Friedland Enterprises Discloses 5% Stake in Lulu's Fashion Lounge Holdings, Calls for Governance Reforms and Strategic Review

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:

OPERATIONAL LEADERSHIP CHANGES:

TRANSPARENCY AND STRATEGIC ALTERNATIVES:

"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

chris@friedlandenterprises.com

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.