Lululemon Recalls Batch Of Too-Sheer Black Yoga Pants
Lululemon, the popular brand of yoga gear, was forced to pull their black luon yoga pants for women from the shelves after it was brought to the company’s attention that they were “too revealing.”
“Some of our bottoms were made with a batch of black luon that doesn’t meet our standards so we’ve pulled them from our floors and our website,” reads a statement on the Lululemon’s FAQ page. “We have determined that certain shipments of product received from our factories and available in store on March 1, 2013, do not meet our technical specifications.”
Since Lululemon has pulled the popular black yoga pant, which comprises roughly 17% of women’s pants in the store, there will be a noticeable shortage in their availability. With the recall, they are offering full refunds or exchanges to store customers. Consequently, the company has decreased their forecasted revenue for the first-quarter of 2013 from roughly $350 million to around $340 million, according to CBS News.
As for Lululemon Athletica Inc. shares, they took a 5% dip on Tuesday morning. The shares were valued at $62.30 in the aftermath of their recall announcement, dropping $3.62. The Lululemon brand, although slightly injured by the sheer yoga pant, is still in popular demand as they are highly priced for a company whose shares were valued at only $3 four years ago.
While the cause of the decline in the quality of the luon fabric of their yoga pants is being investigated, the company is determined to take expedient action to provide their customers with their most popular product. “Since we have been made aware of the issue, we have moved swiftly across all channels to ensure that the affected product does not end up in the hands of our guests,” Lululemon explained on their website. “We are also exploring all opportunities to increase inventory levels as quickly as possible, so long as our standards are met.”