US Market News
1週前
lululemon Enters into Cooperation Agreement with Chip Wilson; Laura Gentile and Marc Maurer to Join Company’s Board of DirectorsMay 27, 2026 7:30 AM
Business Wire lululemon athletica inc. (NASDAQ:LULU) today announced that it has entered into a cooperation agreement with Dennis J. “Chip” Wilson, who owns approximately 8.7% of the company’s outstanding common stock. In connection with the agreement, Laura Gentile, former Chief Marketing Officer of ESPN, and Marc Maurer, former Co-Chief Executive Officer of On, will join the company’s Board of Directors following the company’s 2026 Annual Meeting of Shareholders. As part of the Board’s ongoing refreshment efforts, the company also agreed to appoint an additional director with product and brand expertise in apparel to the Board by October 1, 2026. “On behalf of the Board, we are pleased to reach this agreement with Chip Wilson, which allows lululemon to focus on continuing to strengthen its performance,” said Marti Morfitt, Executive Chair of lululemon. “We valued the opportunity to meet with Laura, Marc, and Eric Hirshberg through this process, and believe each offers unique skills and experiences that could be valuable to a board. We look forward to welcoming Laura and Marc, who will bring additional perspective to our existing group of qualified directors. lululemon now has a clear path forward for our incoming CEO, Heidi O’Neill, and our leadership team, as we continue to advance our strategies to foster strong brand health, reaccelerate growth, and deliver enhanced value for our shareholders.” Ms. Gentile commented, “It is a privilege to join the lululemon Board at this pivotal moment for the company. I look forward to working with my fellow directors and the lululemon team to continue the work underway to build on the company’s leadership position, deliver outstanding product, create unique experiences for guests, and generate value for shareholders for years to come.” Mr. Maurer commented, “I am honored to join the lululemon Board and ready to get to work as the company embarks on this new chapter of growth and success. Central to this effort is a focus on what the consumer wants and needs. I look forward to working with the other members of the Board to build on the company’s strong foundation to create innovative products that drive superior value for consumers and, ultimately, for shareholders.” Chip Wilson, founder of lululemon, commented, “The Board additions lululemon announced today and strategic changes already made by the team reflect meaningful progress toward restoring the company’s product-first vision and unlocking tremendous value for shareholders. I would like to thank Laura, Marc, and Eric for their willingness to stand for election as directors. I’m confident Laura and Marc will add value to lululemon’s Board and Eric will continue to make meaningful impact in the challenges he takes on in the future.” Under the terms of the agreement, Mr. Wilson has agreed to customary standstill, non-disparagement, voting, and related provisions for approximately 18 months until 30 days prior to the nomination deadline for the 2028 annual meeting. In lieu of expense reimbursement, lululemon and Mr. Wilson have agreed that a donation will be made supporting athletics, art, and landscaping at Kitsilano Beach in Vancouver, where lululemon was founded. The full cooperation agreement between lululemon and Mr. Wilson will be filed on a Form 8-K with the U.S. Securities and Exchange Commission (the “SEC”). Alfredo Porretti & Co. and J.P. Morgan are acting as financial advisors to lululemon. Sidley Austin LLP is serving as legal advisor and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to lululemon. About Laura Gentile Laura Gentile served as the Executive Vice President, Chief Marketing Officer of ESPN from January 2018 to October 2023, after joining the company in 2003. During her time at ESPN, Ms. Gentile founded espnW, ESPN’s platform dedicated to women in sports, helping to expand the company’s reach, and cultural relevance. As Chief Marketing Officer, Ms. Gentile oversaw ESPN’s global marketing strategy, brand positioning, consumer growth and content marketing across all brands, platforms, shows and events. Over the course of her career at ESPN, she held a range of senior leadership roles spanning creative marketing, content strategy and partnerships, audience and business development, and was instrumental in evolving the ESPN brand in a rapidly changing media landscape. Following her tenure at ESPN, Ms. Gentile co-founded Storied Sports LLC, a content and IP studio built to partner with athletes, brands and media to create storytelling and commercial platforms in women’s sports. About Marc Maurer Marc Maurer served as Co-Chief Executive Officer of On from January 2021 to May 2025, after joining the company in 2013 as Chief Operating Officer. In these roles, Mr. Maurer played a central part in supporting On’s growth from an emerging performance footwear brand into a globally recognized premium company with a strong direct-to-consumer and wholesale presence. During his tenure, On expanded internationally, diversified its product portfolio across footwear and apparel and completed a successful public listing. Prior to joining On, Mr. Maurer served as Head of Business Development and Marketing for Valora Holding AG, a publicly traded European retail company, from April 2012 to March 2013, where he was responsible for driving its business development strategy. About lululemon lululemon (NASDAQ:LULU) is a technical athletic apparel, footwear, and accessories company for yoga, running, training, and most other activities, creating transformational products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all. Setting the bar in innovation of fabrics and functional designs, lululemon works with yogis and athletes in local communities around the world for continuous research and product feedback. For more information, visit lululemon.com. Forward-Looking Statements and Risk Factors This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including those related to successful leadership integration, execution of business strategies, and other factors described in reports we file from time to time with the SEC, including Forms 10-K and 10-Q. We undertake no obligation to update any forward-looking statements. Important Additional Information and Where to Find It The company has filed a proxy statement on Schedule 14A, an accompanying WHITE proxy card, and other relevant documents with the SEC in connection with the solicitation of proxies from the company’s stockholders for the company’s 2026 annual meeting of stockholders. THE COMPANY’S STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE PROXY CARD, AND ANY OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain a free copy of the definitive proxy statement, an accompanying WHITE proxy card, any amendments or supplements to the proxy statement, and other documents that the company files with the SEC at no charge from the SEC’s website at www.sec.gov. Copies will also be available at no charge by clicking the “SEC filings” link in the “Financial Information” section of the “Investors” tab of the company’s website at https://corporate.lululemon.com/. View source version on businesswire.com: https://www.businesswire.com/news/home/20260526298950/en/ Investor Contact lululemon athletica inc.
