Lululemon names Nike exec Heidi O’Neill as CEO – Business News
Lululemon Athletica picked a former high Nike govt as its subsequent chief govt as the athletic attire retailer recognized for its stretchy yoga pants faces stress from its founder and a giant activist investor to revive its struggling business, the company mentioned on Wednesday.
Heidi O’Neill who had been President, Consumer, Product & Brand at athletic footwear and attire company Nike will be a part of Lululemon in September as CEO. She will substitute Calvin McDonald who stepped down amid heavy stress on the finish of January.
Heidi O’Neill who had been President, Consumer, Product & Brand at athletic footwear and attire company Nike will be a part of Lululemon in September. Heidi O’Neill/LinkedIn
Founder Chip Wilson has criticized how Lululemon is being run and launched a board combat. Bloomberg by way of Getty Images
Lululemon’s stock price has tumbled 38% within the final 12 months, shrinking the Vancouver, British Columbia-head quartered company’s market worth to $18.8 billion, as American gross sales contracted final 12 months.
Customer tastes have shifted to opponents like Alo Yoga and Vuori and cheaper variations of the company’s athletic put on are interesting to more price aware shoppers.
Lululemon’s stock price has tumbled 38% within the final 12 months Veronique – stock.adobe.com
Investors reacted poorly to the information sending the stock price down more than 6% in after hours trading.
