During the pop-up shop, Beyond Yoga said it connected with more consumers, two-thirds of whom were new to the brand. The company also said that its Midi HighRise Legging, Slim Racerback Cropped Tank and Focus Cropped Tank were the top performing items during the pop-up event.
“Our pop-up store perfectly exemplified the ethos of the brand, and I’m extremely proud of the team’s passion and dedication to deliver such an amazing experience for our consumers,” Michelle Wahler, co-founder and CEO of Beyond Yoga said in a statement. “Our success proves the opportunity ahead to become a $1 billion brand, and I’m thrilled to continue our momentum in the physical world of retail.”
In 2021, Levi Strauss & Co. announced its acquisiton of Beyond Yoga for an undisclosed sum to expand its women’s business. The company said it planned to set aside resources and infrastructure to develop the digitally-native yoga brand. At the time, the company expected the brand to bring in $100 million in net revenue in fiscal year 2022.
In the early days of the pandemic, the demand for comfortable clothing was expected to rise , and that trend has seemingly benefited Levi’s. The company reported a 15% bump in Q2 net revenue year-over-year to $1.5 billion. Its direct-to-consumer revenues increased 16%, and its e-commerce rose by about 3%.
During the Q2 earnings call, Levi’s president and CEO Chip Bergh said that Beyond Yoga’s dresses, pop colors, prints and Mommy & Me collection sold out in the first week. He also said that U.S. denim sales had increased 19% over the previous year ending in May, a trend likely driven by the coronavirus pandemic.
“In terms of diversifying our portfolio ... we are focused on significant market opportunities in underpenetrated high gross margin parts of our business that can drive strong growth even in these times of macro uncertainty,” Bergh said during the earnings call. “The opportunities here are tremendous, with untapped potential across women’s, tops, international and our Other Brands, Dockers and Beyond Yoga. This quarter, we made progress across each of these areas of focus.”
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The department store in Maryland is sparsely merchandised and low on traffic. Senior Reporter Ben Unglesbee takes a look inside to see how retail has changed since the heyday of malls.
More mature brands are pursuing exit strategies and expanding their reach, while retailers are increasingly shifting to a DTC model.
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