If you're asking which one I'd prefer, I would tend to lean more towards Lululemon.
Nike is facing some operational issues plus a bit of a brand fallout here with rising interest rates and less consumer spending. Lululemon has historically been the faster growing higher margin business, but one that is also going through some economic headwinds as people simply do not have the discretionary money to be spending on high ticket clothing items.
I do believe Lululemon provides a bit more of a niche product base and also simply has higher quality products overall. I think Nike relies a lot more on brand recognition over quality, and although I wouldn't say their items are necessarily poor quality, I do believe Lululemon has the higher quality product.
Both retailers are relatively discounted right now because of the headwinds, but as mentioned if I had to choose one it would probably be Lululemon. At this point, I'd probably opt out of either of them until we see a bit of an operational turnaround from both. I'd rather miss out on some upside instead of trying to time the bottom and being wrong.