Help me steel man Lululemon (LULU)

I've avoided LULU due to the relatively narrow moat around clothing/fashion companies, but seeing the ticker on Phil Town's Rule #1 portfolio makes me wonder if there's something I'm missing. Interested in your perspective on why LULU might actually be a good investment despite the bloody headlines. For context, Phil Town looks for events that create fear but are resolvable in 2-3 years' time. Lulu's headlines are about sheer material quality issues, recent concerns around PFAs, poor product-market-fit for their newest products, the ousting of a CEO and the new incoming CEO who is a former Nike exec, and the board's embattlement with Lululemon's founder. However, one could argue that while each of these items creates short-term uncertainty and negative sentiment, they are reasonably resolvable in 2-3 years' time. Actual long-term concerns include the fashion cycle getting away from athleisure and the introduction of competitors like Alo and Vuori. To steel man LULU, here are a few highlights of the strengths of the business that are still intact: \- Strong DTC channel, bypassing third party channels/department stores, protecting relatively high margins \- Mature distribution channels, continuing to expand internationally \- Strong brand name; everyone knows who they are and what they sell \- Community marketing: Lululemon uses grassroots community involvement and fitness "ambassadors" to spread their brand Considering some of these stronger aspects of the business, and the current valuation basically marking the company as never growing again (current P/E under 9 despite a return on invested capital around 28% and modest forecast for 3-4% growth over the next few years), is it possible that the market is succumbing to fear here and giving an opportunity to an investor with a 5-year time horizon?