Lululemon athletica inc. increased its equity interest in its Australian joint venture partner, New Harbour Yoga Pty Ltd., from 13% to 80.3%. David Lawn, who leads lululemon’s operations in Australia, together with one other investor (the “Lawn Group”) own the remaining 19.7%.
“We are extremely pleased to announce this evolution in our business,” said Christine Day, CEO, lululemon athletica. “Over the past four years, we have enjoyed an excellent partnership with David Lawn, who has been instrumental in growing the lululemon business in key Australian locations including Sydney, Melbourne, Perth and Brisbane. This increased ownership interest, combined with David’s ongoing strong leadership and the expertise of the Australian operating team, provide a solid foundation for lululemon’s expansion in the Australian market.”
“We are thrilled with lululemon’s decision to continue to grow the brand throughout Australia,” said David Lawn. “Today’s announcement is confirmation of the strength of the lululemon brand in our local markets and we are pleased to be able to serve additional customers through new locations. We are proud to have played an integral role in establishing lululemon as a premium athletic apparel company in Australia, and look forward to continued growth moving forward.”
lululemon first entered the Australian market in October 2004, with the opening of the Chapel Street store in Melbourne, Victoria. Since 2004, lululemon has expanded to nine stores and four showrooms throughout Australia. A native of New Zealand, Lawn is the former CEO of Australia-founded global surf brand Rip Curl and EVP of American fashion retailer Express, and joined lululemon in 2006.
Lululemon opened its first story in Australia in October 2004 in Melbourne in what is now known as the Chapel Street store. It now operates nine stores in Australia and four showrooms for a total of 18,300-square-feet of retail space. Lululemon's sales in Australia reached A$12.8 million ($10mm) in 2009.
