Ever since lululemon (LULU 0.52%) began opening stores and selling its high-end women's athletic clothing with a yoga and personal fitness spin, it's been a hit, and the stock has been a strong performer as a result. Investors, however, need to know that this isn't a bet without risks. In this video, Motley Fool retail analyst Jeremy Bowman takes us through the big names who lately have been emulating lululemon's style for cheaper. He also tells us that, due to the stock's sky-high P/E ratio, it may really be priced to perfection, and that any bad-news bumps in the road could mean significant hits to its share price.