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Lululemon Athletica Inc on Thursday said its CEO Calvin McDonald will step down effective January 31 as the athletic wear maker wrestles with a year of disappointing sales. The company, based in Vancouver, Canada, said that McDonald and the board are working together to manage a "smooth transition," and he will serve as a senior advisor to the company through March 31, 2026. The board said it was conducting a comprehensive search in partnership with a leading executive search firm to select his successor. McDonald took the helm in 2018. Lululemon said Marti Morfitt, the board's chair, will take on the expanded role of executive chair, effective immediately, to "ensure the continued execution of the company's near- and long-term growth strategy during the leadership transition." In addition, Meghan Frank, chief financial officer, and Andr Maestrini, chief commercial officer, will serve as interim co-CEOs following McDonald's exit, the company said. The announcement came alongside .
India is a "big priority" market for Decathlon, and the French sports retailer expects the country to be among its top five global markets within the next five years, helped by expansion of store network and increased local sourcing, according to a top company official. Decathlon, as part of its growth plans, will add 10 new stores every year in India, while accelerating online sales and also increasing local sourcing to over 90 per cent in the next five years from the current average of 60 per cent, its Chief Retail & Countries Officer Steve Dykes said. This move would help Decathlon become more competitive in the fast-growing Indian sports and athleisure segment and increase exports to global markets from its Indian manufacturing facility, he said. India "is a top priority for us. We have five countries, which we call as leapfrog jump countries and one of them is India," Dykes said, while speaking at a Decathlon global event here. For Decathlon, India is already among the top ...