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LULULEMON ATHLETICA INC.

(LULU)
  Report
Delayed Nasdaq  -  04:00 2022-11-30 pm EST
380.31 USD   +4.68%
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Peloton, Lululemon settle lawsuit over women's apparel line

09/30/2022 | 01:59pm EST

NEW YORK, Sept 30 (Reuters) - Peloton Interactive Inc has reached a settlement of a lawsuit in which Lululemon Athletica Inc accused the exercise bike maker of infringing its patents by developing a line of apparel for women.

Without admitting wrongdoing, Peloton has agreed to phase out "certain designs" that Lululemon had objected to in a lawsuit, the companies said in a joint statement on Friday.

"The parties have negotiated a mutually agreeable settlement, and are pleased the matters could be resolved amicably, resulting in dismissal of the pending litigation between them," the companies said.

Lululemon sued Peloton last Nov. 29 in Los Angeles, accusing it of infringing six design patents by selling five "copycat" bra and legging products: Strappy Bra, High Neck Bra, Cadent Peak Bra, Cadent Laser Dot Bra and Cadent Laser Dot Leggings.

The lawsuit was five days after Peloton sued Lululemon in Manhattan, seeking a declaration it had not infringed any Lululemon patents after the Canadian company had threatened to sue.

U.S. District Judge Andrew Carter dismissed Peloton's case on Thursday, clearing the way for Lululemon's case in Los Angeles to proceed.

The dispute arose from New York-based Peloton's September 2021 launch of a private-label apparel brand, following the end of the companies' five-year co-branding relationship.

Lululemon, based in Vancouver, British Columbia, also called Peloton's One Lux Tight a knockoff of its popular Align pants.

Peloton has struggled to combat falling demand for its bikes and at-home workouts as more people return to offices and gyms. Its share price has fallen more than 90% since last October.

On Thursday, Peloton said it will begin selling its equipment at Dick's Sporting Goods, the first brick-and-mortar stores to carry the equipment other than Peloton stores. (Reporting by Jonathan Stempel in New York Editing by Marguerita Choy)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DICK'S SPORTING GOODS, INC. 1.27% 119.58 Delayed Quote.2.69%
LULULEMON ATHLETICA INC. 4.68% 380.31 Delayed Quote.-7.19%
PELOTON INTERACTIVE, INC. 8.48% 11.38 Delayed Quote.-68.18%
All news about LULULEMON ATHLETICA INC.
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11/08Lululemon Athletica Inc. : Change in Directors or Principal Officers, Financial Statements..
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11/08Isabel Ge Mahe Joins lululemon Board of Directors
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11/08Lululemon athletica inc. Appoints Isabel Ge Mahe to Serve on its Board of Directors
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10/25JPMorgan Adjusts lululemon athletica's Price Target to $413 From $464, Reiterates Overw..
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10/13Raymond James Starts lululemon athletica at Strong Buy With $345 Price Target
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Analyst Recommendations on LULULEMON ATHLETICA INC.
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Financials (USD)
Sales 2023 7 928 M - -
Net income 2023 1 263 M - -
Net cash 2023 1 045 M - -
P/E ratio 2023 37,8x
Yield 2023 -
Capitalization 48 492 M 48 492 M -
EV / Sales 2023 5,98x
EV / Sales 2024 5,18x
Nbr of Employees 29 000
Free-Float 88,1%
Chart LULULEMON ATHLETICA INC.
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Technical analysis trends LULULEMON ATHLETICA INC.
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 31
Last Close Price 380,31 $
Average target price 374,07 $
Spread / Average Target -1,64%
EPS Revisions
Managers and Directors
Calvin R. McDonald Chief Executive Officer & Director
Meghan Frank Chief Financial Officer
Martha A. M. Morfitt Chairman
Julie Averill Chief Technology Officer
Shannon Higginson Chief Compliance Officer, General Counsel & SVP
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