Industry Report

Textile Apparel IndustryLululemon Company

Eileen BacaJoshua RiveraAdam Davis

Winston PlattEmmanuel Calton

Table of Contents

Table Of Contents INDUSTRY REPORT................................................................................................................................ 1

INDUSTRY HISTORY.................................................................................................................................................... 1

COMPETITOR ANALYSIS..........................................................................................................................................14

CUSTOMER ANALYSIS..............................................................................................................................................17

FINANCIAL ANALYSIS...............................................................................................................................................18

INDUSTRY FUTURE...................................................................................................................................................27

COMPANY SELECTION..............................................................................................................................................30

REFERENCES.......................................................................................................................................... 32

Industry Report

Industry Report Industry HistoryLululemon is part of the of the Textile-Apparel Clothing industry; however, Lululemon’s

business is primarily sportswear. Sportswear is a subset of the Apparel Industry, and it

has gained prominence due to companies such as Lululemon. Although Lululemon is a

relatively new firm, the Sportswear and the Apparel Industry have existed for centuries.

The industry has gone through several changes such as fashion trends and the

emergence of new players. That being said Lululemon and companies like it seem to be

on the cutting edge of fashion, and will continue doing so.

The Apparel Industry is an industry that is culture driven, and the products that are

produced are a reflection of the time period. The only way to truly understand the

Apparel Industry’s subset of sportswear is to understand the culture of the time and see

how the change of consumers led to different products. The industry has existed for

centuries, but for the sake of brevity our focus will only be from 1900 to now.  

The history of fashion is important to know, because modern day apparel constantly

draws on past apparel as inspiration for new apparel. While today’s sportswear tries to

make the most sport conductive material fashionable, in the early 1900s fashion and

modesty was the main focus of sports apparel.

Women did not often play competitive sports in the early 1900s, because playing sports

competitively was considered unfeminine (V is for Vintage, 2012). The daily fashion of

early 1900s woman involved corsets, heeled shoes, long sleeved blouses with high

necklines, and skirts that ended past the ankle (The Landscape Change Program, n.d.)

(Garcia, 2011) (V is for Vintage, 2012). Women who played sports such as tennis wore

everyday clothes to do so (Garcia, 2011). This outfit was hard to play sports in; however,

most sports were performed in this attire (V is for Vintage, 2012). Some women

participated in swimming and baseball in clothes more fitting for exercise. Swimsuits

were made of wool and had a plethora of fabric so as to not show the woman’s

silhouette when in water (Thomas, n.d.) (V is for Vintage, 2012). In the early part of the

1910s women started wearing woolen, sleeveless, form fitting, knee-length swimsuits,

but that style was considered highly controversial (V is for Vintage, 2012).  Amelia

Bloomer started a trend for women to wear long bloomers in baseball and basketball

1

Industry Report

(West, n.d.). Amelia Bloomer was so influential that women who played baseball were

named “ Bloomer girls” (New York Women's Baseball Association, n.d.).  When going

ice-skating it was socially acceptable for a women to wear a dress that ended a few

inches above her ankle, this is because it made ice-skating safer (Thomas, n.d.).

Women started to move into more practical clothes after the turn of the century.

 

A woman playing tennis in the 1900s photo courtesy of vogue.com

Playing sports for men was more acceptable than women playing sports in the early

1900s. Although some male sports were done in regular attire many required special

clothing.  In track and field men wore thigh-length baggy shorts and a cotton vest (V is

for Vintage, 2012). When going bicycling men wore suit coats made of wool, and pants

tucked into their knee-highs (The Online Bicycling Museum, n.d.). In golf, men wore a

single-breasted jacket with a waistcoat, cotton stockings, and a golf cap (Penn, n.d.).

When men played baseball they wore long sleeved, collared or no collared jerseys with

a pocket on the breast, knee length pants, and stirrup socks (Epic Sports, n.d.). Football

2

Industry Report

players began patting their clothing by having quilted moleskin pants as well as shoulder

and elbow pads sewn onto their collared sweaters (Bentley Historical Library, n.d.).

A University of Michigan students in his football uniform photo courtesy of umich.edu

After World War 1, there was a cultural shift in the United State. The booming economy

of the time paved the way for the roaring twenties. Women started wearing less

restrictive clothing, such as flapper dresses.  Coco Chanel, the fashion icon, made

women’s sportswear more popular by her acceptance of sometimes-controversial

clothing (Martin & Metropolitan Museum of Art, 1998, p. 14). Coco Chanel also

introduced jersey fabric into her designs, which moved more freely than the wool fabric

commonly used before that (Vogue, 2010). Wool fabric for sports clothing was no more;

instead clothes were made out of knit fabric, jersey, silk, and satin (Darnell, n.d.).

Tennis in the 1920s started the trend of trademarking. Tennis star Bill Tilden started the

trend of wearing “white lightweight woolen flannel slacks and cable-stitched white or

cream-colored sweaters” while playing or going to tennis matches (Fashion

Encyclopedia, n.d.).  However, when Jean Rene Lacoste, otherwise known as Crocodile,

beat Bill Tilden to win the Davis Cup people started wearing his style to tennis (Fashion

3

Industry Report

Encyclopedia, n.d.). Tilden wore a cotton polo shirt with a short-sleeved pullover, and

knit collared shirt (Cangiano, 2013). On the left side of his shirt he wore an embroidered

crocodile, and people everywhere followed his example (Cangiano, 2013). Lactose then

took the opportunity to make shirts with his logo on it, becoming the first sportswear

company to have a logo (Fashion Encyclopedia, n.d.).

Women’s sportswear also changed by changing with the times. A straight body type

became fashionable, and to achieve this, women started playing more sports as a way

to get the manly body type. Women shocked the world by wearing low cut, short, and

relatively tight swimsuits (Sessions, n.d.). In the early 1920s beaches hired men who

measured women’s swimsuits to make sure they were long enough (Sessions, n.d.). It

soon became stylish to sew two different fabrics together to make it look like one was

wearing a two-piece swimsuit (Sessions, n.d.). Boating was considered a sport, and

when women went boating they wore a type of pants called beach pajama pants

(Thomas, n.d.). These pants were controversial, because pants were still not socially

acceptable (Thomas, n.d.). In 1922 Suzanne Lenglen made headlines by wearing a

short knee length skirt, a sleeveless shirt, and her hair wrapped in a scarf instead of the

traditional hat while playing tennis (Thomas, n.d.). Soon it became customary for women

tennis players to sport pleated knee-length dresses and skirts (Garcia, 2011).

Men enjoyed a variety of sports in the 20s. Men golfers wore loose-fitting knee-length

pants, and argyle knee high socks (Penn, n.d.). Baseball players started wearing V-neck

shirts (Epic Sports, n.d.). Swimwear in general changed. Swimsuits showed more skin

and used less fabric (Sessions, n.d.) Men wore above the knee, form fitting, lightweight

swimsuits made of wool or ribbed cotton material (Sessions, n.d.). In the middle half of

the 1920s male swimmers started wearing two-piece swimsuits (Sessions, n.d.). At first

these swimsuits were considered scandalous, but became accepted by the public

(Sessions, n.d.). In basketball men wore shorts with socks that sometimes went above

their knees and sleeveless shirts (Young, 2008).

4

Industry Report

Men and women in the 1920s swimming photo courtesy of vintagedancer.com

The consumer culture of the 1920s helped lead to the Great Depression. The Great

Depression was a horrible time in American history as 13 million Americans were

unemployed and between 1 and 2 million Americans were homeless. This period in

American History is characterized by the widespread hard times, and as result of that the

Apparel industry suffered in the depression. Style changed as a result of the times.

