Beware, Nike. Lululemon is entering the shoe business in a larger way.
Selling more shoes is part of a major five-year growth plan, which Lululemon has pronounced on Wednesday. The retailer is now aiming to double sales of its men and online businesses and quadrupled international revenue by 2023.
In the athletic footwear industry in the United States today, "smaller brands are booming and growing faster than the overall market," according to NPD's sports analyst Matt Powell.
It could now allow Lululemon to jump into the category and threaten to take some market share from e.g. Nike, Adidas and Under Armor, who have all invested heavily in footwear as a core part of their business. Smaller sneaker start-ups include Allbirds and Koio. And trendy clothes start Everlane earlier this month launched its first series of sneakers, called "Tread."