Lululemon dealt setback

The fallout from the latest wardrobe malfunction at Lululemon Athletica Inc. (TSX:LLL) continued Tuesday as the stock plunged following news that the woman who helped build the company’s reputation plans her departure.

The fallout from the latest wardrobe malfunction at Lululemon Athletica Inc. (TSX:LLL) continued Tuesday as the stock plunged following news that the woman who helped build the company’s reputation plans her departure.

Chief executive Christine Day’s announcement late Monday came as a surprise to most and overshadowed better-than-expected earnings at the athletic clothing retailer. Lululemon has soared to a level of unprecedented success in recent years by exploiting a retail category that was practically untapped when it first hit the scene. Day, who will remain as CEO while the board searches for a replacement, provided little explanation for her departure.