For Lululemon to accomplish its ambitious plans to grow its menswear business, it needs to address a straightforward problem, CEO Calvin McDonald told CNBC on Tuesday.
“We know our awareness and consideration within the men’s category is still low, and that is where the opportunity lies,” McDonald said on “Halftime Report.”
Put another way: men just need to know Lululemon is selling stuff for them.
Lululemon said earlier this year that it plans to double its menswear business in the next five years. It also has announced plans to manufacture and sell its own footwear line, continuing its wide-ranging expansion efforts.
“I see the growth coming from acquiring more men, driving market share with them and then driving share with the men as they experience Lululemon and get them to spend more,” McDonald said.
Lululemon hasn’t announced its third-quarter earnings yet, but its second-quarter report in September showed sales for its men’s business climbed 35%, outperforming the growth of its women’s apparel.
McDonald said Lululemon — known for its sports bras and leggings — will continue to expand the apparel it offers for men to include both running and yoga-focused products, as well as more casual “on the move” apparel.
“There is a lot of opportunity to expand beyond that,” McDonald said. “That is the work we’ve been in and we’re going to continue to do that.”
Lululemon’s stock is up around 69% year-to-date, trading around $205 on Tuesday afternoon. Its 52-week high is $209.02.