21特写｜lululemon“宫斗戏”：创始人为何沦为局外人

Core Viewpoint - Lululemon Athletica is facing significant pressure on its stock price and strategic direction due to a power struggle initiated by founder Chip Wilson, who has publicly criticized the management and called for board reforms to restore the brand's creative and innovative focus [2][4][11]. Group 1: Stock Performance and Management Changes - Lululemon's stock price dropped 4.13% to $203.14 on January 14, with a 52-week decline of 47.74% and a year-to-date decrease of 2.25% [2]. - Current CEO Calvin McDonald will resign on January 31, 2026, along with his board position, amid ongoing tensions with Wilson, who remains the largest individual shareholder [3][11]. Group 2: Founder’s Criticism and Board Nomination - Chip Wilson has publicly listed five major criticisms of the current management, including stagnation in innovation and brand identity issues, and has called for a return of power to individuals who understand creativity and branding [2][11]. - Wilson announced the nomination of three independent board candidates for the 2026 board seats, including Marc Maurer, Laura Gentile, and Eric Hirshberg, all of whom have significant experience in product innovation and brand marketing [2][14]. Group 3: Historical Context and Governance Issues - Wilson's loss of control over Lululemon began with a critical financing decision in 2003, which led to the introduction of private equity investors and a subsequent loss of board control [5][7]. - The company has faced ongoing governance challenges, particularly after its IPO in 2007, where conflicts arose between Wilson and the professional management team focused on short-term financial performance [8][10]. Group 4: Market Performance and Strategic Direction - Despite recent struggles, Lululemon's market value reached $60 billion by the end of 2023, although it has since fallen to approximately $24.05 billion [10]. - The Americas market saw a 2% decline in net revenue to $1.7 billion in Q3 of FY2025, while the Chinese market experienced a 46% increase in net revenue to $465.4 million, highlighting a disparity in performance across regions [11][12]. Group 5: Future Outlook and Competitive Landscape - Lululemon is under pressure to innovate and expand its product offerings, with plans to increase the proportion of new designs to one-third of its products by next year [12]. - The company faces intense competition from emerging brands like Alo Yoga and Vuori, which adds to the urgency of addressing its strategic and operational challenges [14].