Lululemon Athletica's CEO shake-up has put the spotlight on the once-dominant yoga pants maker's race to wrest back younger and affluent shoppers from rivals and revive its sagging U.S. business.

Its shares, which have halved in value this year, rose 10% on Friday following the departure of CEO Calvin McDonald after about seven years in the role.

An athleisure pioneer known for its premium yoga apparel, Lululemon lost ground as newer rivals such as Alo Yoga and Vuori weaned away its core younger shoppers with trendier styles, marketing campaigns and celebrity partnerships.

Meanwhile, established players like Nike and Gap also entered the market with lower-priced styles.

Lululemon "caught the perfect wave in fashion, becoming the trend for the last five years," said Brian Mulber

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