A Lululemon store at Burrard and Robson Streets in downtown Vancouver, B.C. on December 13, 2023. Photo by Jason Payne/ PNG

Lululemon Athletica Inc. said chief executive Calvin McDonald is stepping down as the pricey yoga-wear brand looks to reignite growth amid pressure from upstart competition and its founder.

McDonald will depart the company at the end of January, and the company is searching for a replacement. The chair of the board, Marti Morfitt, will take on an expanded role as executive chair. While Lululemon searches for a new top executive, chief financial officer Meghan Frank and chief commercial officer André Maestrini will serve as interim co-CEOs

Separately, the company raised its full-year outlook. Lululemon now sees net revenue in a range of nearly US$11 billion to al

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