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Lululemon Athletica Inc. introduced Thursday that CEO Calvin McDonald is stepping down early subsequent yr because the model struggles to compete within the extremely aggressive sector.
McDonald will step down on Jan. 31, 2026, however will proceed to function a senior advisor to the corporate by March 31. Lululemon Chief Monetary Officer Meghan Frank and Chief Industrial Officer André Maestrini will function interim co-CEOs because the board of administrators seems for McDonald’s alternative.
The corporate stated Frank and Maestrini have “extensive global retail experience and proven track records of driving growth at lululemon.” Each will help all features of the enterprise by the conclusion of the search course of.
A Lululemon retailer in a shopping center. (Zhang Peng/LightRocket by way of Getty Photographs)
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Board Chair Marti Morfitt can be taking up the expanded function of govt chair “to ensure the continued execution of the company’s near- and long-term growth strategy during the leadership transition,” based on Lululemon.
Ticker Safety Final Change Change % LULU LULULEMON ATHLETICA INC. 205.74 +18.73
+10.02%
Lululemon was identified for placing athleisure clothes on the map, however at present it has been struggling to compete in opposition to rivals, particularly within the U.S. During the last 12 months alone, Lululemon’s inventory has fallen practically 50%.
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McDonald stated within the firm’s newest quarterly earnings report that its groups remained centered on driving enhancements inside its U.S. enterprise and sustaining momentum in worldwide areas.
Lululemon signage is seen at a division retailer in New York Metropolis. (Michael M. Santiago/Getty Photographs)
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“We are beginning to make progress against our action plan and continue to expect to see the impact of this work in 2026,” he stated, including that the corporate has been inspired by its early efficiency through the vacation season.
An worker strikes a model displaying a pair of leggings on the Lululemon Athletica Inc. (Simon Dawson/Bloomberg by way of Getty Photographs)
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In its newest quarter, income within the Americas fell by 2%, whereas worldwide income rose sharply by 33%. Gross sales at shops open for no less than a yr elevated 1%, or 2% when adjusted for fixed forex. Nevertheless, gross sales at shops open for no less than a yr within the Americas declined by 5%.
