Lululemon ($LULU) shares have fallen about 58.8% since Michael Burry first disclosed a long position in the athletic apparel company in the second quarter of 2025. Burry initially reported owning 50,000 shares alongside call options and later doubled his disclosed shareholding to 100,000 shares in the following quarter.
Despite the steep decline, Burry is doubling down. He said Lululemon is now his largest equity position and that he plans to aggressively buy shares below $100, maintaining his conviction that the beaten-down retailer offers substantial long-term upside.
Lululemon closed at about $100.61 after dropping more than 17% following its latest earnings report. The company cut its full-year outlook as weak North American demand and intensifying competition continued to pressure sales, pushing the stock to its lowest level in roughly eight years.
