The Value Thesis

The Value Thesis

Investment Notes

Lululemon: A case study on price vs. value

Case Study

Arda Solmaz's avatar
Arda Solmaz
Dec 23, 2025
∙ Paid

Quick update on Lululemon (LULU): the stock is up about 30% since my original write-up for paid subscribers.

I’m sharing this not to celebrate a short-term move, but because it’s a good example of one of the hardest parts of investing: buying when most people disagree with you.

I’ve followed Lululemon for years. The product is strong, the brand loyalty is…

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