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 due to internal management turmoil and a public challenge from its founder, Dennis Chip Wilson, who is advocating for a board reform to restore the company's creative and brand focus [2][3]. Group 1: Stock Performance and Management Changes - Lululemon's stock price dropped by 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, and the company is in search of a new successor [3][8]. - Wilson, despite stepping back from management in 2015, remains the largest individual shareholder and is actively challenging the board [3][7]. Group 2: Wilson's Critique and Board Dynamics - Wilson has publicly criticized the management for stagnation in innovation, talent loss, and brand positioning issues, urging the board to return power to those who understand creativity and branding [2][3]. - He has nominated three independent board candidates, including Marc Maurer, Laura Gentile, and Eric Hirshberg, for the 2026 board elections [2][10]. Group 3: Historical Context and Strategic Decisions - Wilson's loss of control began with a critical financing decision in 2005 when he sold 48% of the company to private equity, which led to a dilution of his board influence [5][6]. - The company went public in 2007, but tensions between Wilson and the management team over short-term financial performance escalated, leading to Wilson's eventual departure from the board [6][7]. Group 4: Financial Performance and Market Position - In the third quarter of fiscal year 2025, Lululemon's net revenue in the Americas declined by 2% to $1.7 billion, while the Chinese market saw a 46% increase in revenue to $465.4 million [8][9]. - The company aims to expand its product offerings and maintain price stability in the Chinese market, with a focus on continuous product innovation [9][10]. Group 5: Competitive Landscape and Future Outlook - Lululemon faces intense competition from emerging brands like Alo Yoga and Vuori, which poses a significant challenge for the company to navigate its current crisis [10][12]. - Wilson's influence as a founder and his strategic vision for the brand may play a crucial role in the upcoming board elections and the company's future direction [10][12].