Lululemon has been recognized as a significant investment project under the Canada-British Columbia Immigration Agreement, meaning it can more easily hire foreign nationals for highly-skilled jobs.
“For a variety of high-skilled occupations, Lululemon can hire foreign workers without needing to apply for a Labour Market Impact Assessment (LMIA),” notes Immigration, Refugees and Citizenship Canada (IRCC) on its website.
An LMIA is a document a Canadian employer needs to hire most types of foreign workers. A positive LMIA confirms there is a need for a foreign worker to fill the job at hand and that no Canadian worker is available to do the job.
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LMIA applications are made by the employers and, once the LMIA is obtained, it must be sent to the candidate to accompany the work permit application. Generally, a temporary foreign worker will need a work permit and a positive LMIA in order to work in Canada.
By recognizing Lululemon as a significant investment project, the government has effectively spared the company a step and cut red tape in its recruitment of foreign nationals to work in Canada.
“Through the Temporary Workers Annex of the agreement, British Columbia can identify significant investment projects for consideration for a special exemption from the LMIA process,” notes the IRCC.
“Employment and Social Development Canada and IRCC then assess the project to determine if it meets the criteria.”
Chip Wilson’s Lululemon Is Committed To Diversity And Inclusion
Founded by billionaire serial entrepreneur Dennis J. “Chip” Wilson, who sold off his Westbeach skateboard and snowboard company the year before founding Lululemon Athletica, the athletic apparel company is incorporated in the United States but was founded and has its headquarters in Vancouver, British Columbia.
Lululemon has been estimated to have a workforce of 29,000 people and is committed to diversity and inclusion in the workplace.
Among the company’s initiatives to enhance diversity and inclusion is its creation of eight employee-led resource groups to provide equity-centred spaces for connection and development.
These eight groups represent those who are Black, Indigenous, Latinx, have chronic illnesses, struggle with mental health or disability issues, who are South Asian, Asian, or women in science, technology, engineering or mathematics fields, or LGBTQIA+.
Lululemon, which trades on the Nasdaq under the LULU ticker, has a market capitalization of more than $39.3 billion and announced in early January it was expecting its net revenue to be in the range of $2.66 billion to $2.70 billion for the fourth quarter of its 2022 fiscal year.
That would be 25 to 27 per cent increase compared to the company’s performance for the same quarter in 2021.
“We are pleased with our continued revenue growth and momentum in the business as our teams navigate a dynamic macro-backdrop,” said Lululemon CEO Calvin McDonald in a statement in January.
“In Q4, traffic remains strong across both physical and digital channels and we anticipate delivering another quarter of solid earnings growth consistent with our updated EPS forecast. 2022 has been a strong year for Lululemon and we remain focused on the significant opportunities ahead as we continue to deliver on our Power of Three x2 growth plan.”