Lululemon to acquire Mexico franchisee, retail locations
BNN Bloomberg
Lululemon Athletica Inc. has agreed to acquire the operations and retail locations of its franchise partner in Mexico.
The local franchisee, Lululemon Mexico, runs 15 stores in the country and has been in business since the Vancouver-based athletic-wear brand entered the market in 2017. All its employees will migrate over to Lululemon, the company confirmed in an email. It didn’t disclose financial terms.
“Mexico remains an exciting market for Lululemon,” Celeste Burgoyne, president of Americas and global guest innovation at Lululemon, said in an emailed statement. “We believe we are well-positioned to continue expanding in the region.”
Chief Executive Officer Calvin McDonald said on a conference call with analysts in March that all its international markets have had “strong momentum” this quarter. The company has been on a strong post-pandemic run with double-digit sales growth despite declines at many North American apparel retailers.
