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December 10, 2013
10:39 EDTLULUAnalysts upbeat on lululemon choice for new CEO
Athletic apparel maker lululemon (LULU) announced that it had hired Laurent Potdevin as its new CEO. The company also announced that its chairman and founder, Chip Wilson, would resign. WHAT'S NEW: Potdevin will take the helm at lululemon in January, the company stated. Potdevin has more than two decades of experience at "premium, technical athletic apparel, and lifestyle-centric retail companies," lululemon stated. Moreover, Potdevin, who was most recently president of TOMS Shoes, also has a "proven track record of success in building global brands," the company added. Wilson will step down as chairman prior to lululemon's annual meeting in June 2014, the company stated. ANALYST REACTION: In a note to investors, Oppenheimer analyst Anna Andreeva predicted that the market would be pleased by the selection of Potdevin, given his "numerous years of experience" as CEO of Burton Snowboards, which has given him "a strong active lifestyle background." Moreover, Potdevin led TOMS' expansion into emerging markets, which should be viewed as positive experience for lululemon, added the analyst, who kept a Perform rating on the stock. Canaccord Genuity analyst Camilo Lyon was also upbeat on the pick. TOMS has become one of the fastest growing global footwear brands and seems to have a similar culture to lululemon ,the analyst contended. Moreover, Potdevin's experience with global brands should help lululemon grow in international markets, added Lyon, who kept a $90 price target and Buy rating on the shares. PRICE ACTION: In mid-morning trading, lululemon added 0.5% to $70.70.
News For LULU From The Last 14 Days
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April 17, 2014
07:31 EDTLULULululemon faces increased competition in yogawear industry, Reuters says
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April 15, 2014
09:39 EDTLULUlululemon to host analyst day
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07:01 EDTLULUlululemon can ease competition concerns at analyst day, says Canaccord
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April 7, 2014
13:10 EDTLULUlululemon weekly volatility elevated into Analyst Day
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07:38 EDTLULUlululemon reiterated as a Buy ahead of Analyst Day at Topeka
Topeka expects lululemon's April 17 Analyst Day to be a "very positive" event and reiterates its Buy rating and $70 price target ahead of the event. The analyst said the new CEO is on a marketing offensive as the store base expands worldwide and new heads of merchandising and sourcing are working to maintain a high quality, innovative product.
April 4, 2014
10:10 EDTLULUJudge rejects claims from lawsuit against lululemon, Reuters reports
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