The COVID$-19$ pandemic extends into $2021$ and perhaps part of $2022,$ thereby limiting shopper traffic in lululemon's stores.

More women begin to view other brands $($particularly Athleta$)$ as good substitutes for lululemon's products.

The supply side of the performance sports apparel market becomes increasingly crowded because more department store and pther large apparel retail chains introduce their own private$-$label performance sports apparel for both women and me price points

A hostile takeover from a larger well$-$known store chain or maker of performance apparel.