Sephora top executive named CEO of Lululemon
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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.
Questions & Answers
Q.What was the main reason for the departure of the previous Lululemon CEO?
What was the main reason for the departure of the previous Lululemon CEO?
Laurent Potdevin, the former CEO, was removed from his position earlier this year due to allegations of conduct violations. His departure created the vacancy that Calvin McDonald has now filled at Lululemon.
Q.How has Lululemon's financial performance been recently, despite the leadership change?
How has Lululemon's financial performance been recently, despite the leadership change?
Lululemon's stock has risen almost 80 percent over the past year, and the company reported a net revenue increase of 23 percent to $649.7 million in the first quarter, even without a CEO in May.
Q.What specific experience does the new CEO bring from his time at Sephora?
What specific experience does the new CEO bring from his time at Sephora?
During his tenure at Sephora, Calvin McDonald was instrumental in developing the brand into a 'mobile-first' company. This focus is anticipated to be a key strategy he will implement at Lululemon.
Q.What is Calvin McDonald's professional background before joining Sephora?
What is Calvin McDonald's professional background before joining Sephora?
Before Sephora, Calvin McDonald served as president and CEO of Sears Canada for two years. Prior to that, he spent 17 years in various roles with Loblaw Companies Ltd, gaining extensive retail experience.
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