We need to talk about the fact that finance industry fan favorite Brooks Brothers is selling a cashmere track suit for women.

On sale for $179.20 (zip-up) and $119.20 (pants), the offering begs the question of who among the Brooks Brothers clientele would feel the desire to purchase cashmere athleisure separates (besides the author). When the athletic trend has gone so far as to entrench itself in a notoriously conservative brand, athleisure has probably plateaued or is already on the decline.   

Case in point, this week many on Wall Street have been talking about Lululemon's (LULU) not thrilling outlook. Shares of the yoga apparel maker were ripped to shreds by 23% last Thursday, which sent ripples across the athletic apparel industry.   

"A lot of companies have come into this particular niche," TheStreet's founder Jim Cramer points out, referring to Nike (NKE) , Old Navy, a division of Gap (GPS) , New Balance and others.

Canaccord recently surveyed women who bought Lululemon pants in the last year to determine their plans for the next 12 months. What they found didn't bode well for the Lululemon brand or athleisure more broadly, including half of the respondents admitting they wear the yoga pants for fashion versus function. 

"We believe 2016 was as good as it gets for Lululemon," wrote Canaccord. "Our sell rating is based on the stock's negatively skewed risk/reward characteristics exacerbated by a price to earnings multiple of 27 times our estimates that we believe is too high for a company with prospects for decelerating sales trends."

Lululemon anticipates doubling sales of its women's and men's businesses within three years to about $3 billion and $1 billion, respectively. But in the meantime, they need to take into stock that yoga and athleisure pants may no longer be the look du jour, causing risks to sales and profits.
And if someone is really in the market for overpriced track pants, they might as well be cashmere.  

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