换帅、博弈……Lululemon的“多事之秋”

Core Viewpoint - Lululemon's founder Chip Wilson has initiated a proxy fight to restructure the board, expressing dissatisfaction with the company's current direction and performance under the existing management [2][3]. Group 1: Founder’s Discontent - Chip Wilson plans to nominate three independent board candidates for the 2026 shareholder meeting, citing a lack of visionary leadership in the current board [3]. - Wilson believes that Lululemon needs creative leadership to regain stakeholder confidence and restore business growth, criticizing the current board for being financially focused [3][4]. - The resignation of CEO Calvin McDonald, effective January 31, 2026, marks a significant leadership change, with McDonald having led the company to surpass $10 billion in annual revenue from $3.3 billion during his tenure [3][7]. Group 2: Strategic Direction and Challenges - Lululemon has expanded from a niche yoga brand targeting affluent, health-conscious women to a broader lifestyle brand, which has led to challenges in maintaining its original brand identity [5][6]. - The proxy fight represents a conflict between short-term business growth and long-term brand integrity, with concerns about the management's focus on financial metrics over strategic innovation [6]. - Recent financial performance shows a slowdown, with Q1 2025 revenue growth at 7.32% and Q3 2025 revenue growth at 7%, alongside a decline in net profit [7]. Group 3: Market Performance and Opportunities - The Chinese market has been a bright spot for Lululemon, with Q2 2025 revenue growth of 25% and Q3 growth of 46%, making it a key driver for international business [8][9]. - Despite strong performance in China, Lululemon faces increasing competition from both international brands like Nike and Adidas and local brands such as Anta and Li Ning [8][9]. - Lululemon's brand positioning is at risk of becoming too mainstream, which could undermine its premium image as the "Hermès of yoga" [9].