中产最爱的Lululemon，正在上演夺权大战

Core Viewpoint - Lululemon is facing a power struggle initiated by its founder Chip Wilson, who is demanding board reforms to enhance creativity and brand understanding in response to the company's declining performance [2][22]. Group 1: Performance Decline and Leadership Changes - Lululemon's CEO Calvin McDonald plans to step down on January 31, 2026, leading to interim leadership by the CFO and CBO [4][5]. - The company has experienced significant growth under McDonald's leadership, with revenue increasing from $3.3 billion to over $10 billion and expanding into over 30 countries [7]. - However, Wilson criticizes the current leadership for focusing on short-term financial performance rather than long-term strategy and innovation [12]. Group 2: Financial Performance - In Q1 of FY2025, Lululemon reported revenue of $2.371 billion, a year-on-year increase of 7.32%, but net profit fell by 2.13% to $310 million [16]. - By Q3, revenue grew by 7% to $2.57 billion, but net profit dropped by approximately 12.8% to $307 million [18]. - The company has lowered its full-year revenue and profit forecasts for FY2025, expecting a revenue decrease of $210 million and a decline in operating profit margin by about 390 basis points [19]. Group 3: Market Dynamics in China - Lululemon's revenue in China has surged, with Q2 growth at 25% and Q3 growth accelerating to 45.75%, with total revenue in Greater China surpassing $510 million [23]. - The company plans to increase its store count in China to approximately 220 by 2026, with over 30 new stores opening in third-tier cities in 2025 [23]. - Despite strong revenue growth, profit margins are under pressure, with Q3 gross margin at 55.6%, down 2.9 percentage points year-on-year, primarily due to increased promotional activities and international business challenges [24]. Group 4: Brand and Competitive Challenges - Lululemon faces criticism for product quality and design, with social media backlash over a new striped sweatshirt resembling prison attire [14]. - The brand is experiencing increased competition from both high-end brands and affordable local alternatives, which are eroding its market share and profit margins [27]. - The rapid expansion into lower-tier cities poses risks to brand positioning, as the premium image established in first-tier cities may not translate effectively to these markets [25].