Howard Tubin
1-604-732-6124 or ICR, Inc.
Joseph Teklits
1-203-682-8200 Media Contacts lululemon athletica inc.
Madi Wallace
1-604-732-6124 or Joele Frank, Wilkinson Brimmer Katcher
Leigh Parrish / Jed Repko
1-212-355-4449 Original: lululemon Enters into Cooperation Agreement with Chip Wilson; Laura Gentile and Marc Maurer to Join Company’s Board of Directors
US Market News
2週前
Chip Wilson Issues Statement and Shares Details of Negotiations with lululemonMay 18, 2026 2:25 PM
PR Newswire (Canada) Wilson Stands Ready to Reach Agreement on Principal Terms Provided by lululemonVANCOUVER, BC, May 18, 2026 /CNW/ -- Chip Wilson, Founder of lululemon athletica inc. (NASDAQ: LULU) ("lululemon" or the "Company") and one of lululemon's largest shareholders, today released the following statement regarding recent settlement discussions with lululemon's Board of Directors (the "Board")."There is no reason why we cannot reach a resolution to this fight quickly. The Board has not provided me with detail on where our disagreements lie right now, but as of Friday last week, we seemed to be in full agreement on the principal terms. I remain undeterred and willing to be constructive. I am confident in the skillsets of our highly qualified independent nominees that bring unmatched brand and marketing expertise. I stand ready to do what is best for all shareholders of lululemon with this campaign, be it a vote or resolution with the Board. All shareholders expect us to be practical, collaborative and focused on doing what is right for unlocking value," said Mr. Wilson.Mr. Wilson continued, "My focus remains on making sure lululemon has the right skills on the Board, that brand/product expertise is prioritized and that lululemon returns to form. The notion that I want to dictate strategy to lululemon is just wrong. I'm a passionate investor in lululemon and across the technical apparel space, I feel my experience can be helpful to the businesses I invest in and I am proud of our success. As I told Chip Bergh over email, my hope is simply to have a regular dialogue like any large shareholder."In a May 13 email copying Marti Morfitt, Chip Bergh proposed on behalf of the Board eight principal terms. Those terms as directly stated by Mr. Bergh are:We (lululemon) choose and appoint two of your nominees to the Board after the AGM.We agree to one additional mutually agreed director between now and October.One incumbent director will step down at the 2027 AGM.We (lululemon) will add your 2 nominees to our CRSG committee.We (lululemon) will create a product/brand advisory council and appoint your third nominee to this council.We (lululemon) will accept your declassification proposal and recommend a vote "for" on the proxy.We (lululemon) require a 2-year standstill and non-disparagement and expect you to vote with the board for the 2-year period.Mutually agreed press release.Mr. Wilson responded on May 14 and agreed to the eight key terms in principle while providing further detail on items like director appointment timing and rejecting the notion of "pocket resignations" for his nominees. Other items were to align to market standard terms, such as replacement rights and expense reimbursement. These are very common terms – so much so that they are included in at least 14 of the last 20 settlement agreements that other clients of lululemon's counsel have entered into in similar situations.1 Mr. Wilson also requested regular meetings between members of the Board that would be conducted similar to engagement with any shareholder and is entirely customary for a large, active shareholder.Mr. Wilson stands by his support for the eight principal terms and is willing to engage in constructive dialogue with the Board to affect this settlement.For the sake of shareholders having full transparency, a detailed table of lululemon's term sheet and Mr. Wilson's response is provided below.TermLULU Proposal (5/13/26)Mr. Wilson Proposal (5/14/26)Appointment of Wilson Nominees2 new directors from Mr. Wilson's nominees to join the Board following the 2026 Annual Meeting. Silent on which classes they'd join(In LULU's previous April 12 proposal, LULU proposed a new director join the Board immediately)Mr. Wilson agreed, but since LULU did not want the new directors in the '26 class, Mr. Wilson proposed making the nominees Board observers until the '26 AGM and then putting them into the '27 classAppointment of Mutually Agreeable DirectorA 3rd new director appointed, picked by LULU and approved by Mr. Wilson Mr. Wilson agreed, but 3rd new director picked by LULU from a list of candidates created by Mr. WilsonReplacement DirectorsNoneMr. Wilson proposed standard right to replace any new director who leaves the Board during the agreementBoard Departures2 incumbent directors won't stand for re-election at the '26 AGM, and another wouldn't stand at the '27 AGMMr. Wilson agreedBoard CommitteesNew directors appointed from Mr. Wilson's nominees would sit on the Corporate Responsibility, Sustainability and Governance CommitteeMr. Wilson agreedAdvisory Brand Product CouncilLULU would establish an advisory brand product council that includes the Wilson nominee who doesn't get appointed to the Board; and Mr. Wilson could suggest additional council membersMr. Wilson agreed, and proposed who from LULU would join the council, and that Mr. Wilson and a representative would meet quarterly with the council (to extent it doesn't violate applicable law)Quarterly Meetings with Mr. WilsonNoneMr. Wilson requested quarterly meetings between LULU and Mr. Wilson and a representative, so Mr. Wilson may share his ideas on product, brand and culture. (Meetings wouldn't feature material non-public information)Declassification of the BoardRecommend shareholders vote "FOR" Mr. Wilson's non-binding declass proposal at '26 AGM and if the proposal passes, LULU would submit a binding declass proposal at '27 AGMMr. Wilson agreed, and proposed immediate declass begin at '26 AGM based on a conversation between Mr. Wilson, Ms. Morfitt and Mr. Bergh last weekLength of Standstill Agreement2-years (until nominations for the '28 AGM)Mr. Wilson agreed, and since LULU desired Mr. Wilson's nominees be appointed after the '26 AGM (implying a 1-year term), Mr. Wilson proposed that the second year of the standstill depends on the Board renominating the new directors (i.e., the new directors' terms matching the multi-year standstill requested by LULU)Voting Commitment Commitment by Mr. Wilson to vote with the Board's recommendations on all proposalsMr. Wilson agreed, except for completely market standard voting exceptions (i.e., allowing Mr. Wilson to vote how he wants on extraordinary transactions and with ISS or Glass Lewis recommendations on non-director election/removal proposals)Non-Solicit ProvisionMr. Wilson prohibited from soliciting/inducing any employee/independent contractor from terminating or reducing their relationship with LULU (which is off-market and not standard for settlement agreements)Mr. Wilson agreed, but limited the prohibition to Mr. Wilson intentionally soliciting an employee to terminate his or her relationship with LULUExpense ReimbursementNo reimbursement for expenses (which is off-market and not standard for settlement agreements)Mr. Wilson proposed all his expenses be reimbursed (knowing that expense reimbursement is market)Certain Information Concerning the Participants
