Lululemon Athletica

I know it's supposed to be football season, but this is a variety show.

The CEO of Lululemon is getting a divorce.

You hear that?

No.

And why is he getting a divorce? Billionaire Lululemon founder Chip Wilson, no prenup divorce could cost him painfully 50-50.

That

sucks.

He got six point something billion now.

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Now, let's start with stock number three, and that is Lululemon Athletica.

Lulu, L-U-L-U.

Lululemon fell 17% on Friday after cutting its full year outlook for the second time this year.

Um, it's been quite a tough time overall for those sportswear stocks.

We had Lululemon cutting its guidance recently.

Nike and Adidas are struggling to get back in investors' good graces, and so for Puma, there is this kind of broader, uh, sector weakness and then this additional uncertainty from, uh, from this management change as well, weighing a little bit on the shares this morning.

And finally, Trainline has released its latest forecast.

Nike down 50% in the year below $40 a share.

Lululemon down 40% in the year, and even the new players in the game, like ON Holdings, down 36%.

So what will it take to see a turnaround in this sector? We'll ask the former Lululemon CEO next.

Welcome back to Closing Bell Overtime live from the Nasdaq market site.

Stocks with a strong Friday, snapping a four-session losing streak.

Check out the discretionary sector, the worst performing sector year to date, on pace for its worst year since 2022.

With elevated gas prices and a more cautious consumer, investors have pulled back from many of the sector's biggest names.

The two worst performers in the group, Lululemon and Nike.

Before marriage, that might save the heartache, stress and legal fees.

Now, the founder of Lululemon, Chip Wilson, and his partner, Summer, discovered this after being married for 24 years.

then divorced.

And this side hustle, this leisure empire in the meantime, has grown into a global billion dollar empire.

How are you going?

Not bad.

So this is the inspiration of our discussion, this Lululemon, which we all know, the leisure wear empire.

And of course, as it says, there was a side hustle.

Military strikes by both the U.S. and Iran in the Strait of Hormuz kept futures trading higher.

A new CEO took the reins at Lululemon this week, aiming to steer the company back to solid footing after several years of missteps.

Heidi O'Neill spent almost three decades at Nike.

She faces not just a struggling brand, but infighting between the founder and the company's board.

Hopefully, it's improved golf for the long term, despite the chaos and division it caused in the short term.

And finally, Lululemon's founder is getting divorced and did not have a prenup.

Now, some are framing this as the man is losing half of his fortune, but we would say he already shared his fortune with his wife since they were married.

Chip Wilson and his wife are worth six and a half billion bucks, and a lot of it is still Lululemon stock, and they're getting divorced, so it'll be split 50-50, which means one of the biggest shareholders of Lululemon will soon be the founder's wife.

Now, time for the best fact yet.

This one sent in by Mitch from lovely Fort Worth, Texas, and it's from a story we did last week.

Celebrate

the win.