// Lululemon remains “confident” about its growth in China despite coronavirus outbreak
// The majority of Lululemon’s 38 stores in China closed on February 3
Lululemon has said it is “confident” about its long-term opportunities in China despite the coronavirus outbreak resulting in most of its stores closing down in the country.
The sportswear retailer is working closely with local authorities to prioritise the safety of its colleagues and visitors in China.
Following guidance from local authorities, the majority of Lululemon’s 38 stores in China closed on February 3, while some stores saw their opening hours rolled back.
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Meanwhile, the company’s online business has continued to operate as normal.
“We’re inspired by the resilience and commitment of our team in China as we navigate the emerging impacts of the coronavirus,” Lululemon chief executive Calvin McDonald said.
“The safety of our people is our highest priority, and we are adjusting store operations based upon the recommendations of local authorities.
“Despite the current disruption to our growing business in China, we remain confident in the long-term opportunities this market holds for Lululemon.”
Lululemon is not the first retailer to have closed stores in China, sportswear retailers Adidas & Puma became the latest to warn on the coronavirus outbreak disrupting business just last week.
In January, the value of the FTSE 100 dropped by £44 billion and luxury retail groups saw their shares drop due to coronavirus fears continuing to impact trading..
Burberry closed 24 of its 64 stores in mainland China earlier this month as the coronavirus outbreak continued to raise fears.
Moreover, Nike temporarily shut down half of its stores in China.
Tech giant Apple shut all 42 of its stores in China for at least eight days as a result of the spreading virus, while denim retailer Levi’s shut about half of its stores in China.
Michael Kors parent company Capri Holdings warned earlier this month that the coronavirus outbreak could result in a $100 million (£77 million) hit to revenue.