Lululemon invests in cycling apparel company 7mesh
Vancouver-based athleisure company Lululemon Athletica Inc. announced on Monday a partnership with Canadian high performance cycling apparel brand 7mesh Industries Inc. Alongside the partnership, lululemon made a minority investment in the startup based in nearby Squamish, British Columbia.
“We’re always open to unlock opportunities to fuel our innovation pipeline,” said lululemon CEO Laurent Potdevin, in a news statement. “In bringing together 7mesh’s extensive technical apparel expertise and performance-focused mindset with the capabilities of our industry disrupting R&D Whitespace™ team, we perfectly blend fashion and function to co-create transformational products for our guests.” The investment follows the launch of the athleisure retailer’s first global brand campaign, which pushed the idea that Lululemon stands for more than just yoga. Long gone are the days where the Canadian company stood for “yoga-inspired apparel”. Now, the retailer seems to be pushing for a larger athleticwear focus, creating clothes for running, swimming, and soon, cycling. Last month, the Vancouver-based company equally opened its first run concept store, baptized The Mile End Local, in Montreal. “Working in close partnership with lululemon’s Whitespace™ team is an incredible opportunity for us. We’re excited to push the state of the art together in co-creating the most advanced technical performance apparel available,” said 7mesh CEO Tyler Jordan. “We’re excited to partner with industry leaders like 7mesh, building deep technical capabilities that will enable us to scale the cadence of innovation we deliver to market,” added COO Stuart Haselden. In the first quarter ended April 30, 2017 Lululemon reported revenue of $520.3 million, up 5 percent from the same period last year.