Lululemon needs its ‘Gap’ moment

Gap just pulled off one of retail’s most impressive comebacks. Now Lululemon needs the same magic.

[Photos: Lululemon, Taehoon Kim/Bloomberg/Getty Images]

Heidi O’Neill is having a tough week.

In late April, the Lululemon board announced it had ended its monthslong search to replace CEO Calvin McDonald, who left the company abruptly in 2025 after six years at the helm. As soon as the company announced that O’Neill, a 26-year Nike veteran, would be taking on the position, things got messy. Lululemon’s stock took a plunge, suggesting that investors didn’t think O’Neill was the right pick. And many analysts—including........

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