Dive Brief:
- Lululemon on Monday named a chief merchandising officer, Elizabeth Binder, who will lead the company’s merchandising strategy and “bring Lululemon’s product story to life,” according to details emailed to Retail Dive.
- Binder, who spent 12 years at Burberry and was most recently the chief product officer of U.K.-based clothing company Boden, will report to Lululemon’s Chief Product Officer Sun Choe.
- In addition to Burberry and Boden, Binder also has experience in merchandising roles at J. Crew, Club Monaco and Ann Taylor.
Dive Insight:
Lululemon is building out its product team with an industry veteran who will work closely with current leadership.
Binder will be responsible for developing and executing Lululemon’s merchandising strategy, commercializing Lululemon’s vision, and translating the brand’s story to its products “in a cohesive way that is both globally and locally relevant.”
“Throughout her career, Liz has proven her ability to bring teams together through times of immense acceleration and business expansion, and lead with clarity and vision,” Choe said in a statement. “Liz’s proven leadership coupled with an astute understanding of consumer needs will help accelerate and scale all that is possible from a product, design and distribution standpoint.”
In its announcement, Lululemon noted in particular that Binder’s experience at Burberry included significant growth thanks to digital and international expansion. International is an investment area for Lululemon, which plans to quadruple its international business by 2026. That growth is on top of a previous strategic plan in which the retailer successfully quadrupled its international revenues. In April last year, the company noted it would expand into markets including Spain, Italy and Thailand, while seeking to increase sales in more mature markets like Germany, South Korea, the U.K. and Australia.
Lululemon’s product selection has gradually grown to include far more than just yoga pants. The retailer has expanded into categories like hiking, golf and tennis, and also offers items that work well for commuting and work scenarios. For new categories, the retailer works to strategically introduce a limited selection of new products and then reposition items from its existing assortment to fit the activity.
“There is significant potential across all categories as consumers look for products that deliver without compromise when it comes to versatility, performance and style,” Binder said in a statement.
While Lululemon recorded its “biggest day ever” on Black Friday, the retailer cut its Q4 gross margin guidance last week. At the same time, though, Lululemon raised its revenue outlook.
