Founder and former CEO of Build.com Proposes Eight-Point Plan to Complete Operational Turnaround
MIAMI BEACH, Fla., Jan. 12, 2026 (GLOBE NEWSWIRE) — Friedland Enterprises disclosed in a Schedule 13D filing with the Securities and Exchange Commission that it has acquired approximately 5% of the outstanding common stock of Lulu’s Fashion Lounge Holdings, Inc. (Nasdaq: LVLU) and is calling for immediate governance reforms to unlock shareholder value.
Mr. Christian Friedland, founder of Friedland Enterprises and former CEO of Build.com for 17 years, believes LVLU shares are significantly undervalued despite the company achieving two consecutive quarters of positive Adjusted EBITDA and expanding gross margins by over 450 basis points. The stock currently trades at approximately 0.05x trailing revenue versus comparable company REVOLVE Group at 1.35x revenue—a 27x valuation gap.
“Management has been working through an operational turnaround, achieving positive EBITDA, improved margins, and balance sheet improvements,” said Mr. Friedland. “What remains is governance reform, transparency, and strategic direction.”
EIGHT-POINT VALUE CREATION PLAN
Mr. Friedland’s proposals include:
IMMEDIATE GOVERNANCE REFORMS:
- Reduce authorized shares from 250 million to 10 million, eliminating the 88x dilution overhang created by the July 2024 reverse stock split governance failure.
- Reconstitute the Board of Directors by removing directors who presided over 95%+ stock price collapse since the November 2021 IPO and add members with relevant e-commerce and consumer brand expertise.
- Suspend all cash board compensation until stock reaches $10 per share; implement performance-based equity compensation with options at current market prices.
OPERATIONAL LEADERSHIP CHANGES:
- Return founder Colleen Winter to the Board with formal merchandising authority to improve sell-through.
- Hire a permanent Chief Financial Officer within 120 days to replace the current “fractional CFO” arrangement or hire the existing fractional CFO to full-time capacity.
- Replace the investor relations function within 30 days—the last two earnings calls concluded with zero analyst questions
TRANSPARENCY AND STRATEGIC ALTERNATIVES:
- Launch quarterly investor presentations with detailed KPIs, including customer cohort analysis, CAC, LTV, and category-level performance benchmarked to REVOLVE’s disclosure standards.
- Form an independent Special Committee to evaluate strategic alternatives, including sale, take-private transaction, or merger scenarios.
“I have personal ties to the Chico, California business community where LVLU is headquartered and built my first business in Chico nearby to founder Colleen Winter’s original operation,” continued Mr. Friedland. “My intent is constructive engagement, not confrontation. Management has done a lot of the hard operational work. My proposal addresses the remaining elements missing in this turnaround through proper governance and strategic clarity.”
The complete Schedule 13D filing is available on the SEC’s EDGAR database at www.sec.gov.
ABOUT CHRISTIAN B. FRIEDLAND
Christian B. Friedland served as CEO of Build.com for 17 years, growing the e-commerce company from inception through successful exit. He currently serves on multiple US and International boards, including Hydrobuilder Holdings and Eurofase Lighting, bringing extensive experience in consumer e-commerce operations, supply chain management, and public company governance. Mr. Friedland has deep roots in the Chico, California business community.
CONTACT:
Christian B. Friedland
Friedland Enterprises
[email protected]
530-321-7277
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements regarding Mr. Friedland’s plans and proposals for Lulu’s Fashion Lounge Holdings, Inc. These statements reflect Mr. Friedland’s current views and are subject to risks and uncertainties. Actual results may differ materially from those expressed or implied in these forward-looking statements.