Dennis J. "Chip" Wilson, together with the other Participants (as defined below), has filed a definitive proxy statement on Schedule 14A (the "Definitive Proxy Statement") and accompanying GOLD Universal Proxy Card with the U.S. Securities and Exchange Commission (the "SEC") to be used to solicit proxies from the shareholders of the Company in connection with the Company's 2026 Annual Meeting of Shareholders (the "Annual Meeting"). SHAREHOLDERS OF THE COMPANY ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE PARTICIPANTS HAVE FILED OR WILL FILE WITH THE SEC BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION, INCLUDING ABOUT THE MATTERS TO BE VOTED ON AT THE ANNUAL MEETING AND ADDITIONAL INFORMATION RELATING TO THE PARTICIPANTS AND THEIR DIRECT OR INDIRECT INTERESTS, BY SECURITY HOLDINGS OR OTHERWISE. The participants in the solicitation of proxies are Mr. Wilson, Anamered Investments Inc., LIPO Investments (USA), Inc., Wilson 5 Foundation, Wilson 5 Foundation Management Ltd., Five Boys Investments ULC, Shannon Wilson, Low Tide Properties Ltd., House of Wilson Ltd., Marc Maurer, Laura Gentile and Eric Hirshberg (collectively, the "Participants"). The Definitive Proxy Statement and accompanying GOLD Universal Proxy Card have been furnished to some or all of the Company's shareholders and, along with other relevant documents, are available at no charge on the SEC's website at https://www.sec.gov/. Contacts
Media
Val Mack, val.mack@fticonsulting.com
Pat Tucker, pat.tucker@fticonsulting.comInvestors
Scott Winter, Gabrielle Wolf
Innisfree M&A Incorporated
(212) 750-58331. SEC Filings of the twenty most recent legal counsel cooperation agreements. View original content:https://www.prnewswire.com/news-releases/chip-wilson-issues-statement-and-shares-details-of-negotiations-with-lululemon-302775101.htmlSOURCE Chip Wilson Original: Chip Wilson Issues Statement and Shares Details of Negotiations with lululemon
US Market News
2週前
lululemon Highlights Strength of its Refreshed Board, with the Right Expertise to Drive the Company’s Next Phase of Growth and Enhanced Shareholder ValueMay 18, 2026 8:08 AM
Business Wire Company Files Definitive Proxy Materials and Sends Letter to Shareholders Urges Shareholders to Vote the WHITE Card Today “FOR” lululemon’s
Three Recommended Director Nominees – Chip Bergh, Esi Eggleston Bracey, and Teri List Visit voteforlululemon.com for More Information lululemon athletica inc. (NASDAQ:LULU) today filed definitive proxy materials with the Securities and Exchange Commission in connection with the company's upcoming Annual Meeting of Shareholders (the “Annual Meeting”) to be held on June 25, 2026. Shareholders of record as of April 30, 2026 will be entitled to vote at the meeting. The definitive proxy statement and other important information related to the Annual Meeting can be found at voteforlululemon.com. In connection with the filing of the definitive proxy statement, the lululemon Board of Directors (the “Board”) is also mailing a letter to the company’s shareholders and issued the following statement: Building on decades of growth and value creation, the lululemon Board has taken and continues to take decisive steps to address recent performance with bold actions that position the company for its next phase of success. With a purpose-built, refreshed Board, an incoming CEO with the right balance of creativity and operational discipline, and an outstanding team advancing our strategies with urgency, the company is continuing its forward motion and is well positioned to deliver on lululemon’s full potential and drive shareholder value. More than ten years ago, Chip Wilson stepped off the Board as a result of several public controversies and his involvement in a competing business. Since then, he has been attacking the company and the Board for many years, even when the company’s performance was stellar. Mr. Wilson has outdated perspectives about how to position lululemon and the future of the company, as well as troubling conflicts of interest. His actions have been damaging to the brand and harming the very stakeholders he claims to represent: shareholders, guests, and employees. Electing any of Mr. Wilson’s nominees would endorse his misguided perspectives, significantly downgrade the Board’s skills and expertise, and jeopardize the ability of the leadership team and our incoming CEO to effectively build on and accelerate lululemon’s ongoing action plan at a critical time for the business. The Board urges shareholders to vote the WHITE proxy card “FOR” the company’s three directors up for election – Chip Bergh, Esi Eggleston Bracey, and Teri List. Each of the company’s director nominees are proven executives with deep industry expertise and valuable skillsets directly relevant to lululemon’s business that are vastly superior to Mr. Wilson’s nominees. Collectively, lululemon’s Board brings deep consumer and retail knowledge, leadership experience at scaled global businesses dependent on meaningful creative innovation, and governance expertise gained through extensive public company board service. This is the moment to support lululemon’s progress – not put it at risk. Vote the WHITE proxy card today “FOR” lululemon’s three recommended director nominees – Chip Bergh, Esi Eggleston Bracey, and Teri List. The full text of the letter follows: Dear Fellow Shareholder, We are confident in lululemon’s future. Building on decades of growth and value creation, your Board and the company’s leadership are taking decisive steps to address recent performance with bold actions that position the company for its next phase of success. Creativity and performance have always been – and will continue to be – at lululemon’s core. Guided by the mindful athlete as our true north star, our team creates with intention and remains focused on blending technical fabric innovation, elevated design, and