By: Grayson Miller
Yesterday, the CEO of Lululemon Christine Day stepped down.
“Plans have been laid for the next five years and a vision set for the next 10… Now is the right time to bring in a CEO who will drive the next phase of Lululemon’s development and growth.” She stated yesterday in her statements.
Speculation has been swirling that the reason why Day is stepping down is directly related to the see-through yoga pants debacle that happened earlier in the year. If you didn’t know about it, thousands of the brand’s Luon yoga pants were recalled by the brand due to the fact that it became almost see-through during certain yoga positions. A mistake that reportedly cost the company $17 Million. Ouch.
A report on CBC news alludes to the fact that there are many issues behind Day’s departure not just the see through pant mistake.
Regardless a new CEO may lead to a new direction for Lulu, stay tuned we’ll let you know!
Image: Financial Post