lululemon athletica

Positives: disciplined organic reinvestment in stores, distribution capacity, and technology with capex guided to 740–760 million USD for FY2025; robust repurchases in FY2024–FY2025 and a recently expanded authorization. Negative mark: the MIRROR acquisition led to impairments and restructuring in 2023, showing the risk of adjacency bets.

Overall, reinvestment and buybacks are sensible; M&A discipline should remain tight.