transformative experiences. lululemon has always been more than a brand. It is a trusted community built on human connection, inspiration, and a shared pursuit of growth. Our commitment to mindful performance is how we support our guests and collective, and work to inspire the world to sweat, grow, and connect. With an experienced and refreshed Board, an incoming CEO who brings a unique balance of creativity and operational discipline, and our strong company leadership team advancing a clear set of strategies with urgency and focus across the company, we are confident in our ability to accelerate growth and deliver enhanced shareholder value. Your vote at this year’s Annual Meeting is critically important and we strongly urge you to use the WHITE proxy card to vote “FOR” lululemon’s three highly qualified directors – Chip Bergh, Esi Eggleston Bracey, and Teri List – for election to your Board of Directors. These directors are proven leaders with deep industry, innovation, finance, and governance expertise. Dennis J. “Chip” Wilson, who stopped serving on the Board over a decade ago for well-documented reasons, has been attacking the company and the Board for many years, damaging the brand and hurting shareholders. He has now put forward three opposing nominees in an attempt to regain increased influence over the company that he has coveted since he left. Your Board firmly believes that replacing any of lululemon’s directors with Mr. Wilson’s less qualified nominees would endorse his misguided perspectives, deprive the company of critical skills and expertise, and risk derailing our progress in an especially pivotal time for our business and organization. The election of any of Mr. Wilson’s nominees would put our forward motion at risk. Your Board has Overseen Significant Historical Growth and Value Creation
and is Taking a New Direction with a Clear Plan to Restore Product Leadership lululemon created an entirely new apparel category by providing women practicing yoga an alternative to the clothing available at the time that did not fit or perform well. The insight shaped the company’s DNA and provided the foundation for our enduring brand pillars – technical performance, a fabric-first innovation philosophy, a community-centered retail model, and a lifestyle identity rooted in wellness, movement, and mindfulness. lululemon has demonstrated an ability to translate these brand pillars into significant sustained growth and cultural relevance, by empowering mindful athletes beyond yoga, as we have built one of the most distinctive brands in global athletic apparel. Mr. Wilson stepped down as CEO of lululemon in 2005 when revenues were less than $85 million. A new CEO was appointed to help scale the business, and the company went public in 2007. At the start of 2015, Mr. Wilson had to step down from the Board, separating from the business entirely, as a result of several brand-damaging public controversies and his involvement in a competing business. lululemon was generating less than $2 billion in annual revenue at the time. Over the past decade, your Board has guided lululemon through a significant period of growth. The company achieved a 10-year revenue CAGR of 18%, an operating income CAGR of 20%, and a diluted earnings per share CAGR of 22%. In fiscal 2025, annual revenue reached $11.1 billion, operating income increased to $2.2 billion, and we ended the fiscal year with $1.8 billion in cash and no debt. The company’s historic growth and value creation have been driven by strong performance in North America and supported by strategic investments made to increase the digital business, grow the Men’s category, and expand into several new and important international markets. We scaled the company’s footprint from 365 stores in 10 markets to over 850 stores in more than 30 markets and brought lululemon’s ethos beyond yoga to athletes across even more activities, including run, train, golf, and tennis.i Financial performance remained robust through fiscal 2023, when the company delivered year-over-year revenue growth of 19%, including double-digit gains in both our Women’s and Men’s categories and 36% growth in accessories and other categories. All channel performance was equally strong year-over-year, with store revenue up 21% and digital revenue up 17%. International markets emerged as a key growth engine, supported by continued product innovation across core franchises such as Align, Scuba, and ABC, alongside new introductions like Wundermost. In fiscal 2025, after year-over-year revenue growth had slowed to 10% in fiscal 2024, with performance in North America softening and comparable sales declining slightly, your Board initiated a fact-based diagnostic of the business to more deeply review the drivers of these trends. This work showed there was a need for changes to strategy and leadership across several areas of the business. In conjunction with the diagnostic, we took meaningful steps to strengthen the broader leadership team, which included bolstering our product team and appointing and promoting new leadership to oversee lululemon’s global commercial strategy and regions. Ultimately, your Board identified the need to further enhance the team’s capabilities. In December 2025, the company announced a CEO transition, so the Board could conduct a broad, open search for the company’s next leader. To guide the company forward during this critical period, your Board appointed two leaders to serve as interim co-CEOs: Meghan Frank, who has served as Chief Financial Officer since 2020, and André Maestrini who joined the company in 2021 and was promoted last year to President and Chief Commercial Officer. With the support of Board Chair Marti Morfitt in her current role as Executive Chair, and the broader lululemon leadership team, Ms. Frank and Mr. Maestrini seamlessly stepped in to lead the business during this period. Advancing a Clear Set of Strategies Your Board also pushed for deliberate steps to reset our strategic focus and course-correct where needed. Since their appointment as co-CEOs, Ms. Frank and Mr. Maestrini have led our leadership team in refining and driving our action plan centered on three pillars – product creation, product activation, and enterprise enablement. We are executing a clear set of strategies in each pillar that is designed to deliver a positive impact on the business this year and into the future. Our team is focused on: Re-energizing the creative product engine. We are accelerating innovation and improving the speed, agility, and quality of our go-to-market process. Our product strategy is focused on newness and maintaining