NATIONAL: An ownership restructure has granted the local arm of lululemon athletica access to the brand’s international growth arsenal.
The new majority owner of lululemon athletica Australia and New Zealand is Vancouver-based lululemon athletica inc., after it increased its stake in the business from 13 to 80.3 per cent. Prior to May 12, the brand’s local presence was controlled by Melbourne-based company New Harbour Yoga, now a minority partner.
lululemon athletica Australia and New Zealand CEO David Lawn said the ownership restructure was due to the brand reaching “tipping point” locally.
“The brand has gained some quite rapid momentum and we’re now at the point where it just makes sense to be part of lululemon and to be able to put in the infrastructure and finances to think a little longer-term,” Lawn said.
He revealed the brand will undergo an infrastructure overhaul, including gaining access to the Canadian head office’s merchandise, warehouse and point-of-sale management systems. The brand will also significantly broaden its local product offering.
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