每经热评丨CEO下课股价反涨，回归创新是lululemon唯一解药

Core Viewpoint - The announcement of CEO Calvin McDonald's departure in January 2026 led to a significant stock price increase for lululemon, reflecting a release of disappointment from the market regarding the company's performance and management [1][2]. Company Summary - lululemon's stock price has dropped over 50% in the past year, making it one of the worst performers in the S&P 500 index, with its market value declining from over $50 billion to below $21 billion [1]. - Under McDonald's leadership, lululemon expanded from a single yoga brand to a global sports fashion giant, successfully positioning itself within the "health success" lifestyle market [1]. - The company faces core challenges, particularly a noticeable decline in product innovation, which McDonald himself acknowledged [2]. - The Americas market performance has been declining, although growth in the Chinese market is insufficient to offset the overall downturn [2]. - Following McDonald's departure announcement, the board chairman, Marty Moffett, will serve as interim executive chairman while a search for a new leader begins [2]. Industry Summary - The challenges faced by lululemon are indicative of broader issues within the industry, including a focus on marketing over research and development, slow responses to consumer trends, and a disconnect with emerging consumer values [2]. - The future of the sports industry will favor brands that can redefine the essence of "sports" and respond innovatively to genuine consumer needs, rather than those clinging to past successes [3]. - The market's reaction to the CEO's exit suggests a critical juncture for lululemon, emphasizing the need for substantial transformation without middle ground [3].