「县城贵妇」追捧的服饰巨头，卷入250亿美金夺权大战

Core Viewpoint - A power struggle has erupted at lululemon, initiated by founder Chip Wilson, who has nominated three independent board candidates to challenge the current board's strategic decision-making ahead of the 2026 shareholder meeting [3][4][5]. Group 1: Background and Context - The conflict escalated shortly after lululemon announced CEO Calvin McDonald would step down on January 31, 2026, leading to a significant public and market reaction [4][12]. - Wilson, holding approximately 9% of lululemon's shares, has been critical of the management's approach, claiming it has overly catered to mainstream tastes and stifled innovation [5][7]. - The involvement of Elliott Investment Management, a prominent activist fund, has intensified the situation, with over $1 billion in shares and a focus on corporate governance [8]. Group 2: Financial Performance and Market Position - lululemon has faced significant challenges, including a 52% drop in stock price over the year, resulting in a market value loss exceeding $20 billion [22]. - The company reported a 12.8% decline in net profit for the third quarter of fiscal year 2025, with core market revenues in North America decreasing by 2% [21]. - Despite these challenges, lululemon's revenue in mainland China surged by 46% year-over-year, reaching $465 million, making it the second-largest market after the U.S. [17][15]. Group 3: Strategic Divergence - The core conflict between Wilson and the current management revolves around the brand's strategic direction: whether to maintain a focus on the "super girl" niche or to continue the broad category expansion initiated by McDonald [24][27]. - Wilson argues that the brand's identity is at risk due to a shift towards mass appeal, which he believes dilutes its core value proposition [28]. - The outcome of the upcoming CEO selection and board elections will be crucial in determining lululemon's future direction and ability to navigate its current challenges [29].