Overview
- Elliott Investment Management has taken a stake exceeding $1 billion in Lululemon, making it one of the company’s largest shareholders, according to multiple reports.
- Lululemon has said CEO Calvin McDonald will depart at the end of January, with CFO Meghan Frank and Chief Commercial Officer André Maestrini set to co-lead on an interim basis as a search firm assists the board.
- The activist has been working with Jane Nielsen, a former Ralph Lauren COO and CFO and ex‑Coach finance chief, who said she would welcome discussions with Lululemon’s board.
- Shares rose roughly 6% to 8% in early trading after the reports, partially offsetting a steep year-to-date decline reported at about 40% to 50%.
- The campaign unfolds as the retailer contends with slowing U.S. demand, margin pressure, and intensifying competition from brands such as Alo and Vuori, alongside public criticism from founder Chip Wilson.