Yoga wear retailer Lululemon Athletica Inc. says it has gone from a minority shareholder to majority owner in an Australian yoga retailer.
Vancouver-based Lululemon says it has increased its equity interest in its Australian joint venture partner, New Harbour Yoga Pty Ltd., from 13 per cent to 80.3 per cent for an undisclosed amount.
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David Lawn, who leads Lululemon's operations in Australia, and one other investor own the remaining 19.7 per cent interest.
The chain says the increased ownership interest provides a solid foundation for Lululemon's expansion in the Australian market.
Lululemon first entered the Australian market in October, 2004 and has expanded to nine stores and four showrooms there.
Lululemon was founded in 1998 in Vancouver and now operates more than 100 stores in Canada, the United States and Hong Kong.