Lululemon (NASDAQ:LULU) has reached a deal to be the exclusive Olympic outfitter of Team Canada through the 2028 Games.
Under a deal announced with the Canadian Olympic Committee, the Vancouver-based athletic apparel company will be the exclusive supplier of Olympic-branded clothing for the next four Olympic Games, including:
The Winter Games in Beijing in 2022
The Summer Games in Paris in 2024
The Winter Games in Milan in 2026
The Summer Games set for Los Angeles in 2028
The deal means all members of Team Canada — from athletes and coaches to support staff — will be fully outfitted in Lululemon gear during both the opening and closing ceremonies, at media appearances and in the athlete's village.
The company says 10% of the proceeds of all sales will go toward a fund to support athletes.
The deal with Lululemon comes after a previous one with HBC (TSX:HBC) had expired. The parent company of The Bay owned the rights to Team Canada's Olympic duds for every Games dating back to 2006 in Turin, Italy. Prior to that, Roots was Canada's official Olympic outfitter.
Lululemon has seen booming sales during the pandemic as millions of office workers found themselves working from home and in need of comfortable but stylish clothing. Last week, the company said it took in $1.5 billion in revenue in the second quarter of 2021 — almost twice what it made in the same period of 2019 before COVID-19.
