Lulu's Fashion Shares Jump After Friedland Enterprises Discloses 5% Stake

Dow Jones

10 hours ago

By Chris Wack

Lulu's Fashion Lounge shares were 91% higher, at $12.96, after Friedland Enterprises said it has about 5% of the company's shares, and is calling for immediate governance reforms to unlock shareholder value.

Friedland Enterprises, founded by Christian Friedland, said in a Schedule 13D filing with the Securities and Exchange Commission that it believes Lulu's shares are significantly undervalued despite the company achieving two consecutive quarters of positive adjusted earnings before interest, taxes, depreciation and amortization.

Friedland said it would like to reconstitute the board of directors by removing some current directors, and add members with "relevant e-commerce and consumer brand expertise."

The advisory and investment firm also said it would suspend all cash board compensation until stock reaches $10 a share, and implement performance-based equity compensation with options at current market prices.

Other possible changes Friedland would like to see are the return of founder Colleen Winter to the board, with formal merchandising authority to improve sell-through, and the formation of an independent special committee to evaluate strategic alternatives, including sale, take-private transaction or merger scenarios.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

January 12, 2026 13:03 ET (18:03 GMT)

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