Lululemon, a popular Canadian athletic apparel retailer, has recently launched its official resale platform called "lululemon Like New,"and it has some great deals up to 50% off retail. This initiative aims to promote sustainability and reduce waste by giving customers the opportunity to trade in their gently used Lululemon gear for store credit and shop for pre-loved items at discounted prices.
The launch of lululemon Like New follows a successful pilot program conducted in Texas and California. The platform is powered by Trove, a resale technology provider, and allows customers to trade in their previously worn Lululemon items in exchange for an e-gift card that can be used at any of the retailer's U.S. stores or online. Customers can also browse and purchase from a selection of used items on a separate page on the retailer's website, with new items being added daily.
Lululemon's entry into the fast-growing online fashion resale market is seen as a commitment to the environment and a way to attract value-based shoppers. By offering a resale platform in-house, Lululemon aims to retain customer loyalty and ensure the quality and authenticity of the products being sold. The company has set ambitious sustainability goals, including making 100% of its products with sustainable materials and end-of-use solutions by 2030.
The resale market has experienced significant growth in recent years, with estimates suggesting it could reach $47 billion by 2025. Lululemon's Like New program is expected to appeal to younger, environmentally conscious consumers who are increasingly comfortable with purchasing secondhand clothing. As more prominent retailers enter the online fashion resale space, 2022 is predicted to be a banner year for the industry, with sales growth reaching 46.6% and a total of $15.50 billion.
