Food
Calvin McDonald has been named CEO of Lululemon, replacing Laurent Potdevin, who was ousted earlier this year amid allegations of conduct violations.
The Canadian-born McDonald earned his MBA at the University of Toronto and prior to joining Sephora in 2013, he spent two years as president and CEO of Sears Canada and 17 years in various roles with Loblaw Companies Ltd.
Vancouver-based clothing company Lululemon’s stock jumped almost 80 percent in the past year. Analysts say it is one of the bright spots in apparel retail and in May, despite having no CEO, the firm reported a net revenue rise of 23 percent from the previous year, to $649.7 million in the first quarter.
“I’m joining lululemon at an exciting time, with the brand’s strong business momentum, guest loyalty and passionate employees,” McDonald said in a statement.
McDonald helped Sephora become a “mobile-first” brand during his time there, and he is expected to bring the same mindset and focus to Lululemon.