Clothes became more practical (Ball, 2014). Sportswear became more fashionable, and

knitwear was introduced into society (Ball, 2014).

Sports for women were not especially popular during the 1930s. Baseball was an

extremely popular sport in the 1930s; however, the Bloomer Girl’s teams disbanded due

to unpopular opinion of girls playing baseball (Allen, n.d.) (Klages, n.d.). In 1932 Alice

Marble shocked the world by wearing shorts to play tennis (Thomas, n.d.). Most people

who played tennis in the 1930s wore pleated knee-length skirts (Garcia, 2011). Women’s

swimwear changed too. Swimsuits wear is made from cotton and skirts were added to

the swimsuits as a way of fashionably covering thighs (Thomas, n.d.).

5

Industry Report

“Men's sportswear became popular in the 1930s with the adoption of the knit polo, crew-

necked t-shirt, and short sleeved sport shirt (U.S. National Park Service, n.d.). Golfers

wore more casual lightweight clothing (Penn, n.d.). Men wore white or grey flannel

trousers and collared shirts to play golf in (Penn, n.d.).  Men’s tennis wear included

collared shirts and full-length pants (Editor, 2013). In 1936 the first Olympic brand

endorsement took place (V is for Vintage, n.d.). The company that would become Puma

had four time gold medal receiving Olympian Jesse Owens wear their shoes, which gave

Puma a lot of sales after the races (V is for Vintage, n.d.).

The end of the 1930s brought about the rumble of war. As usual fashion changes with

the times, and the 1940s are no exception. The first half of the forties was greatly

affected by World War II.  Most men raced to enlist leaving baseball fields and sports

everywhere lacking men to play (Bedingfield, n.d.). Sports such a baseball still continued

thanks to men like President Roosevelt, but it did change (Bedingfield, n.d.). Women

took over men’s jobs everywhere and that included sports (Klages, n.d.).  With the

triumphant win of the Allies men returned home, and to sports. Sports were very popular

among men and women at this time. The sportswear industry changed a great deal

during this time, as a result of different fabrics being introduced.

Women took over the baseball diamond when the men left to fight the war in Europe

(Candaele, n.d.). When playing softball women wore skirts with satin shorts underneath,

a shirt that had to be tucked in, and knee-highs (Lesko, n.d.). Women were wearing

shorts to play basketball in (Grundy, 2012). Shorts were not just worn in basketball.

Katharine Hepburn popularized playing tennis in shorts (Garcia, 2011). However, at the

end of the 1940s dresses became the stylish thing to wear to play tennis in again

(Thomas, n.d.). While other sports embraced shorter skirts and shorts golf fashion still

remained widely the same (Bramlett, n.d.). Long teacup length skirts, and shoes with

spikes in them were still considered the social golfing norm (Bramlett, n.d.).  

6

Industry Report

A woman playing softball in the 1940s photo courtesy of nytimes.com

As a result of World War II most men were overseas fighting, and men’s sports was

often left with little to no players. Baseball was almost canceled during World War II, but

President Roosevelt encouraged the little amount of baseball players left to play

(Bedingfield, n.d.). Men’s baseball uniforms looked similar to years before, but because

of change the war there was a change in material (Okkonen, 1991). Now that there were

more games played in the night satin became widely used in jerseys (Okkonen, 1991).

In the late 1940s men wore short cotton shorts, cotton tank tops, ankle socks, and low

top sneakers to play basketball in (Szczepanski, 2008). Men’s golf attire became similar

to what you would see on the golf course today (Penn, n.d.). Men wore collared shirts

and khaki pants to golf in (Penn, n.d.).  

The 1950s was the return to normalcy. With the ending of World War II people started to

focus on the American family. There were a large number of children born after the war,

and women everywhere went back to work at home. The 1950s was also influenced by

the start of the Cold War. Americans discouraged anything considered communist and

thought well of our capitalistic society. Society was a friendly place, where kids could

play outside all day, and neighbors would come over for dinner. The 1950s brought the

7

Industry Report

television. The television popularized sports, because then more people could watch the

game.

The 1950s brought women back to work in the homes, and again sports were

considered unladylike (Grundy, 2012).  “Dozens of women’s sports teams were

disbanded. Cheerleading, not basketball, became the top female sporting activity”

(Grundy, 2012). The All-American Girls Baseball League played their last game in 1954,

because it was not popular enough (Klages, n.d.). Women who played tennis played in

tight-waisted dresses and sweaters (Garcia, 2011).  Women usually wore teacup length

skirts and blouses to play tennis in, but it was becoming increasingly more acceptable to

wear knee length shorts while playing (Bramlett, 2009).

Sports were immensely popular among men in the 1950s. Baseball uniforms looked

much like they do today; however it was a growing trend to wear pants that ended

halfway between the knee and ankle (A History of The Baseball Uniform, n.d.). Men

started wearing plastic helmets to play baseball in (History of NFL Uniforms, n.d.). Men

commonly played tennis in long sleeved shirts and shorts (The Landscape Change

Program, n.d.). Men did not have to wear a shirt to swim anymore, and their swimsuits

were often colorful (Scott, 2010). Basketball shorts got shorter in the 50s (Thackeray,

2014).

The Swinging 1960s is known for its racial tensions and non-conformist attitudes.

Clothes got more casual and more functional. Stretchy fabrics were widely used, and

sportswear looked more like everyday clothes. Tracksuits became fashionable. Sports in

general were still very popular. In the 1960s important sportswear companies such as

Nike opened up. Women started to challenge social norms in the 1960s; as a result

more women played sports.

Women golfers in the 60s started wearing skorts, which are shorts connected to skirts

(Bramlett, n.d.). Tennis shorts got shorter in the 1960s (Garcia, 2011). Women still had

to wear skirts in basketball and baseball (Klages, n.d.) (Housenick, 2012). Swimsuits

were made of Lycra nylon or a mixture of the two (Thomas, n.d.).  Women started

wearing two-piece swimsuits, but the bikini was not introduced until the seventies

(Thomas, n.d.).

8

Industry Report

Television helped changed men’s uniforms in the 60s. Baseball jerseys became more

colorful, and the players’ names were put on the back of the shirt (Okkonen, 1991).

Tracksuits became popular among top athletes (Liquori, 2008). Basketball uniforms

started using synthetic fabrics that made playing easier (Szczepanski, 2008). Shorts got

elastic waistbands to make them more comfortable (Szczepanski, 2008). High-tops were

used to help prevent injury (Szczepanski, 2008). In football sport team logos started

appearing on helmets (Football Uniforms Past and Present, n.d.). Nike started selling

running shoes (Nike Inc., n.d.). Adidas was selling their shoes to Olympians (Adidas,

n.d.) Men started wearing speedos to swim in (Murphy, 2010).

9

Industry Report

Franz Beckenbauer in a modeling add for Adidas in 1967 photo courtesy of adidas.com

The 1970s brought a great change to sports and sportswear. Clothes continued to get

more casual and comfortable. Sportswear was worn as everyday clothes for the first

time (retrowaste, 2014). In 1972 Title IX was signed, and with it came a great change in

women’s sports (Barra, 2012). Title IX made it so that schools had to give equal funding

to men and women’s sports teams (Barra, 2012). The increase in sports for women also

10

Industry Report

increased women’s needs for sportswear. In 1973 the famous “Battle of The Sexes” took

place in tennis, proving that women were just as good as men in tennis (Barra, 2012).

Tracksuits became the fashionable thing to wear in the 70s (retrowaste, n.d.). Polyester,

cotton, and velour became common materials used in fashion (retrowaste, n.d.).

