Former Levi's CEO Bets $1 Million on Shaky 'Lululemon'

Lululemon athletica inc. (“Lululemon”) granted 272 restricted stock units to outside director Charles “Chip” Bergh on March 19 and, through his personal trust, repurchased approximately 6,090 shares of its common stock on the open market on March 20—an indirect increase in his holdings of about $1 million (roughly KRW 1.3 billion). On March 17, the company officially appointed Bergh—former president and CEO of Levi Strauss—as a new director and announced that long-tenured director David Mussafer will not stand for re-election at the 2026 annual meeting, initiating a board refresh. Earlier, on March 13, it finalized roughly 4,700 performance shares for Co-CEO and Chief Commercial Officer Andre Maestrini tied to 2023–2025 results; these shares are set to vest on March 30, expanding executive equity compensation.

In its fiscal 2025 fourth-quarter results released March 17, Lululemon reported net revenue of $3.6 billion (approximately KRW 4.7 trillion) and full-year revenue of $11.1 billion (approximately KRW 14 trillion), while projecting low-single-digit revenue growth for 2026, signaling a moderate growth outlook. Amid quality concerns over its new Get Low leggings, the company suspended online sales of the product, and founder Chip Wilson publicly criticized the board’s product-quality oversight and decision-making in an open letter, spotlighting governance and product-strategy issues.

Founded in 1998 in Vancouver, Canada, Lululemon began as a premium yoga and athleisure apparel maker and has grown into a global sportswear brand listed on Nasdaq, operating hundreds of stores worldwide, primarily in North America and China.