"There is no doubt that there are still a ton of unsatisfied demand for a variety of the challenges that the pandemic created," McDonald said, speaking at the Reuters Next virtual conference on Thursday.
While there has been a boom in demand for 'athleisure' gear from increased remote working, McDonald predicted opportunities would continue to grow in 2021.
"I have seen a shift in what guests want, I believe it is sustainable, and we did not by any means satisfy the demand in 2020 that those shifts created," he said
"As people shift to more outdoor, going back to the office, which will happen in 2021, there is no doubt in my mind that the demand for our product and versatile apparel has a long opportunity of growth."
McDonald added that while it was down to individuals to choose, Lululemon's position was to "support and encourage" employees to be vaccinated.