The 1970s brought a big change in women’s sports. With the passing of Title IX women

got more money for their athletic programs. Women could finally get good quality

uniforms (Grundy, 2012). A lot of uniforms were made to look like the men’s uniforms,

and be functional and comfortable (Grundy, 2012).  Women wore pants that ended mid

calf to play baseball in during the 70s (Enke, n.d.). They also wore knee-high socks, and

printed jerseys in baseball (Enke, n.d.). Women wore shorter skirts than ever before in

tennis (Garcia, 2011). Women were wearing shorts while playing basketball, and with

help of Title IX most women had jersey tops as well (Jenkins, n.d.). Women even started

wearing short shorts on the golf range (Bramlett, n.d.).

Men’s baseball uniforms in the 70s are known by fashion experts as some of the ugliest

in the history of baseball (Caple, 2012). Men from the seventies onward wear the classic

three-quarter length pants, knee-highs and a jersey. What makes the seventies so ugly

are the colors they used and the designs on the uniforms themselves (Caple, 2012). In

basketball short shorts, tube socks, and headbands became the fashionable thing to

wear (Thackeray, 2014). Facemasks and colorful jerseys became the norm for football

uniforms (Football Uniforms Past and Present, n.d.). When track stars were not wearing

their highly fashionable tracksuits they were wearing tight-fitting light-feeling

aerodynamic clothes (Murphy, n.d.).

Sportswear erupted in the 1980s; people were wearing it all the time. The sports apparel

industry was booming (retrowaste, n.d.). Sweatbands became very popular. Aerobics

clothes became a big trend (Fashion Encyclopedia, n.d.). Yoga became a popular sport

(Yoga Outlet, n.d.). Athletic shoes became the fashion trend, and Air Jordans,

“Transformed the way people looked at athletic shoes” (Foot Locker, n.d.). Nike not only

started selling shoes, but also athletic apparel (Nike Inc., n.d.) Successful marketing is to

thank for creating the shoe trends (Pribut, 2002). Shoes became better for your feet, and

more scientific in their creation (Pribut, 2002). A lot of sports have the same design that

was prevalent in the last decade or two, but the big change was the popularity of sports

clothing. Traditional tennis wear became fashionable for people to wear (retrowaste,

11

Industry Report

n.d.) However, tennis wear changed in the 1980s, with the acceptance of pastel clothing

options (Garcia, 2011). Spandex became a popular fabric, and spandex biking shorts

were seen everywhere (Fashion Encyclopedia, n.d.). The shell suit became immensely

popular (Liquori, 2008) “The shell suit was a lightweight front zippered nylon jogging top

with matching loose bottom trousers that had an elasticated waist. The colors on these

shell suits were bright with secondary colors” (Liquori, 2008).  

Christie Brinkley and Michael Ives demonstrate the athletic craze in the 80s photo

courtesy of Rolling Stones Magazine

The 1990s continued in the trend to wear more casual sports-like clothes in everyday

life. Olympians wore skintight clothes, because they believed it made them more efficient

(Liquori, 2008). It became a fad to wear your favorite sports team’s jersey (Creamer,

n.d.).  People began to wear fleece to keep them warm while hiking or doing other

various outdoor activities (Thomas, n.d.) Neon became a trend to wear in tennis, and the

fabrics’ nylon and spandex we used to make tennis outfits more functional (Garcia,

12

Industry Report

2011). Linford Christie became famous for her one-piece running suit; one layer was

hydrophilic, and the other was hydrophobic keeping her dry and cool (Liquori, 2008).

Men Olympian swimmers wore speedos made of polyester micro fibers and Lycra an

electrometric fiber that was believed to enhance their performance (Liquori, 2008).

Basketball shorts got longer in the 90s (Creamer, n.d.).

From the turn of the twentieth century onward sportswear has continued to improve.

Sportswear is becoming increasingly more popular and increasingly more functional.

With more scientific fabric and designs the present day industry has come a long way

from its past. The history of athletic apparel is a long and interesting one, and is

important to know to better understand its present and future.

13

Industry Report

Competitor Analysis In the textile apparel industry, specifically the sportswear subset, the top 5 players are

Nike, Adidas, Under Armour, Gap, and Lululemon. Each company has their own specific

marketing and business strategies; but the competition in this industry is cut throat to say

the least.

Nike, the sportswear titan has the largest market share in this industry as the company is

worth 78 billion dollars. The company has many products such as shoes, active wear,

and sports equipment for men and women of all ages. The company appeals to

consumers due to its reputation for being the choice used by the finest athletes. This

company gained prominence due to the cultural icon that was Michael Jordan and his

choice to use Nike products and later establish the Jordan brand. No matter the sport,

the best of the best athletes use Nike and that is a major proponent of Nike’s advertising

strategy. Also Nike advertises seasonally depending on the sport and in turn promotes

more products depending on the season. Lebron James, Cristiano Ronaldo, Manny

Pacquiao, Jon Jones, Derek Jeter, and the NFL all use Nike products.

Looking at Nike’s financials one of the positive highlights of the documents is their price

to cash flow ratio, which outperforms the industry. They also outperform the industry in

regards to their net profit margin, return on assets, and return on investment ratios.

These ratios show the effectiveness of their management and give investors an idea of

their true value. Some negative aspects of their financials is they underperform in

regards to their Sales growth over a 5 year period, and overall their quick, current, debt

to equity ratios are very disappointing compared to the industry averages. In their 10-K,

Nike describes their current goals and strategy for the company:

“Our goal is to deliver value to our shareholders by building a profitable global portfolio of

branded footwear, apparel, equipment, accessories and service businesses. Our

strategy is to achieve long-term revenue growth by creating innovative, “must have”

products, building deep, personal consumer connections with our brands, and delivering

compelling consumer experiences at retail and online.”(pg. 65)

Nike is a company that is not going anywhere anytime soon, but overall it seems that

Nike is a company that follows the overall industry and their financial strength is

something that should be into question especially after the success of the 2014 World

Cup.

14

Industry Report

Adidas has the second largest market share as the company is worth 15 billion. The

company mainly sells active wear, shoes, and sports equipment to men and women of

all ages. Adidas does not have the extensive athlete sponsorship that Nike has, but

Adidas caters mainly to the soccer playing community and is regarded as the premier

provider of soccer equipment. Adidas caters to this community and also has sponsors

from other sports such as Derek Rose, Robert Griffin III, Lionel Messi, and Bastian

Schweinsteiger.  Adidas was also featured extensively in the 2014 World Cup.

Some of the positive highlights of Adidas financials are that they have a very high

dividend, an above average quick ratio, as well as a high return on assets, investment,

and equity ratios. These ratios signify that Adidas has a very effective management and

they are overall a strong company. Some negative aspects of Adidas are that they are

underperforming in terms of sales, capital spending, their price to sales, and their price

to cash flow. These ratios signify that Adidas has disappointing sales and lack of growth

compared to the industry.

Gap has the third largest market share as the company is worth 18 billion. Gap doesn’t

solely focus on active wear as they also have clothing found in all aspects of society.

The company has begun advertising for yoga products as a way to compete in that

specific section of retail clothing. The company advertises differently than the other firms

because Gap does not use athletic sponsors in their advertisements instead they

promote their product as the product used by the everyman.

Looking at Gap’s financial status they are trading at a lower multiple than the industry

average thus showing they’re undervalued, they have a high dividend, as well as having

a good net profit margin, return on assets, and returns on investments. These ratios

show that Gap is undervalued and have effective management. Some negative aspects

of their financials is that their sales aren’t growing, they have a low price to cash flow,

and their capital spending is below the industry average. The Gap Financials show that

the Gap is an undervalued company however that valuation is a result of the lack of

strength in certain financial aspects.   

Under Armour has the fourth largest market share and the company is worth 14 billion.

