Lululemon’s CEO Faced Mounting Pressure. Then Came the Attack Ad

The pressure was building on Calvin McDonald well before Lululemon founder Chip Wilson assailed him in a full-page newspaper ad in October.

Earlier this year, Randal Konik saw the brand’s bestselling black leggings piling up at outlets. For the Jefferies analyst, it was a sign that the rarely discounted product was being cast aside. Even Lululemon’s core customer was showing “fatigue,” McDonald himself told analysts months later.