US: Lululemon shareholder Capital doubles stake?
Capital Group is rumoured to have more than doubled its stake in beleaguered Canadian yoga wear brand Lululemon Athletica, which has been battling falling sales after complaints about the quality of its products.
Capital Research Global Investors now owns 12.7m shares or an 11% interest in the company, a Lululemon filing stated. A Reuters report earlier this week said this is up from 5.9m shares or a 5.1% as of 30 September.
It added that according to Thomson Reuters data, the increase would make Capital Group the third largest shareholder in Lululemon.
Both Capital Group and Lululemon have not yet responded to requests for comment.
Lululemon, which has been embroiled in complaints over the quality of its products for nearly a year, in January lowered its fourth-quarter earnings and sales guidance due to declining traffic and revenue trends.
Last March, the yoga brand recalled a line of sheerer than expected black Luon products. Eight months after, it was forced to pull another line of trousers from its stores after the fabric was also found to be see-through.
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