Under Armour sells primarily active wear and shoes and their main consumers are men,

women and children.  Under Armour came into prominence as a result of their climate

control apparel. Under Armour’s advertisements use prominent athletes such as Tom

15

Industry Report

Brady, Michael Phelps, and Georges St Pierre.  Under Armour has gained market share

due to their groundbreaking fabric and their new athlete sponsorship.

Some positive aspects of Under Armour’s financials are their high sales ratio, their

capital spending, and their current ratio. This company has strong financials and overall

is a great company the only negative is the lack of a dividend. Also Under Armour is

trading at a multiple of 87, which is almost 4 times the industries average of a multiple of

28. This high multiple might suggest that Under Armour is overvalued, but due to their

top notch financials the company does deserve a high multiple, but not 87 times

earnings.

Lululemon has the fifth largest market share and the company is worth 5 billion. They

specialize in athletic wear used in yoga. They differ from the other companies because

Lululemon advertises itself as a premier boutique and is treated as so. Lululemon

doesn’t have any athletic sponsors but their reputation as being a premier boutique

offsets that.

Lululemon has fantastic financials as they beat the industry in many ratios such as their

sales growth ratio, quick ratio, and receivable turnover ratio. They however don’t offer a

dividend, which turns people away from the company.

Each firm uses different strategies to gain market share and overall superiority in the

market place. That being said, it seems that in this competitive market it seems that with

companies like Nike, Gap, and Adidas not increasing their sales it paves the way for new

companies like Lululemon to steal market share from these industry leaders.  

16

Industry Report

Customer Analysis Everyone is a potential customer of textile-apparel clothing. All men, women, and

children need to wear clothes. Women are the primary buyers of clothes, as a result of

many women buying clothes for their family. This industry is relatively inelastic since

everyone needs to wear clothes. The sports apparel sector of textile industries has seen

a substantial growth recently. “This is one of the fastest-growing product categories in

the apparel and shoe sector” (Plunkett Research, n.d.). This is a result of humans

becoming fatter, and the need to exercise becoming more important.

The primary customers of Lululemon are women; however, men and young girls make

up a smaller but significant part of their consumers.  “Our primary target customer is a

sophisticated and educated woman who understands the importance of an active,

healthy lifestyle” (10k).  A recent report by Target Research group found Lululemon’s

customers to be more loyal than the other major industry players (O’Reilly, 2014).

Perhaps one reason for Lululemon’s customer’s loyalty is the relationship the company

has with its customers. “They've tapped into a lifestyle. Becoming connected with people

and community is probably the most powerful thing you can do to build a brand” says

branding expert Eric Gustavsen (Malcolm, 2013). Lululemon’s strong relationship with

their customers might also have to do with their high regards for their customers’

thoughts (Mattioli, 2014). They train their employees to listen to customers’ complaints

and report them, so as to improve their clothes (Mattioli, 2014). They also keep products

scares in the stores so as to compel customers to buy them before they run out (Mattioli,

2014).

17

Industry Report

Financial Analysis

Valuation Ratios

P/E Ratio (TTM)

P/E High - Last 5 Yrs

P/E Low - Last 5 Yrs

Beta Price to Sales (TTM)

28.50 31.80 12.60 0.60 1.98

The Price Earnings Ratio or the P/E ratio describes the value of a company by its price

and earnings. The P/E ratio or the Price multiple signifies investor confidence and shows

the expectations of investors.  A high multiple signifies investors have strong confidence

that company will have strong earnings in the future, whereas a low multiple shows that

investors are not confident in the growth of the company. An issue with the P/E ratio is

that it can be interpreted in different ways for example, if a company has a high multiple

it might also mean that company is trading at a higher valuation that shows its

overpriced or that a low multiple might mean that the stock is trading at a premium. So in

order to compare a company to its industry it’s important to see what the average

multiple is in order to see whether what state the company is in. In the Textile Apparel

industry, the industry ratio is 28.50, so it means on average companies in this industry

trade at a multiple of 28. This is the current ratio, but however it’s also important to see

how this ratio compares to the P/E ratio in the past and the preferable window is 5 years.

The 5-year P/E ratio high is 31.80 and the 5-year low is 12.60. In analyzing the ratio it

seems that the multiple gap from the high and low seems very wide. This gap can be

explained by the 2008 financial crisis and the financial recovery since then. Right now, it

seems that the industry multiple is trading near it’s 5 year high so to me it shows that the

Textile Apparel Industry is doing well and is showing good long term growth prospects.

The Beta ratio measures the volatility of a company/industry to swings in the market. It

measures the risk of price fluctuations compared to the market so investors can make

decisions that are risk averse. Companies are compared to a beta of 1. A beta of 1

signifies that the company moves with the market. So a beta less than 1 signifies less

volatility and a beta higher than 1 signifies higher volatility. An example of industry of

18

Industry Report

high volatility is the biotech industry or most tech industries. In my opinion, an extreme

beta can also show investors a possible bubble in the industry. If one were to look at the

dot com bubble, the volatility in that industry the volatility for each companies was so

extreme that it led investors to make millions and to eventually lose million. The beta

means a lot to the type of investor because if an investor’s main goal is to make a

consistent return over time it would be wise to invest in industries with low betas.

However, if the investor was a performance based hedge fund they would want to look

for industries with high betas. The textile apparel industry has a beta of .60, so it signifies

that this industry isn’t very volatile, but it does move with the market to a certain extent.

This makes sense because the textile apparel industry is based on the market conditions

because depending on the market conditions, consumers will either purchase more

product or less.  Right now, the current industry beta doesn’t clarify an investment

decision because the industry is expected to be less volatile, but an investor should this

ratio in mind because it looks like this industry will continue moving with the industry but

the overall price will not fluctuate much.

The price to sales ratio is a ratio that shows how a stock’s price is compared to it’s per

share revenue.  This ratio is important because it shows investors how a company is

traded by its sale performance. A lower sales multiple shows that a company is trading

close to it’s revenues and show’s that it might be undervalued compared to it’s overall

sales. Whereas a higher sales multiple shows that a company might be overvalued

compared to its overall revenues.  This ratio shows how investors value sales and how

much they are willing to pay for each share compared to the sales. Typically ratios lower

than 1 demonstrates an opportunity for an investor. This ratio like the price/earnings

share cannot be looked at by itself because depending on the industry the multiple might

be higher or lower.  In the textile apparel industry, the Sales multiple is 1.98. As the

multiple is higher it shows that most companies are traded at a higher multiple compared

to sales. This multiple makes sense because in this industry, since all revenues come

from sales, it makes sense that the multiple is higher.

The Price to book value ratio is used to compare the stock price to the company’s book

value. The book value is calculated by subtracting intangible assets and Liabilities from

the total assets. The ratio demonstrates how Wall Street values the companies worth

compared to its actual value.  A ratio of 1 means that a company’s stock price is trading

at book value. A higher P/B ratio demonstrates that the market values a company by a

19

Industry Report

higher multiple than it’s book value because of external reasons such as hype or

investor confidence.  For example, Alibaba is trading at 21.84 multiple so it’s trading 21

times its book value. To me, this company is overvalued because of the hype Wall Street

gave to the IPO and its price is destined to drop. On the other hand a lower multiple

shows that the stock is trading close to it’s book value if not lower. An intelligent investor

would look for companies that trade below it’s book value because it shows a possible

opportunity to purchase a company that is undervalued.  A low multiple can also mean

that the company is trading below it’s multiple because the company is in distress. That

being said like the other ratios, a company’s individual ratio must be compared to its

industry because some industries might trade at a higher multiple. The multiple in the

Textile Apparel industry is 4.33 meaning that most companies in this industry trade at

multiple of 4 times its book value.  

