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|lululemon athletica inc. Announces Increased Equity Ownership in Australian Business|
VANCOUVER, May 12, 2010 (BUSINESS WIRE) -- lululemon athletica inc. (NASDAQ: LULU; TSX: LLL) the Canadian-founded, yoga-inspired athletic apparel company, today 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 (the "Lawn Group") 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. "Today's 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.
About lululemon in Australia
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.
This press release contains "forward-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, and the implementation of our marketing and branding strategies. In many cases, you can identify forward-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 forward-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 forward-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; and 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 Commission and available at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements made herein speak only as of the date of this press release and the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
SOURCE: lululemon athletica inc.
Copyright Business Wire 2010
|"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding lululemon athletica inc (PR)'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.|