Lululemon EVP and Creative Director resigns
Lee Holman, Executive Vice President and Creative Director for Lululemon, has announced his resignation for personal reasons. He will stay with the company until the new year.
“Over the last three years we’ve returned to being a design-led organization fuelled by innovation, at the intersection of function and fashion," said Lululemon CEO, Laurent Potdevin.
Potdevin said the company has developed "deep bench strength" throughout its operations. He added, "The strength of our performance reinforces our leadership in the market we created," saying he was energized by the brand's momentum going into the holidays.
Lululemon has not been immune to the changes in retail. While it once dominated both athleisure and the women's market, Amazon is posing the latest threat to the brand. The e-commerce titan recently announced the launch of its private label active brands that are made in the same factory as Lululemon apparel. Two of Amazon's lines, Peak Velocity and Rebel Canyon are poised to be direct competitors at lower price points.
Thanks to a stock repurchase, Lululemon's stock is up $10 a share from when it reported its Q2 earnings in August. It will report Q3 results on December 7.
Holman will remain with the company through December 31, 2017. A succession plan has not yet been announced.
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