The Price to Tangible Book Value ratio measures the price of a company compared to

the value of its physical assets. This shows the value of a company in the case of

liquidation.  Companies that have low ratios show that the company is trading close to

the value of it’s physical assets thus showing that in the case of liquidation investors

would receive a return closer to the stock price. Whereas a company that has a higher

ratio it shows that in the case of a liquidation investors would receive less per share. In

the textile apparel industry, The PTBV ratio is 14.77. This ratio is showing that in the

textile apparel industry companies are trading at a multiple of 14 in regards to their

tangible book value. This high multiple can be explained by the nature of the market as

the textile apparel industry has shifting physical assets due to market conditions and the

individual growth of new players in the industry.

The Price to Cash Flow ratio demonstrates the share price of a security compared to its

operating cash flow. Operating cash flow is the amount of cash generated by the

company. Usually higher ratios signify that a company is valued higher than the amount

of cash generated so it can mean that the company is overvalued. Whereas a low ratio

signifies that company is trading less than the cash it generate thus signifying an

undervalued company.  The ratio in the Textile Apparel industry is 19. This ratio shows

that in this industry companies are valued higher due to the amount of cash they bring

in. This makes sense because in the textile apparel industry sales and cash are king

thus operating cash flow must be valued higher due to its importance in the industry.

20

Industry Report

Dividends

Dividend Yield (%)

Dividend Yield - 5 Yr Avg (%)

Dividend 5 Yr Growth Rate (%)

Payout Ratio (TTM)

1.20 0.80 6.36 21.00

A dividend is a portion of a company’s earnings that is given to the shareholders. Most

dividends are paid out annually and for most investors are an essential requirement for

investment.  Some companies do not offer dividends because they have not made a

profit or because they choose to reinvest the profits in the company. The dividend yield

is the percentage of the annual dividend compared to its share price. The dividend is

stated on a per share basis and in the case of the Textile Apparel industry the average

dividend yield is 1.20%. So on average this industry pays a relatively low dividend. This

can be considered as a reason not to invest, but another way to look at the situation is

that high dividend yields can be a result of a declining share price. So depending on the

company a low dividend yield can represent a growth company and investors could

make money on capital appreciation; however many investors who look for long

positions prefer higher dividends as they get more of a return in addition to capital

appreciation. In order to analyze the company's dividend yield it’s important to see how

the yield has reacted in the market over 5 years. In the case of this industry the yield

is .80%. This yield is very low, but looking at most industries this yield will be low due to

the terrible economic conditions in 2008. In my opinion, the most important tool to

analyze the dividends would be the 5-year growth rate of the dividend. The textile retail

industry’s Dividend Yield Growth rate is 6.36%, this growth rate is incredible because it

shows that this industry can still pay out dividends after recessions and this industry has

grown well and reacted well to the recession.

The payout ratio is the percentage of earnings given to shareholders. This ratio shows

the consistency of earnings and the consistency of dividends given to shareholders.  The

Payout ratio in the textile apparel industry is 21%. This ratio shows that in this industry

that earnings are seasonal and companies can’t afford to pay out a higher ratio due to

the tough competitive climate and the changing trends in fashion.

21

Industry Report

Growth Rates (%)

Sales - 5 Yr Growth Rate (%)

EPS - 5 Yr Growth Rate (%)

Capital Spending - 5 Yr Growth Rate (%)

8.35 9.81 18.80

The sale over 5-year growth rate percentage shows the growth in sales over time and in

this case a time period of 5 years. This rate is important because it shows investors how

past performance could lead to future performance. The rate in this industry is 8.35%;

this rate is good because this rate depends on the size of a company. Rates that are

above 5% for large cap companies’ signal good growth and shows investors that the

specific company’s sales are increasing at a good rate over time. Specifically for the

textile retail industry this rate shows that the sales for the industry as whole is increasing

by 8.35%. The reasoning for this high percentage is maybe a result of these textile

companies increasing their market share internationally and the industry becoming more

global.

Earnings per share is a ratio that shows how much of a company’s earnings does

each share of common stock represent.  This ratio shows how profitable a company

considering the amount of equity used to get to that level of profitability.  This ratio is

very dynamic because it can show how the company is doing on a short-term basis and

it can also show how profitable a company has been over a specific time period.  Over a

5-year period, the textile apparel industry Earning per Share has increased by 9.81%.

This is a good sign for the future earnings of this industry because it has showed

constant stable growth over the past 5 years and this industry is a stable of the market

thus the growth should continue in the future.

Capital Spending is when a firm uses cash to buy physical assets. Capital

Spending is typically a sign of a company expanding it’s business.  The 5-year ratio

describes how the industry has grown over the 5 years in terms of physical locations and

physical assets. The textile apparel industry’s capital spending has grown by 18.80%.

22

Industry Report

This increase in spending shows that firms are expanding by buying real estate for new

locations and other physical assets.

Financial Strength

Quick Ratio (MRQ) Current Ratio (MRQ) Total Debt to Equity (MRQ)

1.30 2.70 0.44

A firm’s quick ratio describes how liquid a company is in regards to the amount of current

assets for each liability. The higher the ratio signifies higher liquidity because it signifies

a company can cover their current liabilities while retaining some current assets. A ratio

of one shows that a company has one asset for each liability. In the textile apparel

industry the quick ratio is 1.30. This ratio is different for each industry and in the case of

the textile apparel industry this ratio isn’t high because in the industry each firm has to

carry large amounts of inventory and the firm doesn’t have large amounts of physical

assets. That being said the quick ratio in this industry is low primarily because of the

large amount of inventories firms must carry.

The current ratio is similar to the quick ratio, the difference between the two is that the

quick ratio subtracts inventory from current assets whereas the current ratio includes

inventory as an asset. The current ratio gives investors a better idea of the financial

health in the textile apparel industry because in this industry firms have to keep a large

amount of inventory and the quick ratio although shows the financial health in the case

of a liquidation it doesn’t take into account the value of inventory which is an asset to a

firm. In this industry the current ratio is 2.7, so for every liability there are about 2.7

assets. This is a good ratio because it signifies that in this industry, firms can cover all of

their liabilities while having excess assets.

The debt to equity ratio shows how much equity and debt the company has used to pay

for its assets. This ratio is important because it gives investors an idea of how much debt

and equity a company has used. A high ratio shows that the company has financed its

growth by giving up equity and taking on debt whereas a low ratio shows that the

23

Industry Report

company is operating with low debt while maintaining equity.  The ratio in the textile

apparel industry is .44; this ratio is very low and shows that the firm’s in this industry are

growing without giving up equity or taking on debt. This is very good because it shows

that firms are able to be profitable without risking excess debt or diluting the shares in

the firm.  

Profitability Ratios (%)

Gross Margin (TTM)

Gross Margin - 5 Yr Avg

EBITD Margin (TTM)

EBITD Margin- 5 year Avg

50.10 48.10 14.70 0

The gross margin represents the percentage of Revenue a company retains after

the costs of goods sold is subtracted from Revenue. In this industry, the gross margin is

50.10%. So for every dollar generated companies retain 50 cents. This is a very good

ratio because each firm in this industry makes a good profit after all of the expenses

have been paid. The 5-year gross margin rate is 48.10%.  Since the margin has

decreased over the past 5 year it shows that firms has had new costs or have had less

revenue that caused the margin to decrease, but since the current rate is higher than the

5 year rate thus it shows that firms have found a way to cut costs and increase revenue.

The EBITD margins are the earnings before interest, tax, and depreciation. This

measures how profitable a firm is before the payments like tax. The EBITD margin in this

industry is 14.70, so it shows that firms generate 14.70 per share before taxes.  This

ratio shows that in this industry firms generate high levels of earnings.

