The past few weeks had been marked by a very sharp contraction in the valuation multiple, from sixty to twenty-five times earnings - and thus back to its ten-year low.

Investors feared a slowdown in growth, and it's clear that despite excellent fundamentals said valuation had swelled to a prohibitive level.

These fears, however, were not entirely unfounded. Sales rose by 10% and like-for-like sales by 6% this quarter; last year at the same time, sales rose by 24% and like-for-like sales by 14%.

Based on management forecasts, and assuming an acceleration of the share buyback program - the Board of Directors has just authorized a $2 billion program - the current valuation of $300 per share is around twenty times expected earnings this year.

This level is therefore identical to that of Brown-Forman, discussed today in our columns. Except that Lululemon's growth is far superior to that of the group that owns the Jack Daniel's franchise, and its mindshare is still very real despite increased competition in its segment.

Its yoga pants and other accessories have become a veritable standard in the North American women's wardrobe, and the trend seems to be catching on internationally too - particularly in China, where sales are up 52%, compared with 30% in the rest of the world.

Lululemon achieves only a fifth of its sales outside North America. This is where the opportunity for growth lies, with the aim of eventually achieving half of consolidated sales outside France.

The coming quarters will undoubtedly be punctuated by contradictory analyses: enthusiasts will praise the power of the fashion effect, while skeptics will recall the painful precedent of Under Armour, which at one time experienced similar explosive growth in the men's athleisure segment before reaching a point of stagnation.