To expand its Asian and global presence, yoga company Lululemon Athletica is partnering with Descente Ltd. to form Lululemon Japan Inc.
The Vancouver-based Lululemon will hold the majority interest in the joint venture partnership with Descente, a Japanese apparel firm.
The new firm will take over Lululemon’s existing store in Tokyo and opened a second Tokyo store Tuesday. It plans to open another three stores in Japan’s capital within the first year, and by January 2010, it expects to have 20.
“Descente is a global leader in fabric technology and has long been recognized as a great Japanese company,” said Robert Meers, Lululemon Athletica chief executive officer, in a statement. “This partnership further establishes Lululemon as a global player in the athletic apparel industry.”
The Canadian yoga company operates 40 stores across North America and one in Melbourne, Australia. With North American sales doubling for the past four years, Lululemon — founded in 1998 — anticipates opening more than 30 shops next year. According to sources, Lululemon is signing a lease for a space in SoHo in New York, but company officials declined comment.
In December, the company partnered with Boston-based private equity firms Advent International and Highland Partners Inc., which paid an estimated $195 million for a 48 percent minority interest.