Once the undisputed architect of the athleisure era, Lululemon now faces a reckoning familiar to any pioneer who watches the frontier it opened fill with capable rivals. As incoming CEO Heidi O'Neill prepares to take the helm in Vancouver, the company has sharply revised its annual outlook downward — from near-flat to a decline of five to seven percent — a revision that speaks not merely to a difficult quarter but to a deeper question about whether a brand built on premium identity can reclaim its hold when that identity is no longer singular. The market answered swiftly, erasing another fifte