LULU
Lululemon
Our take
Lululemon built a defining modern apparel franchise, but slowing momentum, a bruising proxy fight and leadership turnover have tested investor patience. A new CEO now inherits both the brand's strengths and high expectations. We try to assess how quickly product, merchandising and execution can respond, and whether the founder's renewed influence helps or hinders.
Financial model
Updated: August 31, 2026
Research
A state-of-the-union on Lululemon: discounting, merchandising, IT and Asia store checks, and why a return to health is underway.
Why Lululemon's board chair and board are repeating Nike's strategic mistakes, and what that means for the proxy fight.
Lululemon's recurring leadership transition problems, informed by a conversation with former CEO Christine Day.
A governance deep dive into Lululemon's proxy fight and the proposed director slate, and why the board's makeup matters for the brand.
Fourth semi-annual mall channel check: softer traffic, tighter promotions, and who is winning in athleisure.
Lululemon's weak product still traces to its former product chief; how the reorganized product engine could recover.
Postmortems
Setting Heidi up to win is one thing. And boy did Meghan and Andre say many things that made it sound like the wheels have fallen off the bus.
Is Lululemon’s BOD trying to send a message to Chip Wilson that a different “Chip” is the better answer? Almost certainly not the same quality level of at least one of Chip Wilson’s candidates in Marc Maurer.
Calvin stepping down is what everyone wanted well now you have it. As much as people love hating on him, he did oversee a massive period of growth (tripled revenue) into an approximate tie with Nike for world largest athletic apparel brand.
Down 4% Americas comp despite massive discounting in July is disappointing but we kinda already knew the entire athletic apparel industry is facing issues (that includes signs at FinX favorites Alo and Vuori BTW).