On the stage of sportswear, Lululemon, with its unique design concept and high-quality products, has successfully transformed yoga wear, which was originally a professional field of equipment, into a fashion item in daily life, defining a new concept of "functional fashion fashion brand". Since its inception in 1998, the company, which initially focused on women's yoga wear, has not only stood out from the competition, but also became the runner-up in the global sports brand market capitalization list at its peak.
1. Can Jia Ling join Lululemon to break the deadlock?
With the hot release of this year's Spring Festival movie "Hot and Hot", Jia Ling has appeared in Lululemon's costumes many times, attracting the attention of a lot of audiences, and at the same time, the tacit interaction with Lululemon has continued to heat up. After a four-month warm-up, Lululemon officially announced Jia Ling as its brand ambassador in late June this year, and released an official promotional video called "Meet Jia Ling".
However, Lululemon's partnership with Jia Ling is not without controversy. Consumers received mixed reactions, with some seeing it as an affirmation of the brand's feminine power, while others criticized the new spokesperson for not aligning with the brand's image. Behind these voices, Lululemon's intention to try to adjust the brand image is revealed.
二、Lululemon的商业帝国
In the vast world of sportswear, Lululemon started with a pair of yoga pants and wrote a legend. The brand has made a name for itself in the capital markets in just a few years, and in 2022, Lululemon surpassed sports giant Adidas for the first time with a market capitalization of $37.4 billion to become the world's second-largest sports brand, second only to Nike. Later, Lululemon's market capitalization soared to a terrifying figure of $40 billion, and this time took only 22 years.
As of July 30, 2023, Lululemon's footprint has spread around the world, with 672 stores. These stores are not only the forefront of sales, but also the communicators of brand culture. According to statistics, Lululemon stores have an annual sales of $20,800 per square meter, which is second only to tech giant Apple and luxury brand Tiffany's, which is enough to witness its extraordinary achievements in the retail field.
三、Lululemon的困境与挑战
However, the good times were short-lived, and the pace of 2024 had just begun, and one news from Lululemon completely shook the entire industry: Lululemon's chief product officer, Sun Choe, a key figure who has been at the brand for seven years, announced his departure. Along with this, there was a restructuring plan for the brand team. This sudden turn of events directly affected investor confidence, causing the company's stock price to plummet over the next two trading days, falling below the important $300 mark, a staggering 40% decline from its highs at the beginning of the year. Lululemon's name became synonymous with the most sluggish performance in the S&P 500 for a while.
At the same time, in the fierce market competition, major brands have used endorsement strategies to shape their own image and attract target consumer groups. Decathlon has successfully penetrated into a wider lower-tier market with its affordable price, while Alo Yoga has tried to combine high-end and youthful vitality with the fashion charm of Korean girl group member Kim Jiso. This reflects the fact that brands will choose spokespersons that match their strategies to strengthen brand perception under different market positioning.
On the other hand, Lululemon has always been known for its unique community marketing, although the celebrity spokespersons such as Lu Jingshan and Wang Zixuan have performed well in the sports field, its influence is relatively limited. In the face of an increasingly solid audience, Lululemon urgently needs to inject new vitality to expand into the Chinese market. While Jia Ling may not be able to turn Lululemon's predicament around immediately, she has undoubtedly brought a new perspective and discussion to the brand's image.
There is no doubt that some sports professional equipment or apparel has a specific group and high stickiness, but in the face of increasing competitors, even brands that have established a strong foundation in a specific community can face a growing loss of audience. Therefore, any business needs to constantly review the market dynamics and adjust the endorsement strategy in a timely manner to maintain the vitality and attractiveness of the brand. At the same time, choosing a spokesperson with wide influence can help the brand reach new groups of people and increase market exposure, but it also requires careful assessment of the spokesperson's image or the sensitivity of some controversial topics to avoid unnecessary trouble for the brand.
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