our premium positioning. We are increasing full-price sales and managing inventories tightly. Accelerating brand strength and driving product discovery and excitement. We are bringing our product to life through elevated storytelling, immersive brand activations, and culturally relevant moments that deepen guest connection in North America and around the world. We are better aligning innovation, product drops, and brand experiences. Supporting efficiency across our organization and empowering our people and culture. We are simplifying our operations, focusing on scaling more effectively and remaining disciplined in store footprint expansion, while continuing to invest in key growth initiatives. Our leadership team is committed to continuing to support the culture that has always been central to lululemon and our success. We know our guests expect new and unparalleled product from us in terms of design, fabrication, performance, and innovation – and that is what we are working to continually deliver. While there is significant potential yet to be realized, the work we have underway is already visible across the business: product innovations and newness such as Unrestricted Power, ThermoZen, and our latest run collection, exciting brand and product activations that bring our communities together, and a lululemon team that is energized about serving our guests and collective. Over time, we expect these and other initiatives we have underway to fuel a return to growth in North America, drive continued international momentum, and set the company up for its next phase of success. The Right CEO to Drive lululemon’s Next Phase of
Transformation, Innovation, and Operational Excellence at Scale A bold future starts with bold leadership. Your Board knows that having a world-class CEO who has the optimal combination of knowledge and skills is essential for lululemon’s next phase. Following a rigorous search process that evaluated a broad slate of highly qualified candidates across the retail and consumer landscape, the Board identified industry veteran Heidi O’Neill to be the company’s next CEO. Ms. O’Neill is the ideal executive to lead lululemon forward – bringing the unique balance of creativity and operational discipline required at this pivotal moment. As the Board initiated the CEO search, we established criteria that encompassed both turnaround and growth experience. We recognize there are parts of lululemon’s business that need a reset, but that should not be the end game. The lululemon brand remains fundamentally strong and there is significant potential to innovate and evolve product and engage our communities to scale the business even further across activities and internationally. During the months-long interview process, Ms. O’Neill distinguished herself through a rare combination of deep industry, product, and brand experience as well as her strong track record of both transformation and growth at scale. She demonstrated an ability to clearly articulate the lululemon brand’s essence and future opportunity, while also bringing a pragmatic, execution-oriented mindset. During Ms. O’Neill’s tenure at Nike, she oversaw the global consumer and product engine and helped shape the company’s connection with consumers and athletes worldwide. In her most recent role, Heidi was responsible for resetting the brand foundation while also reducing product development timelines to accelerate speed to market. She also spent over 15 years leading Nike’s apparel – inclusive of its merchandising, design, and innovation businesses – through a period of rapid growth. Ms. O’Neill established and built Nike’s Women’s business and grew it into a multi-billion-dollar franchise. And she led important digital transformations as an early digital champion and innovator, during a period of rapid digital commerce sales growth of more than 65%.ii Just as important as Ms. O’Neill’s professional skills and operating track record are the deep respect she has for lululemon’s brand and her understanding of our culture. She knows the power of bringing the organization together around our shared mission and values, connecting every function to what makes lululemon special and truly differentiated in the market. She shares our belief that the strongest brands are built through authentic human connection and recognizes the unique relationship we have with our guests and the communities we have built. She believes in lululemon’s focus on mindful performance, empowering our guests to feel their best, perform their best, and reach their goals. She is passionate about wellbeing and sees the opportunity for growth that represents. We have an outstanding team at lululemon that is already advancing our strategies to strengthen brand health, improve performance, and enhance shareholder value. Ms. O’Neill will have a strong foundation to build upon for a fast start as she accelerates our path forward. She is the right CEO at the right time to deliver on lululemon’s full potential in the near- and long-term. A Purpose-Built, Refreshed, and Independent Board
with Critical Experience and Skills to Guide lululemon Forward lululemon’s Board brings together the experience and perspective needed to provide effective oversight as the company works to realize its full potential. Your Board has been thoughtfully and consistently refreshed over time, with six directors – nearly 70% of the current Board, including all three nominees standing for election this year – appointed within the past five years. Each of lululemon’s directors brings important expertise that has been specifically sought out, taking into consideration the skills and knowledge needed to support the company’s success long into the future. Collectively, your Board’s experience spans product-led innovation, brand building, premium and vertical apparel retail, corporate transformations and turnarounds, finance and accounting leadership, digital and AI strategy and development, and growing a consumer brand in the China market. The directors together bring not only deep knowledge of the consumer, but also leadership experience at scaled global businesses dependent on meaningful innovation, and governance expertise gained through extensive public company board service. Importantly, the Board is working with the leadership team in guiding and supporting the critical actions underway to drive improved performance and shareholder value. Our three directors up for election – Chip Bergh, Esi Eggleston Bracey, and Teri List – represent the future of the Board. Mr. Bergh and Ms. Eggleston Bracey joined the Board this year, and Ms. List joined in 2024. All