250亿美金服饰巨头，卷入夺权大战

Core Viewpoint - A power struggle has intensified at lululemon, initiated by founder Chip Wilson, who has nominated three independent board candidates targeting the current board's strategic decision-making capabilities [1][2][6]. Company Developments - Chip Wilson, the largest independent shareholder with approximately 9% ownership, has publicly criticized the management for being overly focused on mainstream tastes and lacking innovation [3][5]. - The situation escalated as activist investment fund Elliott Investment Management entered the fray, holding over $1 billion in shares and becoming involved in corporate governance [6]. - lululemon is currently facing significant challenges, including a 52% drop in stock price over the year and declining performance in its core North American market [7][16]. Leadership Changes - CEO Calvin McDonald announced his resignation effective January 31, 2026, just 18 days before Wilson's board nominations [2][9]. - Under McDonald's leadership, lululemon's revenue grew from $3.3 billion to $10.6 billion, and the number of stores expanded from over 400 to 796 [10]. Market Performance - In the third quarter of fiscal year 2025, lululemon's net revenue in mainland China surged by 46% year-over-year to $465.4 million, making it the second-largest market after the U.S. [12][13]. - However, the company's net profit declined by 12.8% year-over-year, and comparable sales fell by 5%, indicating struggles in the North American market [16]. Strategic Disputes - The core conflict between Wilson and the current management revolves around the brand's development path: whether to focus on the original "super girl" strategy or to continue the current broad category expansion [17][20]. - Wilson's concerns include the dilution of lululemon's brand identity and quality due to mass-market strategies, which he believes could alienate core customers [21]. Future Outlook - The outcome of the board elections and the selection of a new CEO will be critical in determining lululemon's direction and ability to recover from its current challenges [20][22]. - Regardless of who leads, lululemon cannot revert to its original niche brand status, as it has evolved into a $25 billion apparel giant [23][24].