Lululemon exec departs after yoga fiasco

Stockhouse Editorial
0 Comments| April 3, 2013

(The Canadian Press) VANCOUVER _ Lululemon Athletica Inc. (TSX: T.LLL, Stock Forum) (NASDAQ: LULU, Stock Forum) says its chief product officer is leaving the retailer.

The move comes just weeks after it pulled its black Luon pants from store shelves because they were too sheer.

Lululemon says Sheree Waterson, who joined the company in 2008, will leave effective April 15. Specific reasons for her departure were not given.

The company says an investigation into the problem with their popular Luon pants has found a combination of the fabric and changes to the design pattern led to the ``unacceptable level of sheerness.''

As a result, the company said it is testing and assessing all luon products to ensure they meet revised standards.

Lululemon also reaffirmed its financial guidance for its first quarter and 2013.

Lululemon shares rose 1.9% Wednesday to $65.26, leaving the company with a market cap of $7.3 billion, based on 11.7 million shares outstanding. The 52-week range is $80.08 and $52.55.

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