Key Points

• Lululemon’s North American business is struggling, but its international growth gives the company another path forward.

• It looks like the 2022 growth plan will fall short, but new markets and stores could still turn Lululemon into a truly global brand.

• A triple by 2031 is far from guaranteed, but I think the stock’s collapse gives the turnaround plenty of room to play out.

If I had to pick a familiar consumer brand that I believe can triple by 2031, I would choose Lululemon Athletica (NASDAQ: LULU) and point to one main reason: The company is still in the early stages of turning itself from a North American apparel label into a global lifestyle platform that reaches far beyond its original yoga roots.

It's been a brutal, brutal, brutal two years for this stock. Lululemon traded north of $500 per share in late 2023 and now sits below $100. The company has been hit with declining traffic, lower sales, lower growth rate, and, I think, growing competition from other lifestyle brands. While some investors see fear, I see an opportunity, and Lululemon's global push could be the perfect place to start.

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It's important to note that the company recently took on a new CEO. Lululemon's problems go deeper than its CEO, and I think the bigger opportunity is whether Lululemon can regain momentum through its brand and international growth.

Lululemon is still only partway through its global plan

Back in 2022, Lululemon laid out a five-year "Power of Three ×2" plan. The company said it aimed to double its 2021 revenue from $6.25 billion to $12.5 billion by 2026. To get there, it set three clear targets: Double men's revenue, double digital revenue, and quadruple international revenue relative to 2021. At the time, this seemed like a company telling investors it wants to be a daily uniform for many more people in many more places.

It is easy to look at the recent second quarter (and the last two years!) and worry about that thesis. In the period that ended Aug. 2, net revenue fell 4% to $2.4 billion, and comparable sales dropped 9%. Americas revenue fell 8%, and comparable sales in the region fell 12%.

At the same time, international net revenue grew 4%, and the company ended the quarter with 825 stores, up from the prior quarter. That mix is what matters for a triple turnaround by 2031. North America is getting hit. The rest of the world is still growing and still underbuilt for the brand.

The company has already been preparing for that change. In December 2025, Lululemon announced plans to enter six new markets in 2026 through franchise agreements. It named Greece, Austria, Poland, Hungary, Romania, and India as upcoming entries. This builds on recent moves into Italy, Denmark, Turkey, and Belgium. The company now has a presence in more than 30 markets across North America, Europe, and Asia.

Seen through a long-term lens, this is the skeleton of a global brand that has not yet fully filled out. The five-year plan focuses on men's apparel, digital (think online) channels, and international reach.

Now, that five-year period is running out, so I think the company's initial goal from 2022 was a bit off. But the store count and franchise deals show that management is still executing on that plan, even as North America slows. It is hard for me to imagine a 2031 in which only a small share of men in places like Greece or India know Lululemon. I think the company is building toward a much broader awareness, and that will appear in the stock price.

Why I like the odds by 2031

No one should pretend the next year will be comfortable. Management has already lowered its full-year outlook for 2026 and called out weaker brand sentiment and product resonance in North America.

I still see a path to a triple by 2031 because Lululemon has a clear global growth plan, strong margins, and a brand that already travels well. When a stock is pushed down this much, I think there is a real chance for a breakout, especially if the company can prove its turnaround is working. By 2031, global growth and new product expansion could give Lululemon a real shot at being worth 3x what it is today.

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Micah Zimmerman has no position in any of the stocks mentioned. The Motley Fool recommends Lululemon Athletica Inc. The Motley Fool has a disclosure policy.