UPDATE 1-Lululemon exec to leave after see-through pants blunder

Wed Apr 3, 2013 6:36pm EDT
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* Lululemon recalled see-through pants in March

* Stationing staff in factories; changing testing process

* Chief Product Officer to depart April 15

April 3 (Reuters) - Lululemon Athletica Inc's chief product officer will leave the company, the retailer said on Wednesday, after a popular product proved too risqué for its fashion-conscious fans.

Lululemon said Sheree Waterson will leave the company on April 15. It has stepped up testing and factory supervision after uncovering a batch of partially transparent stretchy pants last month.

Waterson, a fixture on the yogawear brand's investor conference calls, joined Vancouver-based Lululemon in 2008.

Lululemon said in March it was pulling some black pants made with its signature Luon fabric off store shelves because they were too see-through. It warned that the move could lead to shortages and dent its profit by up to $40 million this fiscal year.

On Wednesday, Lulu said these forecasts had not changed.

Lululemon effectively created the market for premium women's athletic wear with form-fitting pants, colorful tank tops and pricey sweatshirts. In recent years a cluster of competitors have rolled out more yoga and running wear, typically at lower prices, so its longstanding reputation for quality has become more important than ever.   Continued...