VANCOUVER--(BUSINESS WIRE)--
lululemon athletica inc. (NASDAQ: LULU; TSX: LLL) the Canadian-founded,
yoga-inspired athletic apparel company, today announced that it has
increased the Company's equity interest in its Australian joint venture
partner, New Harbour Yoga Pty Ltd., from 13 to 80.3 percent. David Lawn,
who leads lululemon's operations in Australia, together with one other
investor (the "Lawn Group") own the remaining 19.7 percent interest.
"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 Executive Vice
President of American fashion retailer Express, and joined lululemon in
2006.
About lululemon in Australia
-- The Chapel Street store, in Melbourne, Victoria, first opened its doors
in October 2004
-- Current Store Locations:
o Western Australia
# Century City, Perth (Opened 2009)
o Victoria
# Chapel Street, Melbourne (Opened 2004)
# Camberwell, Melbourne (Opened 2008)
# Bourke Street, Melbourne (Opened 2009)
# Chadstone Mall, Melbourne (Opened 2009)
o New South Wales
# Warringah Mall, Sydney (Opened 2007)
# Mosman, Sydney (Opened 2007)
# The Ivy, Sydney (Opened 2008)
o Queensland
# Wintergarden Mall, Brisbane (Opened 2009)
-- Current Showroom Locations:
o Western Australia
# Cottelsloe, Perth (Opened 2007)
o Victoria
# Brighton, Melbourne (Opened 2008)
o New South Wales
# Bondi, Sydney (Opened 2008)
o Queensland
# Nobby Beach, Gold Coast (Opened 2009)
-- Overall retail store square footage in Australia: 18,300 square feet
-- Revenues in 2009: A$12.8 million
About lululemon athletica inc.
lululemon athletica (NASDAQ:LULU; TSX:LLL) is a yoga-inspired athletic
apparel company that creates components for people to live longer,
healthier and more fun lives. By producing products that help keep
people active and stress free, lululemon believes that the world will be
a better place. 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 www.lululemon.com.
Forward-Looking Statements:
This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934 that involve risks, uncertainties
and assumptions, such as statements regarding our future financial
condition or results of operations, our prospects and strategies for
future growth, the development and introduction of new products, and the
implementation of our marketing and branding strategies. 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 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. For example: our limited operating experience and
limited brand recognition in new markets may limit our expansion
strategy and cause our business and growth to suffer; we may not be able
to successfully open new store locations in a timely manner, if at all,
which could harm our results of operations; if we fail to maintain the
value and reputation of our brand, our sales are likely to decline;
fluctuations in foreign currency exchange rates have negatively affected
our results of operations and may continue to do so in the future; and
our ability to source our merchandise profitably or at all could be hurt
if new trade restrictions are imposed or existing trade restrictions
become more burdensome. Other risks include those detailed in our Annual
Report on Form 10-K for the fiscal year ended January 31, 2010 filed
with the Securities and Exchange Commission and available at www.sec.gov.
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.
Source: lululemon athletica inc.