot in 2021. The program reinvests 100 percent of profits1 to support lululemon’s commitments outlined in its Impact Agenda, including making 100 percent of products with sustainable materials and end-of-use solutions by 2030.
“At lululemon, we’re deeply committed to creating quality products built to last and that are better for people and the planet. Bringing lululemon Like New to all U.S. guests is a major step toward a circular eco-system and achieving our Impact Agenda goals to reduce our environmental footprint,” said Celeste Burgoyne, President, Americas and Global Guest Innovation. “We’ve seen incredible momentum from our pilot program and we look forward to welcoming new guests nationwide."
lululemon’s Impact Agenda is a multi-year strategy to create an equitable, sustainable future, with a central vision to minimize environmental impact, contribute to a healthier world, and generate long-term value. Creating circularity through new guest models, reducing waste, and developing products with sustainable materials and end-of-use solutions are key aspects of the detailed plan.
Built on a circular model, lululemon Like New extends the life of product that has been designed to last and ensures each item gets its full use. Through the program, lululemon guests nationwide can trade in pre-loved lululemon clothing in exchange for an e-gift card at one of the 390+ participating U.S. stores and shop resale products online at likenew.lululemon.com. The expansion includes a robust assortment of gently used lululemon items, ranging from pants, tops, shorts, jackets and more, with new items added every day.
lululemon Like New first debuted in May 2021 with a trade-in trial run across 80+ participating stores in Texas and California. The pilot program was met with an overwhelmingly positive response with majority of inventory categorized as ‘good as new,’ showing the quality of the product allowing for second and third life cycles. The expansion is a natural next step for lululemon in allowing all guests to purchase products with a purpose.
lululemon has partnered with the resale technology provider Trove for the pilot and expansion, leveraging its recognized expertise in branded recommerce to support resale operations.
To learn more about lululemon’s Impact Agenda and Be Planet actions, visit https://corporate.lululemon.com/our-impact.
About lululemon athletica inc.
lululemon athletica inc. (NASDAQ:LULU) is a performance apparel and footwear company for yoga, running, training, and most other sweaty pursuits, creating transformational products and experiences which enable people to live a life they love. Setting the bar in technical fabrics and functional designs, lululemon works with yogis and athletes in local communities for continuous research and product feedback. For more information, visit LULULEMON.COM.
This press release includes estimates, projections, statements relating to the Company's business plans, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In many cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "outlook," "believes," "intends," "estimates," "predicts," "potential" or the negative of these terms or other comparable terminology. These forward-looking statements also include the Company's guidance and outlook statements. These statements are based on management's current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, which include, without limitation: the Company's ability to maintain the value and reputation of its brand; the current COVID-19 coronavirus pandemic and related government, private sector, and individual consumer responsive actions; its highly competitive market and increasing competition; increasing costs and decreasing selling prices; its ability to anticipate consumer preferences and successfully develop and introduce new, innovative and updated products; the acceptability of its products to guests; its ability to accurately forecast guest demand for its products; changes in consumer shopping preferences and shifts in distribution channels; its ability to expand in light of its limited operating experience and limited brand recognition in new international markets and new product categories; its ability to realize the potential benefits and synergies sought with the acquisition of MIRROR; its ability to manage its growth and the increased complexity of its business effectively; its ability to successfully open new store locations in a timely manner; seasonality; disruptions of its supply chain; its reliance on and limited control over third-party suppliers to provide fabrics for and to produce its products; suppliers or manufacturers not complying with its Vendor Code of Ethics or applicable laws; its ability to deliver its products to the market and to meet guest expectations if it has problems with its distribution system; increasing labor costs and other factors associated with the production of its products in South Asia and South East Asia; its ability to safeguard against security breaches with respect to its technology systems; its compliance with privacy and data protection laws; any material disruption of its information systems; its ability to have technology-based systems function effectively and grow its e-commerce business globally; climate change, and related legislative and regulatory responses; increased scrutiny regarding its environmental, social, and governance, or sustainability responsibilities; an economic recession, depression, or downturn or economic uncertainty in its key markets; global economic and political conditions and global events such as health pandemics; its ability to source and sell its merchandise profitably or at all if new trade restrictions are imposed or existing trade restrictions become more burdensome; changes in tax laws or unanticipated tax liabilities; its ability to comply with trade and other regulations; fluctuations in foreign currency exchange rates; imitation by its competitors; its ability to protect its intellectual property rights; conflicting trademarks and patents and the prevention of sale of certain products; its exposure to various types of litigation; and other risks and uncertainties set out in filings made from time to time with the United States Securities and Exchange Commission and available at www.sec.gov, including, without limitation, its most recent reports on Form 10-K and Form 10-Q. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law.
1 100% of lululemon Like New profits or 2% of lululemon Like New revenue, whichever is higher.