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Lululemon recently ventured into the shoe market with the aim of competing with frontrunners in the business - Nike and Adidas. Now the company is launching its new membership program as a strategy for gaining more loyal customers.
As Lululemon is now more than just about the workout apparel, its membership program will cover clothes, events, and fitness classes. According to CNBC, the company will introduce two tiers of memberships which are paid and free options.
The workout apparel firm wants to build a stronger base of loyal customers; thus, it designed a membership program where it will offer customers exclusive access to its future events, new products, and fitness sessions.
This move is important to Lululemon as its success will also help the company lower its cost to secure more customers. This is because the scheme creates the most immersive fitness marketplace in the business.
With the free membership at Lululemon, customers will enjoy early access to its upcoming product releases, including exclusive items. The company explained during the analyst day event on Wednesday, April 20, that they will also be given invitations to in-person community events.
For those who will choose the paid membership that costs $39 per month, which is the same rate as the subscription to Lululemon’s at-home fitness all-access subscription called Mirror. The subscribers will be included in the company’s membership without extra charge.
Paid memberships will also enjoy all of the benefits given to the free tier. The program is set to be launched in the fall.
“We want to continue to add as much value as we can in that $39 membership tier as possible,” said Lululemon’s Mirror’s chief executive officer, Michael Aragon, told the media in an interview. “It is becoming a growth engine for Lululemon overall.”
Meanwhile, Bloomberg reported it is also aiming to double its sales to $12.6 billion by 2026. In the recent analyst conference, Lululemon Athletica Inc. unveiled its five-year plan to achieve this goal which includes expanding its offerings to men.
Lululemon’s chief executive officer, Calvin McDonald, said, “We remain early in our growth journey, with our strong product engine, proven ability to create enduring guest relationships, and significant runway in core, existing, and new markets.”
