French sportswear giant Lacoste, known for its iconic crocodile logo and heritage in tennis fashion, has unveiled an aggressive strategy to double its US sales as part of its global push to achieve €4 billion in annual revenue by 2030. CEO Thierry Guibert said the move would involve new store openings, including a flagship location on New York’s Fifth Avenue, and partnerships with major US retailers.
“The US is the world’s biggest sports and sneakers market, so we have a very aggressive strategy there in the next few years,” Guibert told the Financial Times. He highlighted the growing popularity of tennis and golf in the US, markets where Lacoste has historical legitimacy. The brand’s ambassador, Novak Djokovic, and partnerships with tournaments like the Miami Open further reinforce this positioning.
Founded over 90 years ago by tennis legend René Lacoste, the brand has undergone a decade-long transformation under Guibert’s leadership. Once a purveyor of discount polo shirts, Lacoste has repositioned itself as a premium sports and casualwear brand.
The company’s 2024 sales increased 8% to €3 billion, despite a challenging retail environment, putting it on track to achieve its €4 billion target by 2028–2030. Guibert attributed the growth to key changes:
- Reclaiming product licenses: Lacoste bought back rights for its shoes, leather goods, and undergarments to control its brand image.
- Shifting retail strategy: The company moved from relying on wholesalers to owning 70% of its retail outlets, enhancing control over pricing and customer experience.
- Increased investment: Annual capital spending was doubled to €100–150 million, with a focus on digital and retail expansion.
Beyond retail, Lacoste plans to diversify into hospitality. Inspired by luxury brands like Louis Vuitton, which have ventured into hotels and experiences, Guibert sees potential for a "Hotel Lacoste" offering sports and wellbeing amenities. “It’s a natural extension for a brand rooted in active lifestyle and leisure,” he said.
The company also plans to continue expanding its womenswear offerings and capitalizing on its renewed presence at Paris Fashion Week in 2024.
With tennis and golf gaining popularity and US consumers increasingly embracing high-end sportswear, Lacoste’s US-focused strategy appears well-timed. As part of its broader plan, Lacoste aims to leverage its French heritage and innovative retail strategies to strengthen its market share.
While challenges remain, including the highly competitive US retail landscape, Guibert expressed confidence in Lacoste’s ability to maintain 5–10% annual growth, solidifying its position as a global leader in sports-inspired luxury.
