换帅、博弈,Lululemon的“多事之秋”

Core Viewpoint - Lululemon's founder Chip Wilson has initiated a proxy battle to restructure the board, expressing dissatisfaction with the company's current direction and management, which he believes is causing a loss of the brand's original intent and vision [2][4]. 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 [2]. - Wilson criticizes the board and CEO Calvin McDonald for failing to regain stakeholder confidence and for the company's inability to restore growth momentum [2][5]. - He has publicly stated that the current management is overly focused on financial performance at the expense of creativity and innovation, leading to a loss of top talent and internal capabilities [5]. Leadership Changes - Calvin McDonald will step down as CEO and board member effective January 31, 2026, after leading the company for seven years, during which Lululemon's revenue grew from $3.3 billion to over $10 billion [3][5]. - The transition is seen as a potential turning point for Lululemon's strategic direction, allowing new leadership to implement fresh strategies [6]. Business Performance - For fiscal year 2024, Lululemon reported a 10% year-over-year revenue increase to $10.6 billion and a net profit of $1.815 billion, up 17.06% [5]. - However, growth has begun to slow, with Q1 2025 revenue at $2.371 billion, a 7.32% increase, and Q3 2025 revenue at $2.57 billion, a 7% increase, while net profit declined by approximately 12.8% [5][6]. Market Dynamics - The Chinese market has shown strong growth, with a 25% revenue increase in Q2 2025 and a 46% increase in Q3 2025, making it a key driver for international growth [6][7]. - Despite the positive performance in China, Lululemon faces increasing competition from both international brands like Nike and Adidas and local brands such as Anta and Li Ning [6][7]. - Lululemon's brand positioning is at risk as it pursues scale and efficiency, potentially diluting its premium image in the market [7]. Strategic Implications - The ongoing proxy battle reflects a broader strategic debate within Lululemon regarding its future direction, balancing short-term growth with long-term brand integrity [4][6]. - The company's ability to navigate these challenges will be crucial for its success in a polarized consumer market [4].