一条瑜伽裤不够用了，lululemon拓展新品类寻找增长

Core Insights - The Chinese market is a key growth engine for lululemon, with significant potential for expansion [2][3] - The company has achieved over 30% revenue growth in China from FY2021 to FY2024, making it the fastest-growing market globally [2] - Lululemon is focusing on expanding its product categories and channels, including social e-commerce platforms like Douyin and Xiaohongshu [3][9] Market Performance - Lululemon currently operates 165 stores in China and continues to expand its presence [2][9] - The company reported a 25% year-over-year revenue growth in the Chinese market for Q2 FY2025, while global net revenue grew by 7% [2][7] Product Innovation - Approximately 25% of lululemon's products are newly designed each quarter, with plans to increase this to one-third next year [7] - The core product categories include yoga, running, training, golf, tennis, and everyday wear, which cater to both athletic and casual needs [8] Men's Apparel Growth - Men's apparel is identified as a significant growth area, driven by high participation rates in sports and increasing acceptance of casual styles among Chinese men [5][6] - The company emphasizes the balance of functionality, comfort, and versatility in its men's products, which distinguishes them from competitors [4][5] Brand Strategy - Lululemon maintains a cautious expansion strategy, ensuring all 165 stores are company-owned to provide a consistent brand experience [9] - The brand aims to balance scale expansion with brand value enhancement, focusing on direct customer engagement and education through store staff [9]