three of our nominees have proven track records with executive leadership and public-company Board experience, and bring valuable skillsets relevant to lululemon’s business and vastly superior backgrounds to Mr. Wilson’s nominees: Chip Bergh, who joined the Board in March, brings depth and experience as a true brand expert. While President & Chief Executive Officer of Levi Strauss & Co. for over 12 years, he led its dramatic turnaround, putting the brand back at the center of culture, driving profitable growth, and overseeing its successful 2019 IPO. He served in roles of increasing scope and responsibility during his 28-year tenure at Procter & Gamble, including leading the Gillette Blades & Razors business after it was acquired, the turnaround of Mr. Clean and Old Spice, and the development of Swiffer, one of the company’s most successful organic new brands in the last three decades. Mr. Bergh has nearly 20 years of public company board experience, including currently serving as a director for e.l.f. beauty, Pinterest, and HP, where he is independent chairman of the board. Esi Eggleston Bracey, who joined the Board in April, brings a proven track record of creative leadership, aspirational brand reinvention, innovation, and operational leadership at scale from her more than 30-year career at global consumer and beauty companies. As Chief Growth and Marketing Officer at Unilever, she oversaw transformation of the $60 billion business’ global marketing operating model. As President of Unilever USA and CEO of Unilever Personal Care in North America, she oversaw a multi-billion-dollar portfolio, including Dove, one of the company’s largest and most iconic brands. Earlier, she modernized and repositioned COVERGIRL into a billion-dollar brand and, as President of Consumer Beauty at Coty, led the integration of Procter & Gamble’s retail beauty brands. She also serves on the board of Williams-Sonoma and sits on its audit and finance committee. Teri List, who joined the Board in 2024 and serves as lululemon’s Audit Committee Chair and financial expert, brings over three decades of experience in corporate finance, accounting, and technology. She has served as CFO and senior finance executive at multiple Fortune 500 retail and consumer companies, including The Gap and Kraft Heinz. In Ms. List’s CFO roles, she has helped organizations navigate through market cycles and instilled financial rigor and accountability across teams. In addition, she has led initiatives to drive operational efficiency, strengthen cost discipline, and advance IT capabilities in commerce, analytics, and inventory management. Ms. List also brings nearly 15 years of governance expertise from her board service, including her current director roles with Visa, Microsoft, and Danaher. In addition to your Board actively refreshing its composition of directors, we regularly review the company’s governance practices. As part of this review, we considered and support Mr. Wilson’s proposal to have all directors elected annually for one-year terms. We encourage shareholders to vote “FOR” this annual director elections proposal. Mr. Wilson is Putting lululemon at Risk;
His Campaign is Just the Latest Iteration of His Long-Standing Personal Grievances
and Desire to Regain Influence at lululemon Mr. Wilson has shown that he does not have a full understanding of the business today or the brand’s future potential and remains intractably focused on the past. His vision for lululemon appears to be frozen in time, viewing lululemon through the lens of a founder who has been outside the boardroom for over a decade and away from any operating responsibility within the company for nearly 15 years. Rather than recognizing that lululemon’s scale and expanded global reach require a different strategy and operational approach, his proclamations about the Board and how the company should be run seem to be based on his recollections of a business that was a fraction of the size it is today. He also has a skewed understanding of public company governance, as he routinely confuses the roles of management and the Board. His ideas would either undermine effective strategy and corporate governance or are already being implemented. Further, Mr. Wilson’s current campaign largely recycles criticisms he has made repeatedly over the last decade, even when the company was delivering industry-leading revenue and operating income growth. This demonstrates that he appears to be driven by personal grievances and a longstanding desire to return to a position of influence with the company, rather than finding a constructive path forward that would benefit lululemon and all of the company’s shareholders. The Board and leadership team have engaged with Mr. Wilson extensively over the years, and have been open to his ideas about the business even though he had no formal role or involvement with the company. We have attempted to maintain a cordial and productive relationship with Mr. Wilson; however, he has repeatedly launched public attacks against the company year after year and has made controversial public statements that have had a negative impact on the brand. In addition to his many shareholder letters, media interviews, advertisements, and social media posts, Mr. Wilson has published two books to air his personal grievances against the Board and leadership. Despite all of this, your Board has remained open-minded and made repeated good faith attempts to reach a reasonable resolution with Mr. Wilson to avoid a costly and distracting proxy contest. Starting last year, we offered to evaluate any potential director candidates who Mr. Wilson wanted the Board to consider as part of our refreshment efforts. Once the leadership transition was announced, the Board also asked him to share any potential CEO candidate names. He declined to provide names in both cases. Further, after Mr. Wilson formally notified the Board of his director nominees, he refused for months to make them available for interviews. Instead, he ultimately took an extreme position of insisting on the installment of all three of his nominees, and has paired that with a series of requirements that demonstrate the true goal of his campaign: he wants the ability to dictate our strategy from outside the boardroom. His shifting demands have included: Quarterly meetings for the new CEO and three directors to provide non-public information and “present business, strategy, two upcoming seasons of product, and alignment on muse” to Mr. Wilson and his son for their review – all while they continue their extensive involvement in competing business ventures. The formation of an “innovation and strategy committee” chaired by one of his nominees, with a mandate to oversee succession planning and the CEO search process, bypassing the company’s corporate governance rules and shareholder expectations. Two of his nominees serving on the Board’s Corporate Responsibility, Sustainability and Governance Committee, with one of those serving as Chair of the committee despite not having governance expertise or experience serving on such a committee. More broadly, Mr. Wilson has proposed placing his nominees across other Board committees, including the Audit Committee, despite his nominees not having the necessary financial expertise. The right of Mr. Wilson to “designate” replacements in the event any of his directors depart from the Board for any reason. The establishment of a “100-day” 10-person committee comprised of former company employees to provide input to the company’s strategy. Shareholders should also be aware that Mr. Wilson has significant investment and leadership positions in a direct competitor to lululemon and recently launched a venture to back and grow future competitors. He has also told Board members that he has advised two other direct competitors. No competent public company board would ever give a direct competitor as much influence or insight into strategy and future product plans as Mr. Wilson has demanded. To make things worse, at every step, Mr. Wilson has continued his persistent public attacks against the company. These disruptive, brand-damaging tactics that again have included multiple publicity stunts are hurting shareholders, alienating our guests, and undermining the efforts of our employees who work hard every day to deliver incredible product and guest experiences. While Mr. Wilson continues to recycle outdated views on the further trajectory of the company and remains adamant that the only acceptable solution is one that maximizes his personal influence, your Board and the company’s leadership team are advancing the strategies needed to deliver on lululemon’s potential and position this incredible business for long-term success. Mr. Wilson’s Nominees Do Not Have the Necessary Experience;
Electing Any of Mr. Wilson’s Nominees Would Remove Critical Skills
and Expertise from Your Board A Board overseeing an $11+ billion global business needs directors with skills and experience to provide appropriate oversight while driving performance and shareholder value. Your Board has been selected, over years of active refreshment, for this very purpose. We interviewed and spent considerable time with all three of Mr. Wilson’s nominees and determined that their appointment would not be beneficial to shareholders and, if elected, would remove critical skills from your Board. Further, the election of these nominees would be an endorsement of the views of a founder with outdated perspectives about how to position the business and future of the company, as well as troubling conflicts of interest. A cursory examination of the backgrounds of Mr. Wilson’s nominees should convince shareholders that the appointment of any member of Mr. Wilson’s slate would result in a significant degradation of your Board’s experience and expertise, including the loss of deep industry and corporate governance experience as well as financial expertise that is required for a public company. Laura Gentile has no public company board experience, no direct experience in apparel or retail, and has not held a position with responsibility for enterprise-level decisions of a public company. A former marketing executive at ESPN – a division of The Walt Disney Company – Ms. Gentile’s career has been almost entirely focused on sports media. Eric Hirshberg has no public company board experience and no direct experience in apparel or retail. He was CEO for a segment of Activision Blizzard, not an enterprise CEO, and oversaw video game franchises with audiences vastly different from lululemon. Following his retirement from Activision eight years ago, he has had no executive-level professional experience. Marc Maurer has no public company board experience and limited apparel experience with a business that is ~2% of lululemon’s size.iii Most concerning, however, is a personal stake worth tens of millions of dollars in a competitor that comprises a considerable portion of his net worth. Electing any of Mr. Wilson’s nominees would represent a meaningful downgrade to your Board’s skills and experience and would jeopardize the ability of the leadership team and our incoming CEO to effectively build on and accelerate lululemon’s action plan at a critical time for the business. The choice is clear. Vote on the WHITE proxy card “FOR” lululemon’s three directors – Chip Bergh, Esi Eggleston Bracey, and Teri List – who are proven leaders with deep industry, innovation, finance, and governance expertise. Taking Actions to Drive lululemon Forward and Create Value for Shareholders Your Board and leadership team are executing with urgency and discipline to foster strong brand health and deliver improved financial results and enhanced value for shareholders. With a refreshed Board bringing critical skills and knowledge, an incoming CEO with expertise across product, brand, and operational discipline at scale, and strong leaders continuing to advance our action plan strategies, the company is well positioned to build on our strong foundation and capitalize on the significant opportunities ahead. Our three highly qualified, independent director candidates – Chip Bergh, Esi Eggleston Bracey, and Teri List – are the future of the Board and bring valuable experience and perspectives to help drive the company’s long-term success and deliver value creation for shareholders. This is the moment to support lululemon’s progress – not put it at risk. Your Board recommends that you vote “FOR” ALL THREE of lululemon’s highly qualified, independent directors – Chip Bergh, Esi Eggleston Bracey, and Teri List – using the WHITE proxy card today. Please simply disregard any gold proxy card you may receive from Dennis J. “Chip” Wilson. Thank you for your continued support. Sincerely,
The lululemon Board of Directors YOUR VOTE IS IMPORTANT, NO MATTER HOW MANY SHARES YOU OWN.
Whether or not you plan to attend the Annual Meeting, your Board recommends you vote using the
WHITE proxy card provided by management to vote “FOR” the nominees
and proposals recommended by your Board, as soon as possible. If you have already submitted a gold proxy card, you may revoke that vote
by voting again using lululemon’s WHITE proxy card. Only your latest-dated valid proxy
will be counted at the Annual Meeting.
