Please summarize this case study about Lululemon.

In 1998, self-described snowboarder and surfer offering right was a central part of the company's dude Chip Wilson took his first yoga class. The strategy. An equally important part of the stratVancouver native loved the exercises but hated do- egy was to stock a limited supply of an item. New ing them in the cotton clothing that was standard colors and seasonal items, for example, get a 3- to yoga wear at the time. For Wilson, who had worked 12-week lifecycle, which keeps the product offerings in the sportswear business and had a passion for feeling fresh. The goal is to sell gear at full price, technical athletic fabrics, wearing cotton clothes and to condition customers to buy it when they see inappropriate. Thus, the idea for Lululemon was be "out of stock." The company only allows prodinappropriate. Thus, the idea for Lululemon was be "out of stock." The company only allows prod- born. Wilson's vision was to create high-quality, styl- still have the price tags attached. The scarcity stratishly designed clothing for yoga and related sports egy worked. Lululemon never holds sales, and its activities using the very best technical fabrics. He clothing sells for a premium price. an average specialty retailer. Lululemon's financial practice. performance was stellar. Between 2008 and 2017, Employees are trained to eavesdrop on customaverage return on invested capital-an important ers, who are called "guests." Clothes-folding tables pacing that of other well-known specialty retailers, rather than in a back room so that employees while earnings per share grew tenfold. ran overhear complaints. Nearby, a large chalkHow did Lululemon achieve this? It started board lets customers write suggestions or comwith a focus on an unmet consumer need: the la- plaints, which are sent back to headquarters. This tent desire among yoga enthusiasts for high-quality, feedback is then incorporated into the product stylish, technical athletic wear. Getting the product design process. Despitethecompanysfocusonprovidingaqual-ityproduct,ithasnotallbeenclearsailing.In2010,Wilsoncausedastirwhenheemblazonedthecom-panystotebagswiththephrase"WhoisJohnGalt?"theopeninglinefromAynRands1957novel,AtlasShrugged.AtlasShruggedhasbecomealibertarianbible,andtheunderlyingmessagethatLululemonsupportedRandsbrandofunregulatedcapitalismdidnotsitwellwithmanyofthestorescustomers.Afternegativefeedback,thebagswerequicklypulledfromstores.Wilsonhimselfsteppeddownfromday-to-dayinvolvementinthecompanyinJanuary2012andresignedhischairmanpositionin2014.Inearly2013,Lululemonfounditselfdealingwithanothercontroversywhenitdecidedtorecallblackyogapantsthatweretoosheer,andeffec-tively"seethrough,"whenstretchedduetothelackreportbeingmistreatedbyemployeeswhodemandedthatcustomersputthepantsonandbendovertodeterminewhethertheclothingwassee-throughenoughtowarrantarefund.OneconsequenceofthisPRdisasterwastheresignationofthenCEOChristineDay.Thecompanyisalsofacingincreas-ingcompetitionfromrivalssuchasGapsAthletaUrbanOutfittersWithoutWalls,andNikeStores.Mostobserversinthemediaandfinancialcom-munitybelievethatthecompanycanhandlethesechallengesandcontinueonitsgrowthtrajectory.Sources:D.Mattoili,"LululemonsSecretSauce,"TheWallStreetJournal,March22,2012;C.Leahey,"LululemonCEO:HowtoBuildTrustInsideYourCompany,"CNNMoney,March16,2012;T.Hsu,"PantsgatetoHurtLululemonProfit:CustomerToldtoBendOver,"latimes.com,March21,2013;C.OCommor,"BillionaireFounderChipWilsonOutatYogaGiantL CASE DISCUSSION QUESTIONS 1. What opportunity did Chip Wilson see that 4. What are the main threats to Lululemon's lead to the establishment of Lululemon? business? 2. Why are Lululemon's sales per square foot so 5. What are Lululemon's main strengths? What high? are its weaknesses? 3. How would you characterize Lululemon's busi- 6. What must the company do to maintain its ness level strategy? competitive advantage