Management Effectiveness (%)

24

Industry Report

Net Profit Margin (TTM)

Net Profit Margin - 5 Yr Avg

Return on Assets (TTM)

Return on Assets - 5 Yr Avg

Return on Investment (TTM)

Return on Investment - 5 Yr Avg

6.88 5.70 7.80 6.50 10.70 9.30

The net profit margin shows the margin of profit from each sale. This ratio is as valuable

or more valuable than earnings ratios because the net profit margin is more accurate in

describing a company’s profit and how effective management is.  In the Textile Apparel

industry, the net profit margin is 6.88% so for every dollar the company makes a 6 cents

profit.  The 5-year rate is 5.70%; this industry has increased its profit margin over the

past 5 years so it shows that the industry has been very effective.

The Return on Assets Ratio shows what income was generated from assets. A higher

ratio shows that the company is earning more from using less assets whereas a lower

ratio shows that a company is using more assets to generate it’s income.  The industry

average for the Textile Apparel Industry is 7.8%, for this industry it shows that

companies need to use more assets in order to make income. This makes sense

because in this industry, companies require large inventories, which causes there to be

more assets per income. The 5-year rate is 6.5%, so the rate being this low shows that

the firms in the industry were forced to use more assets to generate income. As the rate

has increased, it is a good sign for the industry because it shows that firms have found

ways to use fewer assets to generate income.

The return on investment shows the effectiveness of an investment. Any investment

above 0 signifies a gain from the investment whereas a negative return on investment

signifies a loss.  The return on investment in this industry is 10.70, since the ratio is

positive it shows that investors should invest in this industry as it provides a good return.

The 5-year return on investment is 9.30. Since the industry’s return has grown over time

it shows that the industry is a good industry to invest in.

25

Industry Report

Efficiency

Receivable Turnover (TTM)

Inventory Turnover (TTM) Asset Turnover (TTM)

9.70 3.10 1.20

The receivable turnover ratio measures how well companies give credit and how well

they use their assets.  A high ratio suggests that companies operate on cash and their

credit policies are efficient. In this industry the ratio is 9.70, so firms in this industry

typically extend credit and it isn’t turned over well. This can be explained by the nature of

the industry. Most firms typically give retail stores their product on credit and it takes time

for the product to be turned over.  

The inventory turnover ratio shows how often inventory is replaced and sold. This ratio

depends on the industry because depending on the inventory the ratio can be

interpreted differently. For example, a low ratio can signify leftover inventory whereas a

high ratio can demonstrate good sales. In the case of the textile apparel industry it’s ratio

is 3.10. This ratio can be interpreted by thinking of the seasonal nature of the industry

and the ratio seems standard for the industry.

The asset turnover ratio shows how well companies use their assets to generate

revenue. A higher number suggests that the firm is very effective in using it assets. In

the case of the textile retail industry the ratio is 1.20. In this industry this is a standard

number because of the amount of inventory firms must undertake.

Industry Future

Fashion has changed throughout history, from the scandalous introduction of women in

pants to society, to it becoming a cultural norm to wear workout clothes outside of the

gym. Not only is the history of workout clothes important to consider when contemplating

the industry's future, but also society’s attitude toward it. Workout clothes have become

more and more acceptable to wear in everyday life.  The University of Dallas itself is a

great example of this, back in the 1950s women had to wear either dresses or skirts to

26

Industry Report

class. If you go into a modern day classroom today you will find that half of the girls are

wearing clothes they could wear to the gym.

It is not only the grocery store and the classroom that women are wearing workout

clothes. The workforce has seen a recent climb in the amount of women who are

wearing workout clothes to work (Shaw Brown, 2014). Sarah James, creator of

Betabrand a company that sells yoga pants that look like traditional business pants was

quoted about her pants saying, “I feel we're intervening before things get too casual,"

she said. "I see people wearing their yoga pants everywhere, even the office. But here

you're wearing comfortable clothes but still look good” (Shaw Brown, 2014). James

made an important observation, the recent trend of society valuing comfortable clothing.

Some believe that the millennials entering the workforce has made the clothing industry

turn more casual (Dearborn, 2014). Millennials are being stereotyped as workers who

are more concerned with the bottom line then following the “out of date and pointless

rules” of the business world (Shaw Brown).  Recently Forbes Magazine published an

article titled “The Surprising Way Millennials Are Changing the Workplace” that argues

that if a business wants to keep up with the ever changing workforce they have to dress

down (Dearborn, 2014). Rob Green, the director of Amazon in Seattle was quoted

saying, “I started my career wearing a suit and tie, then moved to khaki slacks with a

button down shirt and navy blazer,” Rob told me. “Now, I wear jeans and t-shirts to look

relevant to these young kids at work who are smart as whips and can assimilate

information at an incredible rate. Wear a suit and you’re dismissed as someone who

can’t keep up’” (Dearborn, 2014).

Betabrand is not the company who has noticed the increase of women wearing workout

clothes.  Stores such as Forever 21 and Gap are now not only selling the traditional

everyday clothes, but also workout clothes (Sherman, 2014).

Using financial information, one can tell a industries future performance by looking at

their past performance. We will attempt to look at the future prospects of this industry by

comparing its 5-year performance with its current performance. The 5-year window is

essential because 5 years ago the 2008 recession occurred so by using this information

one can tell how the industry reacts to terrible economic climates and how it reacts in a

more stable economic climate found today.  

27

Industry Report

The P/E ratio describes the multiple a company is trading at relative to their price and

earnings. The 5-year multiple low was 12.60, so at the height of the recession firms were

trading at a multiple of 12 thus signaling overall investor discontent. This discontent is

explained with the terrible marketplace that hit all traded securities. The multiple that

securities in this industry are trading at today is 28. The multiple recovering over the 5

years is a good sign for the long-term prospects of the industry because it shows that the

industry can survive in a recession thus signaling that industry can thrive in any

economic climate.

The Beta ratio describes the volatility of a security’s price to market fluctuations.  This

industry has a bright future because of its beta of .6. This beta signals that the industry

follows the overall market conditions, but also shows that there is little risk of extreme

price fluctuations. The beta also signals possible bubbles in industries; industries that

have bubbles typically have high betas because the prices of firm’s stock fluctuate so

extremely the bubble eventually bursts. Since this industry has a low beta it shows that it

will follow the market over the long run and it will not have the extreme price fluctuations

found in bubbles and will remain relatively stable.

The 5-year sales growth rate describes the increase of sales over 5 years. The rate in

this industry is 8.35% thus showing that the industry as a whole is increasing its sales

and the increases are sustainable. A rate of 5% for large cap companies signifies a good

sales rate, but since the increase is 8.35% the industry is increasing sales at an above

average rate. The rate is sustainable over time because since the rate isn’t ridiculously

high it shows that the current growth isn’t an externality and should continue in the

future.

Another good sign of an industry’s future can be found by its capital spending 5-year

growth rate. This rate describes a firm’s usage of cash to buy physical assets. In the

case of the textile apparel industry the physical assets usually are thought of as physical

store locations or factories. The rate in this industry is 18.8%; this rate shows that

industry is expanding overall and that more firms are investing in physical assets to

increase growth. This growth is sustainable because these firms can continue their

growth by increasing their market share globally. The future is bright because the

industry can continue growing globally thus helping investors.

28

Industry Report

29

Industry Report

Company Selection The company Y.I.G. investments has selected is Lululemon Athletica. We have chosen

this company because of the strength of the industry it’s in and its overall long-term

growth prospects. This company is rare in the sense that it is in an incredibly strong

financial position while still being a trendsetter and it’s current growth seems unrivaled

by it’s long term growth potential. This company is on the forefront of the health and

fitness movement and its financial position makes it a company that must be invested in.

