I lean slightly bearish in the near term, with risk that Lululemon remains under pressure until at least fiscal 2026 when some of the turnaround efforts (new styles, international ramp, cost mitigation) might start to show clearer results. The pessimistic case seems more plausible in the next 6–12 months unless management hits wins fast.

However, this is not a broken brand—it has strong brand equity, good margins historically, loyal customers. So it’s more of a “wait & see, but high risk” scenario than a collapse. If I were an investor, I’d view current weakness as a possible entry point only if I saw signs of inventory improvement, product refresh working, and less margin leakage from tariffs/cost