That’s interesting about the name, I didn’t know that. However, I don’t think it’s racist. A Japanese marketing firm designing a brand for Japan chose the name with 3 Ls because that letter doesn’t exist in Japanese, so would seem more like a non-Japanese, American brand.
That seems very different from someone choosing it to laugh at how some people can’t say it.
https://www.businessinsider.com/history-of-lululemon-2015-9?...
Edit: the linked article suggests it wasn’t “a reason” but rather “the reason” for the name, I was being too forgiving