作为衡量一家零售企业增长是否健康的重要指标，lululemon的同店销售增长情况也不理想。贡献了7成以上营收的美洲市场，同店销售已经连续好几个季 度出现同比下滑，而在被视作增长引擎的中国内地市场，它一季度的同店销售增速从去年同期的26%猛然掉到了今年的7%。 还有新对手的追击。 Randal Konik是国际投行Jefferie的分析师，他可能也是lululemon 的头号「黑子」。从2022年开始，Konik对lululemon的股票评级就低于大盘，时不时强调 这家公司未来可能面临的风险。而如今，他显然一语成谶。 进入2025年以来，lululemon已经接连发布了两份让人大跌眼镜的季报。今年上半年，它的营收只同比增长6.9%到48.96亿美元，同期库存却增加了19.5%。 与此同时，它的净利润还同比下滑了4%到6.85亿美元，是公司自2021年以来首次净利润下滑。 由于业绩太过拉胯，lululemon的股价今年以来已经腰斩，还成了今年标普500中表现最差的个股。 一切都来得太突然了——要知道2022年时，营收不到阿迪达斯1/3的lululemon，市值一度超过了后者。而现在，巴克莱、美银、汇丰和罗氏柴尔德 ...

Core Viewpoint - The lawsuit filed by lululemon against Costco's Kirkland Signature and Danskin brands highlights a significant trend in the retail market: the rise of "dupe" culture, where consumers seek affordable alternatives to high-end products, challenging traditional brand value perceptions [8][23][24]. Group 1: Legal Dispute - lululemon filed a lawsuit on July 1, 2025, against Costco's Kirkland Signature and Danskin for selling products that closely mimic lululemon's signature apparel at significantly lower prices [1][3][4]. - Price comparisons reveal stark differences: lululemon's Define jacket ranges from $99 to $168, while Costco's imitation Jockey yoga jacket is priced between $17 and $30 [1]. - The lawsuit reflects a broader trend of consumers gravitating towards affordable alternatives, as evidenced by the rapid sell-out of the alleged infringing products on Costco's website following the lawsuit announcement [8]. Group 2: Rise of "Dupe" Culture - The legal battle is part of a larger consumer-driven trend amplified by social media, where products like the "Walmart Birkin" bag have gained viral popularity, prompting consumers to question the necessity of high-priced luxury items [9][11][13]. - TikTok has played a crucial role in exposing the supply chains of luxury brands, revealing that the production costs of high-end items are often significantly lower than their retail prices, thus fueling the demand for affordable alternatives [14][17]. - The emergence of platforms like Temu and Shein demonstrates the ability to replicate high-end products at a fraction of the cost, further challenging traditional brand loyalty [24][25]. Group 3: Changing Consumer Behavior - Economic pressures and rising living costs have led younger consumers, particularly Gen Z and millennials, to prioritize value over brand prestige, seeking products that meet their aesthetic and emotional needs without the associated brand markup [17][18]. - The shift from "conspicuous consumption" to "self-satisfaction" reflects a deeper change in consumer mindset, where savvy shopping and finding the perfect dupe are celebrated rather than shamed [19][20]. - Retail giants like Costco and Walmart are leveraging their own brands to compete effectively against established luxury brands, indicating a significant shift in the retail landscape [20][21].

Core Viewpoint - Lululemon has filed a lawsuit against Costco, accusing the warehouse retailer of selling low-priced knockoffs of its popular athleisure apparel, thereby infringing on its patents and profiting illegally from its reputation and labor [1][2]. Group 1: Lawsuit Details - Lululemon claims that Costco is selling unauthorized replicas of its products, including popular items like the Scuba hoodie, Define jacket, and ABC pants [2]. - The lawsuit includes evidence such as screenshots from Costco's website, showing a Hi-Tec men's Scuba full-zip jacket priced at $19.97, while Lululemon's similar jackets are priced over $100 each [3]. - Lululemon is seeking a jury trial and demands that Costco cease the sale of the alleged knockoff products, along with unspecified damages [5]. Group 2: Company Statements - A spokesperson for Lululemon emphasized the company's commitment to innovation and the significant investment in product development, stating that it takes the protection of intellectual property seriously and will take legal action when necessary [2]. Group 3: Previous Legal Context - Lululemon had a similar legal dispute with Peloton in 2021, which later resulted in a five-year partnership where Lululemon became Peloton's primary apparel partner [6].