Lululemon shares slumped after it published a bleak sales update amid a spat with its founder and a fiasco over ‘see-through’ leggings.
The Canadian sportswear brand, worn by seven-time F1 world champion Lewis Hamilton and the Duchess of Cambridge, said its sales this year have been hit by what interim boss Meghan Frank called ‘negative commentary in the media’.
Sales fell 2 per cent in the three months to 3 May, driven by a 6 per cent drop in its Americas region, which includes the US and Canada. This offset an 8 per cent boost in its international business.
Shares crashed 11 per cent in pre-market trading in New York after revealing profits fell 3 per cent to £970m for the quarter, compared to the same time period last year.
The brand hit the headlines this year after a series of criticisms from founder Chip Wilson, who, in a tirade in January, said the company had reached a ‘new low’ and had ‘completely lost its way’.
