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Insight · Athleisure

lululemon vs. Alo Yoga: who is winning athleisure

Athleisure isn't a trend, it's how people dress. But the leader is under pressure: lululemon is shrinking in its home market while Alo Yoga keeps opening stores and is talked about as an IPO candidate.

By Marcel Melzig · First published 28 February 2025 · Updated 8 November 2026

Chart: lululemon vs. Alo Yoga revenue. lululemon $4.0B (2019) to $11.1B (fiscal 2025), outlook 2026 about $10.4B; Alo Yoga estimated $65M (2019) and about $1.5B (2024); stores 811 vs. 150+.
lululemon revenue and Alo Yoga in numbers. Chart: Marcel Melzig. Sources: lululemon, SGI Europe, Forbes.
Short answer: lululemon is still far bigger: revenue was $11.1 billion in fiscal 2025 (+5%), and it expects $10.35 to $10.5 billion for fiscal 2026, a decline of 5 to 7%. Alo Yoga is private and publishes no figures; estimates put its revenue at about $1.5 billion in 2024, up from about $65 million in 2019, roughly 23-fold. The momentum is with Alo; the scale is with lululemon.
$11.1bnlululemon revenue, FY2025
−8%lululemon Americas, Q2 2026
+5%lululemon Rest of World, Q2 2026
811 vs. 150+Stores: lululemon vs. Alo

Head to head

lululemonAlo Yoga
Revenue$11.1bn (fiscal 2025, reported)about $1.5bn in 2024, up from about $65m in 2019 (estimates; Alo publishes no figures). Forbes estimated close to $2bn for the parent company incl. Bella+Canvas (2025)
Growth+5% in fiscal 2025; outlook 2026: −5 to −7%about 23-fold 2019–2024 (estimate); roughly tenfold since 2020 (Forbes)
Stores811 company-operated (Feb 2026), +44 in a year150+ worldwide, from fewer than 12 in early 2023
Ownershiplisted on Nasdaqprivate; IPO or sale under consideration (Reuters, June 2026)
Valuationmarket value changes dailydeal talks at roughly $10bn in 2023 (Reuters)

lululemon: growth abroad, pressure at home

PeriodRevenueChangeRegions
Fiscal 2025 (to 1 Feb 2026)$11.1bn+5%Americas −1%, China Mainland +29%, Rest of World +16%
Q2 fiscal 2026 (May–Aug 2026)$2.4bn−4%Americas −8%, China Mainland +4%, Rest of World +5%
Fiscal 2026 outlook$10.35–10.5bn−5 to −7%cut in September 2026

The pattern is clear: lululemon's growth now comes from outside the Americas, and even China has slowed sharply. Comparable sales fell 9% in Q2 2026, 12% in the Americas. In the category it created, lululemon is losing ground at home.

Alo Yoga: the challenger

Alo does not publish figures, so any revenue number for Alo alone is an estimate. What is reported:

Why Alo is winning attention

lululemon built athleisure on product and community. Alo built it on content and status: the studio-to-street look, worn by creators and celebrities, sold in big flagships in the best streets. That makes Alo the brand of the moment, especially with younger customers. lululemon's answer has to come from product newness and international growth.

What it means for brands and retailers

  1. Growth has moved abroad. lululemon's growth now comes from outside the Americas (China Mainland +29%, Rest of World +16% in fiscal 2025), and Alo is building flagships in London and Paris.
  2. Premium athleisure is a store game. Both brands grow through their own stores, not wholesale. For multi-brand retailers that means limited access.
  3. Watch the IPO. If Alo goes public, it will publish real numbers for the first time, and this comparison can finally be made on hard data.

Correction: The February 2025 version of this article contained two errors in the Alo figures: "$1.5 billion million" and a growth of "+2,307%". Growth from about $65 million to about $1.5 billion is roughly 23-fold, or about +2,200%. All Alo revenue figures are estimates; Alo does not publish results.

Sources

Marcel Melzig

Marcel Melzig · Brand & commercial strategy · sportswear & luxury. Turning brand and channel signals into commercial decisions. Based in Germany.

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