Lululemon To Acquire Mexican Operations And 15 Retail Locations From Franchise Partner
Lululemon has agreed to acquire the Lululemon Mexico operations and 15 Lululemon retail locations from the company’s franchise partner in the market.
The local franchise partner has successfully operated the Lululemon brand in Mexico since the company entered the country in 2017. Integrating its Lululemon operations and retail locations into the Lululemon business is expected to help accelerate ongoing growth of the brand across Mexico.
“Since opening the first Lululemon location in Mexico, our partner has built an incredible local community, culture and a solid foundation for growth for the Lululemon brand,” said Celeste Burgoyne, President, Americas and Global Guest Innovation, Lululemon.
She further said, “Mexico remains an exciting market for Lululemon, and by bringing together our global retail experience with the in-depth local expertise of the Mexico team, we believe we are well-positioned to continue expanding in the region, growing our community, and elevating the guest experience.”
As part of the integration, all Lululemon Mexico employees will become part of Lululemon and transition to the organization in their existing roles.
Lululemon anticipates completing the transaction, which is subject to customary closing conditions, by the end of the first half of fiscal year 2024. The transaction is expected to have an immaterial impact on Lululemon’s fiscal year 2024 financial results.
