lululemon athletica inc. Announces Increased Equity Ownership in Australian Business | Business Wire

VANCOUVER–(BUSINESS WIRE)–lululemon athletica inc. (NASDAQ: LULU. TSX: LLL) the Canadian-founded,

yoga-inspired athletic apparel company, today announced that it's

increased the Company’s equity interest in its Australian joint venture

partner, New Harbour Yoga Pty Ltd., from 13 to 80.3 percent. David Lawn,

who leads lululemon’s operations in Australia, together with one other

investor (the “Lawn Group”) own the remaining 19.7 percent interest.

“we're extremely pleased to announce this evolution in our business,”

said Christine Day, CEO, lululemon athletica. “Over the past four years,

we've enjoyed an excellent partnership with David Lawn, who's been

instrumental in growing the lululemon business in key Australian

locations including Sydney, Melbourne, Perth and Brisbane. This

increased ownership interest, combined with David’s ongoing strong

leadership and the expertise of the Australian operating team, provide a

solid foundation for lululemon’s expansion in the Australian market.”

“we're thrilled with lululemon’s decision to continue to grow the brand

throughout Australia,” said David Lawn. “Today’s announcement is

confirmation of the strength of the lululemon brand in our local markets

and we're pleased to be able to serve additional customers through new

locations. we're proud to have played an integral role in establishing

lululemon as a premium athletic apparel company in Australia. Look

forwards to continued growth moving forwards.”

lululemon first entered the Australian market in October 2004, with the

opening of the Chapel Street store in Melbourne, Victoria. Since 2004,

lululemon has expanded to nine stores and four showrooms throughout

Australia. A native of New Zealand, Lawn is the former CEO of

Australia-founded global surf brand Rip Curl and Executive Vice

President of American fashion retailer Express. Joined lululemon in

2006.

About lululemon in Australia

  • The Chapel Street store, in Melbourne, Victoria, first opened its

    doors in October 2004

  • Current Store Locations:

    • Western Australia

      • Century City, Perth (Opened 2009)

    • Victoria

      • Chapel Street, Melbourne (Opened 2004)

      • Camberwell, Melbourne (Opened 2008)

      • Bourke Street, Melbourne (Opened 2009)

      • Chadstone Mall, Melbourne (Opened 2009)

    • New South Wales

      • Warringah Mall, Sydney (Opened 2007)

      • Mosman, Sydney (Opened 2007)

      • The Ivy, Sydney (Opened 2008)

    • Queensland

      • Wintergarden Mall, Brisbane (Opened 2009)

  • Current Showroom Locations:

    • Western Australia

      • Cottelsloe, Perth (Opened 2007)

    • Victoria

      • Brighton, Melbourne (Opened 2008)

    • New South Wales

      • Bondi, Sydney (Opened 2008)

    • Queensland

      • Nobby Beach, Gold Coast (Opened 2009)

  • Overall retail store square footage in Australia: 18,300 square feet

  • Revenues in 2009: A$12.8 million

About lululemon athletica inc.

lululemon athletica (NASDAQ:LULU. TSX:LLL) is a yoga-inspired athletic

apparel company that creates components for people to live longer,

healthier and more fun lives. By producing products that help keep

people active and stress free, lululemon believes that the world will be

a better place. Setting the bar in technical fabrics and functional

designs, lululemon works with yogis and athletes in local communities

for continuous research and product feedback. For more information,

visit www.lululemon.com.

Forward-Looking Statements:

This press release contains “forwards-looking statements” within the

meaning of Section 27A of the Securities Act of 1933 and Section 21E of

the Securities Exchange Act of 1934 that involve risks, uncertainties

and assumptions, such as statements regarding our future financial

condition or results of operations, our prospects and strategies for

future growth, the development and introduction of new products. The

implementation of our marketing and branding strategies. In many cases,

you can identify forwards-looking statements by terms such as “may,”

“will,” “should,” “expects,” “plans,” “anticipates,” “outlook,”

“believes,” “intends,” “estimates,” “predicts,” “potential” or the

negative of these terms or other comparable terminology. These

forwards-looking statements are based on management’s current

expectations but they involve a number of risks and uncertainties.

Actual results and the timing of events could differ materially from

those anticipated in the forwards-looking statements as a result of risks

and uncertainties. For example: our limited operating experience and

limited brand recognition in new markets may limit our expansion

strategy and cause our business and growth to suffer. We may not be able

to successfully open new store locations in a timely manner, if at all,

which could harm our results of operations. If we fail to maintain the

value and reputation of our brand, our sales are likely to decline.

fluctuations in foreign currency exchange rates have negatively affected

our results of operations and may continue to do so in the future.

our ability to source our merchandise profitably or at all could be hurt

if new trade restrictions are imposed or existing trade restrictions

become more burdensome. Other risks include those detailed in our Annual

Report on Form 10-K for the fiscal year ended January 31, 2010 filed

with the Securities and Exchange Commision and available at www.sec.gov.

You're urged to consider these factors carefully in evaluating the

forwards-looking statements contained herein and are cautioned not to

place undue reliance on such forwards-looking statements, which are

qualified in their entirety by these cautionary statements. The

forwards-looking statements made herein speak only as of the date of this

press release and the company undertakes no obligation to publicly

update such forwards-looking statements to reflect subsequent events or

circumstances.

Investor:
ICR, Inc
Joseph Teklits / Jean Fontana
203-682-8200
or
Media:
FD
Evan Goetz / Diane Zappas
212-850-5600