The textile apparel industry specifically the sports apparel subset is a booming industry.

This conclusion can be found by looking at the growing consumer preference for active

wear due to the increased comfort and a growing societal acceptance of active wear in

different situations. Also by looking the financial statements it’s easy to see that the

industry is growing and Lululemon is at the forefront of this movement.

Also Lululemon is undervalued compared to the overall industry. The company is priced

at $42.07 and is trading at P/E multiple of 25. The industry average multiple is 28 so

assuming that Lululemon reaches the average multiple their new valuation would be

$47.11. The stock is undervalued because if you looked at the 5-year sales growth ratio,

the quick ratio, and all of their financial ratios it shows that they are outperforming the

industry and their growth is sustainable for the long run.

The 5-year sales growth rate shows the growth in sales over a 5-year period and can

give investors an idea of the future prospects of the company. The industry has a good

rate of 8.35% and it demonstrates that the industry as a whole is increasing sales.

Lululemons sales rate is 33.10%. Many investors may believe this type of growth is

unsustainable over time because of the ridiculous growth. I disagree with this conclusion

because new companies need to increase their sales at a higher rate than firms like Nike

or Adidas who have their established market shares. Lululemon's growth may not be

sustainable on a longer time frame, but their level of growth is so high they’re stealing

market share from the giants of the industry. This growth is sustainable in the future

because Lululemon hasn’t reached their limit of expansion; the company can establish a

larger international presence and domestic presence. The company simply isn’t done

growing and their growth will continue stealing market share from the titans of the

industry.

30

Industry Report

The quick ratio shows the liquidity of a company in regards to how many assets can

cover one liability. A higher ratio signifies a company has more assets thus the company

is more liquid. The industry standard is 1.30 so after subtracting inventory from assets a

standard company would have 1.3 assets for each liability. Lululemon has 6.4 assets for

each liability. Compared to the industry Lululemon is incredibly liquid which is rare for a

textile apparel company. Most companies in this industry have a lower quick ratio due to

the large amount of inventories they must undertake, but in Lululemon's case they still

manage to keep that large inventory while having more assets. Lululemon’s liquidity

outperforms the industry and shows the companies long-term positive future. Their

liquidity, low multiple, and their sales growth are only a small fragment of their strong

financial picture; however, the rest of the picture will be examined in detail in the

company report.

After examining Lululemon, the current economic climate, and their industry as a whole

it’s clear that Lululemon is not only a safe investment; Lululemon is a company that is

succeeding and will continue succeeding in the future.

31

References

References A History of The Baseball Uniform. (n.d.). National Baseball Hall of Fame - Dressed to

the Nines - Parts of the Uniform. Retrieved from

http://exhibits.baseballhalloffame.org/dressed_to_the_nines/pants.htm

Adidas. (n.d.). Retrieved from http://adidas.com

Adidas. (n.d.). History. Retrieved from

http://www.adidas-group.com/en/group/history/

Adidas Financial Highlights. (n.d.). Retrieved from

http://www.reuters.com/finance/stocks/financialHighlights?

rpc=66&symbol=ADSGn.DE

Allen, M. (n.d.). The American Experience | Joe DiMaggio: A Hero's Life. Retrieved from

http://www.pbs.org/wgbh/amex/dimaggio/filmmore/reference/interview/

allen07.html

Ball, S. (2013, September 4). Borrowing from Sports, the Rise of American Sportswear

in the 1930s | Vanity Fair. Retrieved from

http://www.vanityfair.com/style/2013/09/photos-1930s-fashion-

sportswear_slideshow_item1_2

Barra, A. (2012, June 16). Before and After Title IX: Women in Sports. Retrieved, from

http://www.nytimes.com/interactive/2012/06/17/opinion/sunday/sundayreview-

titleix-timeline.html?_r=0#/#time12_264

Bedingfield, G. (n.d.). Baseball in WWII. Retrieved from

http://www.baseballinwartime.com/baseball_in_wwii/baseball_in_wwii.htm

Bentley Historical Library. (n.d.). University of Michigan Athletics -- Uniforms, 1900-2000.

Retrieved from http://bentley.umich.edu/athdept/football/uniform/uniforms2.htm

Bramlett, L. (2009, May 12). Women's Golf fashion: A peek into the past. Retrieved from

http://womengolfapparel.com/2009/05/12/what-grandma-used-to-wear/

32

References

Bramlett, L. (2012, December 10). The Advent of American Sportswear | The Vintage

Traveler. Retrieved from http://thevintagetraveler.wordpress.com/2012/12/10/the-

advent-of-american-sportswear2/

Bramlett, L. (n.d.). Vintage Women's Golf Clothing History. Retrieved from

http://fuzzylizzie.com/golfclothing.html

Cangiano, J. (2013, August 18). Serving up some vintage tennis history and fashion.

Retrieved from http://www.chronicallyvintage.com/2013/08/serving-up-some-

vintage-tennis-history.html

Caple, J. (2012, February 29). There are great unis... and awful unis. Retrieved from

http://espn.go.com/mlb/story/_/id/7629005/ranking-uniforms-worst-best

Creamer, C. (n.d.). A closer look at the uniforms and logos of the 90s. Retrieved from

http://www.thescore.com/nba/news/537646

Darnell, P. (n.d.). 1920s' Fashion Style - Knits and Sportswear. Retrieved from

http://petite.about.com/od/vintagefashion/ss/1920s-Fashion-Style_11.htm

Dearborn, J. (2014, March 26). The Surprising Way Millennials Are Changing The

Workplace. Retrieved from http://www.forbes.com/sites/sap/2014/03/26/the-

surprising-way-millennials-are-changing-the-workplace/

Editor. (2013, October 9). How tennis apparel has evolved over the years. Retrieved

from http://www.thesourcingplace.com/tennis-apparel-evolved-years/

Enke, A. (n.d.). Women's Softball in Minnesota. Retrieved from

http://collections.mnhs.org/MNHistoryMagazine/articles/58/v58i04p210-223.pdf

Epic Sports. (n.d.). Baseball Uniform History. Retrieved from

http://baseball.epicsports.com/baseball-uniforms.html

Fashion Encyclopedia. (n.d.). Leg Warmers. Retrieved from

http://www.fashionencyclopedia.com/fashion_costume_culture/Modern-World-

1980-2003/Leg-Warmers.html

33

References

Fashion Encyclopedia. (n.d.). Spandex. Retrieved from

http://www.fashionencyclopedia.com/fashion_costume_culture/Modern-World-

1980-2003/Spandex.html

Fashion Encyclopedia. (n.d.). Sportswear. Retrieved from

http://www.fashionencyclopedia.com/fashion_costume_culture/Modern-World-

1919-1929/Sportswear.html

Football Uniforms Past and Present. (n.d.). Retrieved from

http://www.weirdwolf.net/FFP/1970s/index.htm

Foot Locker. (n.d.). HISTORY OF AIR JORDAN. Retrieved from

http://www.footlocker.com/_-_/keyword-history of air jordan

Football Uniforms Past and Present. (n.d.). Retrieved from

http://www.weirdwolf.net/FFP/1960s/

GAP. (n.d.). Retrieved from http://www.gap.com

Gap. (n.d.). Retrieved from

www.fool.com/quote/nyse/gap/gps/financial-ratios

Garcia, P. (2011, June 21). The Evolution of Tennis Fashion, from 1901-2011. Retrieved

from http://www.vogue.com/869873/tennis-style-throughout-the-years/

Grundy, P. (2012). Dressed for Success: Uniforms and Women’s Athletics. Retrieved

from http://www.ncdcr.gov/Portals/7/Collateral/database/f11.uniforms.pdf

History of NFL Uniforms. (n.d.). History of NFL Uniforms - The Decades. Retrieved from

http://iml.jou.ufl.edu/projects/fall05/brownlee/thedecades.html

Housenick, T. (2012, January 1). Women's college basketball through the years.

