Lululemon's CEO Calvin McDonald will leave the athleisure retailer at the end of January as sales in its largest market sag and consumers flee to competitors.

Lululemon's CEO Calvin McDonald will leave the athleisure retailer at the end of January as sales in its largest market sag and consumers flee to competitors.

Calvin McDonald's decision to leave at the end of January comes amid a run of poor sales for the firm in the US.

The board said it was conducting a comprehensive search in partnership with a leading executive search firm to select his successor.

Lululemon CEO Calvin McDonald announced his retirement as the Canada-based company's sock value spiked more than 9% in premarket trading.