High-end athletic apparel company Lululemon has offered consumers something pretty amazing.
As inflation continues and consumers grapple with higher costs, the company had decided to launch a trade-in and resell program.
The company is expected to debut a trade-in and resale option for its gently used leggings, tops and jackets later this month.
Customers will be able to exchange their previously worn Lululemon items for a gift card at any of its U.S. stores.
They also can buy from a selection of used items on a separate page of the retailer’s website and items will be added every day.
The rollout of Lululemon’s “Like New” program comes after the retailer tested the so-called re-commerce platform for customers in Texas and California, which started in May of 2021.
This move will help the premium brand within the athletic apparel sector attract customers who are looking for deals, according to Maureen Erickson, senior vice president of Global Guest Innovation at Lululemon.
“The guest who’s buying from Like New really … skews younger and is a value-based shopper,” Erickson said to CNBC via e-mail.
Erickson added that a number of third-party resale sites, including ThredUp and Poshmark, are already showing up with gently used Lululemon merchandise.
“We’ve been able to move [shoppers] over to our ecosystem,” Erickson said. “What it allows us to do is stay vertical, which is the nature of our business … where we own the relationship with the guests.”
To get an idea on prices, on Lululemon’s Like New website, prior to its official launch date, one used women’s “All Yours” cropped hoodie is listed at $49, down from its new $108 price.
The company said it won’t be taking in and reselling certain items such as bras and underwear.
“Every brand is trying to figure out, as they should be, how we can all live into a more sustainable future. That is not going anywhere,” said Erickson. “And it is a global priority for us.”
Lululemon’s re-commerce site will launch on April 22nd.
Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.