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Yogawear company Lululemon raises stake in New Harbour
13
May '10
lululemon athletica inc. the Canadian-founded, yoga-inspired athletic apparel company, announced that it has 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 own the remaining 19.7 percent interest.

"We are extremely pleased to announce this evolution in our business,” said Christine Day, CEO, lululemon athletica. “Over the past four years, we have enjoyed an excellent partnership with David Lawn, who has 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 are thrilled with lululemon's decision to continue to grow the brand throughout Australia,” said David Lawn. “Announcement is confirmation of the strength of the lululemon brand in our local markets and we are pleased to be able to serve additional customers through new locations. We are proud to have played an integral role in establishing lululemon as a premium athletic apparel company in Australia, and look forward to continued growth moving forward.”

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, and joined lululemon in 2006.

lululemon athletica inc

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