u/abolys

North America sales are flattening due to tariffs, but international revenue is growing at 20%, driving ~10% total revenue growth through 2027. The market is overly focused on proxy/board drama, creating a mispricing opportunity as LULU’s international expansion is underappreciated. LULU is undervalued relative to its long-term growth potential from international markets; a 2-year hold captures the inflection point when international overtakes NA. Tariffs worsen, international growth slows, or proxy fight leads to disruptive strategic changes; recession could hit consumer discretionary spending.