Lululemon founder and major shareholder Chip Wilson issued an open letter to potential CEO candidates on March 12, 2026, warning of a dysfunctional board. Wilson is nominating three new independent directors to address concerns regarding the board's composition and past CEO departures. He questioned the board's ability to innovate and maintain the brand's premium status, citing increased promotional activities.
Lululemon (LULU) shares extended a nine-day losing streak on March 12, falling 13% during the period. This decline has erased approximately $2.8 billion in market capitalization. BTIG reduced its price target on March 12, following similar cuts from Goldman Sachs and UBS due to concerns over slowing growth.