Lululemon shares tank 8% as investors rattled by profit warning: ‘Brand momentum is fading’

Sanatate

Lululemon Athletica shares fell about 8% on Friday after the athleisure wear maker cut its annual profit forecast, fanning worries over the pace of its turnaround and shifting focus to the challenges awaiting the incoming CEO. The selloff highlights growing investor unease over the once high-flying yoga wear brand, following  a proxy battle with founder Chip Wilson  and a series of product missteps that have dented its image, ahead of former Nike executive Heidi O’Neill taking over in September