Shares that traded in the single digits during the first half of 2009, then rose, split in 2011 and rose again to the low-$80s, suddenly fell in June like a yogi on a slick mat, to the low $60s, after the company announced a disappointing quarter and added that CEO Christine Day would be leaving. 

What turned a problem into a life-or-death crisis came in November when Wilson blamed womens' bodies, specifically their thighs, for his product's problems. You might say he really harshed their mellow.

The man appointed to save this company from itself is Laurent Potdevin. Most profiles of him emphasize his work at LVMH, the European luxury goods conglomerate. But it's probably more important that he comes directly from Toms Shoes, a retailer with its own strangely messianic CEO, Blake Mycoskie. 

Mycoskie is less interested in retailing than he is in making a difference in the world. He calls Toms a global movement, giving away a pair of shoes for each pair sold, styling himself "chief shoe giver" rather than CEO and writing a book in 2011 called Start Something That Matters

Toms, in short, is not about the shoes. It's about the image, which is based on a mission. That's what people thought Lululemon was about -- the mission of a healthier life, an image of mind and body in harmony.

If Potdevin can put the company's image and reality back into sync, his company has a huge opportunity. Of all the big athletic companies, Lululemon is the only one that skews female.

Competitors like Under Armour  (UA) skew male. Early this year, these two companies were about the same size. Now, thanks in part to Lululemon's missteps, Under Armour's sales are more than twice those of Lululemon.

So the company has a lot of ground to make up, but if it can recover its image it has a chance to make up that ground. The company may still be overpriced, at about nine times its annual sales (against 4.5 for UnderArmour) but it can still be saved.

At the time of publication the author had no position in any of the stocks mentioned.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

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