Lululemon转型困局，创始人威尔逊向董事会发起“逼宫”

Core Insights - Lululemon is facing a significant power struggle as founder Chip Wilson initiates a proxy fight to restructure the board, reflecting his dissatisfaction with the current management's strategic direction [1][2] - Wilson aims to nominate three independent directors to the board and advocates for annual board elections, believing these candidates can revitalize the brand and enhance shareholder value [1][2] Company Strategy and Brand Positioning - The proxy fight highlights a conflict between short-term commercial growth and long-term brand integrity, with concerns that pursuing a "mass market" strategy may dilute Lululemon's high-end market advantages [2][8] - Wilson criticizes the current leadership for failing to maintain brand innovation and high-end positioning, leading to a loss of competitive edge and consumer loyalty [3][4][5] Financial Performance - Under CEO Calvin McDonald, Lululemon's revenue grew from $3.3 billion to over $10 billion, with a 10% revenue increase in fiscal year 2024, reaching $10.6 billion and a net profit of $1.815 billion, up 17% [6] - However, growth has slowed in fiscal year 2025, with Q1 revenue at $2.371 billion, a 7.32% increase, and net profit down 2.13%, indicating a shift to a slower growth phase [6][7] - Despite overall performance decline, Lululemon has seen significant growth in the Chinese market, with Q2 and Q3 revenues increasing by 25% and 46% respectively, becoming a key driver for international business [7][8] Market Competition and Strategic Choices - Lululemon faces increasing competition from both international brands like Nike and Adidas and local brands such as Anta and Li Ning, which are enhancing their offerings in the yoga apparel sector [8] - The brand is at a critical strategic juncture, needing to decide whether to return to its innovative roots and high-end positioning or continue its mass-market expansion [8]