9. Lulu's Lulu
Originally published Nov. 15
Sorry or not Chip, you are still a blockhead.Lululemon (LULU - Get Report) founder Chip Wilson apologized last Friday for asinine remarks he made about women's bodies during a Bloomberg TV interview. We'd like to say "publicly" apologize, nevertheless, that does not seem to be the case as Wilson directed his groveling at his employees rather than his customers and, more importantly, the world's entire female population. "I'm sad, I'm really sad, I'm sad for the repercussions of my actions, I'm sad for the people of Lululemon who I care so much about, that have really had to face the brunt of my actions," said Wilson in a video posted on YouTube. "For all of you that have made Lululemon what it is today, I ask you to stay in a conversation that is above the fray." "Above the fray"? Have you flipped Wilson? You created this cockeyed controversy when you told Trish Regan that your company's yoga pants "don't work" for some women's figures. And now your workers are being dragged deeper in and your stock -- down almost 10% this year -- deeper under because of your half-assed apology. Honestly Chip, have you already forgotten last March's recall of Lulu's overly sheer pants? That's right, the one that cost your company nearly $70 million in sales and likely led to the unexpected June departure of Lulu's former CEO Christine Day? Talk about sheer madness! The real "fray" Lululemon should be worried about, as opposed to this nonsense, is the fraying that's going on with its pants. Pilling complaints are piling up and its hurting sales. "It's really about the rubbing through the thighs, how much pressure is there over a period of time and how much they use it," said Wilson. No, it's really about a big-mouthed moron repeatedly rubbing people the wrong way.
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