Retrieved, from http://articles.mcall.com/2012-01-01/sports/mc-womens-

basketball-feature-1231-20120101_1_dianne-nolan-girls-basketball-basketball-

coaches

Jenkins, S. (n.d.). History of Women's Basketball. Retrieved from

http://www.wnba.com/about_us/jenkins_feature.html

34

References

Klages, E. (n.d.). The Girls of Summer (Women in Baseball). Retrieved from

http://www.exploratorium.edu/baseball/girlsofsummer.html

La Gorce, T. (2009, June 26). A History of Hard-Hitting Women. Retrieved from

http://www.nytimes.com/2009/06/28/nyregion/28spotnj.html

The Landscape Change Program. (n.d.). Women's Clothing. Retrieved from

http://www.uvm.edu/landscape/dating/clothing_and_hair/1900s_clothing_women.

php

Lesko, J. (n.d.). League History. Retrieved from

http://www.aagpbl.org/index.cfm/pages/league/12/league-history

Liquori, T. (2008, February 21). History of Men's Sportswear. Retrieved from

http://www.thomasliquori.me/Word Files/History_of_Mens_Sportswear.pdf

Lululemon Athletica. (n.d.). Retrieved from http://www.fool.com/quote/nasdaq/lululemon-

athletica/lulu/financial-ratios

Lululemon Athletica. (n.d.). Retrieved from http://lululemon.com

Lululemon's Competitors. (n.d.). Retrieved from

http://finance.yahoo.com/q/co?s=LULU

Malcolm, H. (2013, March 19). Lululemon lovers buy into healthy lifestyle. Retrieved

from http://www.usatoday.com/story/money/business/2013/03/19/lululemon-

yoga-exercise-retail-running/1917659/

Martin, R., & Metropolitan Museum of Art (New York, N.Y.). (1998). American ingenuity:

Sportswear, 1930s-1970s.

Mattiol, D. (2012, March 22). Lululemon's Secret Sauce - WSJ. Retrieved from

http://online.wsj.com/articles/SB100014240527023038129045772958826327230

66

Murphy, D. (2010, December 27). Much ado about not very much. Retrieved from

http://www.smh.com.au/executive-style/much-ado-about-not-very-much-

20101226-197xd.html

35

References

Murphy, H. (n.d.). From Loose and Heavy to Tight and Dimpled: A Visual History of

Sprinter Uniforms. Retrieved from

http://www.slate.com/articles/sports/fivering_circus/2012/08/olympic_uniforms_fr

om_loose_and_heavy_to_tight_and_dimpled_a_visual_history_of_olympic_sprint

ing_attire_.html

New York Women's Baseball Association. (n.d.). History. Retrieved from

www.nywomensbaseball.com/history.html'

Nike. (n.d.). Retrieved from http://nike.com

Nike. (n.d.). Retrieved from

www.fool.com/quote/nyse/nike/nke/financial-ratios

Nike Inc. (n.d.). History & Heritage. Retrieved from http://nikeinc.com/pages/history-

heritage

Okkonen, M. (1991) Baseball Uniforms of the 20th Century. (n.d.). Retrieved from

http://www.baseball-almanac.com/articles/uniforms.shtml

The Online Bicycling Museum. (n.d.). Men's Cycling Outfits. Retrieved from

http://www.oldbike.eu/museum/1900s/fashion-costumes/mens-cycling-costume/

O'Reilly, N. (2014, July 9). Lululemon Beats Out Nike and Gap on Customer Loyalty.

Retrieved from http://www.fool.com/investing/general/2014/07/09/lululemon-

beats-out-nike-and-gap-on-customer-loyal.aspx

Penn, S. (n.d.). Historical Golf Clothing. Retrieved from

http://golftips.golfsmith.com/historical-golf-clothing-1557.html

Pribut, S. (n.d.). Dr. Stephen M. Pribut's Sport Pages. Retrieved from

http://www.drpribut.com/sports/sneaker_odyssey.html

Plunkett Research. (n.d.). apparel-textiles-clothing-market-research - Industry Trends.

Retrieved from http://www.plunkettresearch.com/apparel-textiles-clothing-market-

research/industry-trends

36

References

RetroWaste. (n.d.). 1970s Fashion for Men & Boys. Retrieved from

http://www.retrowaste.com/1970s/fashion-in-the-1970s/1970s-fashion-for-men-

boys/

RetroWaste. (n.d.). Fashion in the 1980s. Retrieved from

http://www.retrowaste.com/1980s/fashion-in-the-1980s/

Rolling Stones. (1983, June 9). Christie Brinkley & Michael Ives (Health Cl Photo - The

Complete June Covers | Rolling Stone. Retrieved from

http://www.rollingstone.com/music/pictures/the-complete-june-covers-20040616/

rs397-christie-brinkley-michael-ives-health-cl-2371788

Schweinbenz, A. (n.d.). Not Just Early Olympic Fashion Statements:Bathing Suits,

Uniforms, and Sportswear. Retrieved from

http://library.la84.org/SportsLibrary/ISOR/ISOR2000r.pdf

Sessions, D. (n.d.). Sun, Fun and 1920s Swimsuits- Women and Men (Parasols too).

Retrieved from http://www.vintagedancer.com/1920s/1920s-swimsuits/

Sherman, L. (2014, January 15). For the Activewear Market, There’s No Way But Up.

Retrieved from http://www.businessoffashion.com/2014/01/activewear-lululemon-

nike-hm-sweaty-betty.html

Szczepanski, K. (2008, March 10). A Brief History of Basketball Uniforms. Retrieved

from http://www.sportinglife360.com/index.php/a-brief-history-of-basketball-

uniforms-2-54194/

Thackeray, T. (2014, January 18). How Have Basketball Uniforms Changed Over the

Years? Retrieved from http://www.livestrong.com/article/354701-how-have-

basketball-uniforms-changed-over-the-years/

Thomas, P. (n.d.). Early Sports Fashion History to 1960. Retrieved from

http://www.fashion-era.com/sports_fashion_until_1960.htm

Thomas, P. (n.d.). Women's Swimwear Swimsuit Fashion History 1920 - 2000 .

Retrieved from http://www.fashion-era.com/swimwear.htm

Thomas, P. (n.d.). 1950s Swimwear C20th Fashion History 1950s. Retrieved from

http://www.fashion-era.com/1950s/1950s_7_swimsuits.htm

37

References

Under Armour. (n.d.). Retrievedfrom http://underarmour.com

Under Armour. (n.d.). Retrieved from

www.fool.com/quote/.../under-armour/ua/financial-ratio.

U.S. National Park Service. (n.d.). History of the Sport Shirt. Retrieved from

http://www.nps.gov/hstr/historyculture/the-casual-sport-shirt.htm

V is for Vintage. (2012, August 3). History of Olympic sportswear. Retrieved from

http://visforvintage.net/2012/08/03/olympics-sportswear-a-complete-history/

Vogue. (2010, April 8). Coco Chanel was the original jersey girl. Retrieved from

http://www.vogue.com.au/fashion/news/coco chanel was the original jersey

girl,2969

West, E. (n.d.). Bloomer Girls and Beyond. Retrieved from

http://www.eduwrite.com/baseball.html

Yoga Outlet. (n.d.). History of Yoga. Retrieved from

http://www.yogaoutlet.com/guides/history-of-yoga

Young, B. (2008, March 10). A brief History of Basketball Uniforms. Retrieved from

http://www.sportinglife360.com/index.php/a-brief-history-of-basketball-uniforms-

3-54195/

38