lululemon在北美，正沦为“妈妈品牌”

Core Insights - Lululemon is facing a significant decline in its market position, reminiscent of its struggles in 2017, with a 70% drop in stock price from last year's peak [4][6][22] - The brand's identity as a premium athleisure label is being challenged by emerging competitors like FP Movement, which has seen a 34% increase in sales in 2024 [9][19] - The shift in consumer preferences towards comfort and practicality, particularly among the North American Gen Z, is impacting Lululemon's sales and brand perception [11][13][15] Market Performance - Lululemon's North American market, which contributes 70% of its revenue, is experiencing negative growth across multiple business metrics, while the Chinese market remains strong [6][22] - The brand's sales of tight-fitting leggings are declining, with a reported 8.2 percentage point drop in their market share for activewear bottoms compared to 2022 [15][19] Competitive Landscape - FP Movement and other niche brands are redefining athletic fashion with looser silhouettes, leading to a perception shift where Lululemon is seen as a brand for older demographics [9][11][15] - New entrants like Baleaf and Glowmode are successfully capturing market share by addressing specific consumer needs, such as functional pockets in yoga pants, and offering competitive pricing [29][32][34] Brand Identity and Consumer Perception - Lululemon's once-strong brand identity is eroding as it faces increased competition and a shift in consumer values towards comfort over status [19][35] - The brand's recent legal actions against competitors for imitation have backfired, leading to increased interest in alternative products among consumers [24][26] Strategic Challenges - Lululemon's product innovation has stagnated, with minimal changes to core product lines, leading to consumer fatigue [36] - The company has raised prices in response to increased production costs, further distancing itself from price-sensitive consumers [36][40] Future Outlook - The founder of Lululemon, Chip Wilson, has publicly criticized the company's current trajectory, emphasizing the need for innovation and brand reputation as key metrics for success [43]