Is Lululemon's Next Big Thing Already Here?

Lululemon Athletica (LULU) built its brand on leggings, but those core products are losing momentum. Executives reported that legging sales fell about 20% in the quarter ended August 2, 2026. During the September 3 earnings call, management cited a greater-than-expected slowdown in core categories such as leggings, while newer looser-fitting styles showed early traction. So what are Lululemon's shoppers buying instead, and is it enough to make up for leggings.