Laurent Potdevin (what a name) sat down with Jim Cramer last week to discuss why Lululemon is doing so well and seeming defying the retail gods who have been casting down all B&M players as of late.
Potdevin attributes the retailer / clothing manufacturer’s success to the following:
1) Customers* love their stores because people “crave human connections”
Really? Can you let my girlfriend know because I’m pretty sure her face is burried in epic Instagram scroll sessions every time we’re home watching TV or out to eat at a restaurant (side note: I see other girls doing the same thing, so it’s not just me…right?). Also, have you heard about this new technology that’s kinda popular, it’s called Virtual Reality. The major premises is that you don’t have to deal with other humans when you use it.
*Laurent makes a point to say “we call our customers ‘guests” and I hateeeee when companies do that. Being called a “guest” doesn’t make me feel any different than being called a customer. You want my money, I want your merch, that simple.
2) Brand Ambassadors help keep a finger on the pulse of local communities
I won’t even make fun of this. Their brand ambassador program is actually one of the best I’ve seen. Go into a Lululemon store anywhere and they have a board of local classes and events, some of which are affiliated with them. What better way to engage your customer than where they have fun AND where they use your product
3) 30% of new customers are men
I’m not a Lulu guy, I just think their clothes are for chicks, that and I’m not spending one hundred and 28 fucking dollars on a pair of sweat pants. But, just because I don’t wear their clothes, doesn’t mean I won’t shop the shit out of their store. 30% new customers are men? No shit, it’s a store full of fit girls walking around in yoga pants, I’m surprised that number isn’t higher. Looks like they are using the same playbook as Nordstrom