- Lululemon continues to grow in the market but its margins are declining due to intense competition.

- We will look into Lululemon’s product quality, customer loyalty and patented material to determine whether they represent sustainable competitive advantages.

- We also visited the company store and conducted primary research to better understand product's quality and customers' loyalty.

- The stock is fully priced, despite the competitive advantages, we think they currently do not offer potential upside.

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