Lululemon Athletica appoints new CEO
Vancouver based yoga apparel retailer Lululemon Athletica® has appointed Mr. Calvin McDonald as their new Chief Executive Officer. The changes are effective on August 20.
Before his appointment, he served as the President and CEO of multinational cosmetic retailer Sephora’s Americas division. He also served as the President and CEO of Sears Canada.
With a market capitalisation of $16.7 billion, Lululemon has a significant presence in the athleisure segment. With an eye on competitors viz. Nike and Gap Inc., Lululemon is expected to expand into new markets.
Board Chairman Glenn Murphy has stated that McDonald is the ideal match for the brand and its culture given his strong mindset, performance-driven approach, success and developing people.
Mr. McDonald stated during the Global Retailing Conference 2015 that he loves retailing, enjoy working with people, loves products and loves to innovate. His motto is simple ‘to innovate or die’. As per him great retailers create a revolution. True to this, he helped Sephora become a mobile-first brand.
His stint at Lululemon is expected to be innovation centric and brand expansions will be aggressively pursued to meet the revenue targets of 2020.
courtesy: cnbc.com, Global Retailing Conference 2015
Photo Courtesy: business.financialpost.com