The Globe and Mail says in its Saturday edition that Lululemon investors kept lu-lu-losing money in 2025. The Globe's John Heinzl writes that once one of Canada's great growth stocks, the Vancouver apparel retailer battled tariffs, inflation, tumbling consumer confidence and, perhaps most important, growing competition in the athleisure market it once owned. With newer, often cheaper, brands such as Athleta and Vuori grabbing market share, Lululemon's same-store sales in North America started to fall in 2024, and the decline only gathered momentum in 2025. In September, the company cut its full-year earnings guidance for a second time, sending the stock to a double-digit loss and prompting analyst downgrades. Something had to give. In December, the retailer announced that Calvin McDonald will step down as chief executive officer at the end of January after more than seven years at the helm. Chip Wilson, Lululemon's founder and a major shareholder, wasted no time in blaming the board and Mr. McDonald for the retailer's woes, blasting the company for its "complacency" and lack of product innovation. Mr. Wilson is pushing Lululemon to bring in new directors and activist investor Elliott Investment Management is in the mix.