It´s a status symbol, for people who are/think they are/want to be elite --- and are willing to spend a fortune for that.

I think this may be a bit of an exaggeration. I have been in a few stores and yes, the prices are not exactly a bargain, but their clothing does not cost a fortune either. Have you looked at their website? Women's leggings are about US$100-$200, mostly closer to $100, with some on sale for half that. Canadian prices are similar.

At 11x earnings, and sales that, at least so far, are holding up, it seems like Mr Market is giving up maybe a tad prematurely. I don't have any insight into what trends might be and whether we really are at the end of the road for this company, but I don't see any signs of it. A brief home consultation reveals that women in my (Canadian) family like the brand, and would be delighted to get something from Lululemon for Christmas, for instance. They still have a reputation for being better quality, chic, a little edgy, and a bit of a luxury, but not a ridiculously extravagant one.