If you have any questions or require assistance with voting your WHITE proxy card, please contact our proxy solicitation firm, Okapi Partners: (888) 785-6617
info@okapipartners.com lululemon’s definitive proxy materials, including its definitive proxy statement and other materials regarding the Board’s recommendations for the 2026 Annual Meeting, can be found at voteforlululemon.com. About lululemon lululemon (NASDAQ:LULU) is a technical athletic apparel, footwear, and accessories company for yoga, running, training, and most other activities, creating transformational products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all. Setting the bar in innovation of fabrics and functional designs, lululemon works with yogis and athletes in local communities around the world for continuous research and product feedback. For more information, visit lululemon.com. Forward-Looking Statements and Risk Factors This communication contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including those related to successful leadership integration, execution of business strategies, and other factors described in reports we file from time to time with the Securities and Exchange Commission (the “SEC”), including Forms 10-K and 10-Q. We undertake no obligation to update any forward-looking statements. Important Additional Information and Where to Find It The company has filed a definitive proxy statement on Schedule 14A, an accompanying WHITE proxy card, and other relevant documents with the SEC in connection with the solicitation of proxies from the company’s stockholders for the company’s 2026 annual meeting of stockholders. THE COMPANY’S STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE PROXY CARD, AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain a free copy of the definitive proxy statement, an accompanying WHITE proxy card, any amendments or supplements to the proxy statement, and other documents that the company files with the SEC at no charge from the SEC’s website at www.sec.gov. Copies will also be available at no charge by clicking the “SEC filings” link in the “Financial Information” section of the “Investors” tab of the company’s website at https://corporate.lululemon.com/. i Fiscal 2015 vs Fiscal 2025, includes company-operated stores and locations operated by 3rd parties under license and supply arrangements ii Reflects Nike, Inc. digital commerce sales growth from fiscal 2020 to fiscal 2021. Source: Nike, Inc. Fiscal 2021 Form 10-K iii Reflects On Holding AG’s disclosed apparel segment revenue relative to lululemon’s apparel revenue for the latest fiscal year. Source: On Holding AG public disclosures View source version on businesswire.com: https://www.businesswire.com/news/home/20260517267183/en/ Investor Contacts
lululemon athletica inc.
Howard Tubin
1-604-732-6124 or ICR, Inc.
Joseph Teklits
1-203-682-8200 Media Contacts
lululemon athletica inc.
Madi Wallace
1-604-732-6124 or Joele Frank, Wilkinson Brimmer Katcher
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1-212-355-4449 Original: lululemon Highlights Strength of its Refreshed Board, with the Right Expertise to Drive the Company’s Next Phase of Growth and Enhanced Shareholder Value
US Market News
2週前
lululemon Highlights Strength of its Refreshed Board, with the Right Expertise to Drive the Company’s Next Phase of Growth and Enhanced Shareholder ValueMay 18, 2026 7:30 AM
Business Wire Company Files Definitive Proxy Materials and Sends Letter to Shareholders Urges Shareholders to Vote the WHITE Card Today “FOR” lululemon’s
Three Recommended Director Nominees – Chip Bergh, Esi Eggleston Bracey, and Teri List Visit voteforlululemon.com for More Information lululemon athletica inc. (NASDAQ:LULU) today filed definitive proxy materials with the Securities and Exchange Commission in connection with the company's upcoming Annual Meeting of Shareholders (the “Annual Meeting”) to be held on June 25, 2026. Shareholders of record as of April 30, 2026 will be entitled to vote at the meeting. The definitive proxy statement and other important information related to the Annual Meeting can be found at voteforlululemon.com. In connection with the filing of the definitive proxy statement, the lululemon Board of Directors (the “Board”) is also mailing a letter to the company’s shareholders and issued the following statement: Building on decades of growth and value creation, the lululemon Board has taken and continues to take decisive steps to address recent performance with bold actions that position the company for its next phase of success. With a purpose-built, refreshed Board, an incoming CEO with the right balance of creativity and operational discipline, and an outstanding team advancing our strategies with urgency, the company is continuing its forward motion and is well positioned to deliver on lululemon’s full potential and drive shareholder value. More than ten years ago, Chip Wilson stepped off the Board as a result of several public controversies and his involvement in a competing business. Since then, he has been attacking the company and the Board for many years, even when the company’s performance was stellar. Mr. Wilson has outdated perspectives about how to position lululemon and the future of the company, as well as troubling conflicts of interest. His actions have been damaging to the brand and harming the very stakeholders he claims to represent: shareholders, guests, and employees. Electing any of Mr. Wilson’s nominees would endorse his misguided perspectives, significantly downgrade the Board’s skills and expertise, and jeopardize the ability of the leadership team and our incoming CEO to effectively build on and accelerate lululemon’s ongoing action plan at a critical time for the business. The Board urges shareholders to vote the WHITE proxy card “FOR” the company’s three directors up for election – Chip Bergh, Esi Eggleston Bracey, and Teri List. Each of the company’s director nominees are proven executives with deep industry expertise and valuable skillsets directly relevant to lululemon’s business that are vastly superior to Mr. Wilson’s nominees. Collectively, lululemon’s Board brings deep consumer and retail knowledge, leadership experience at scaled global businesses dependent on meaningful creative innovation, and governance expertise gained through extensive public company board service. This is the moment to support lululemon’s progress – not put it at risk. Vote the WHITE proxy card today “FOR” lululemon’s three recommended director nominees – Chip Bergh, Esi Eggleston Bracey, and Teri List. The full text of the letter follows: Dear Fellow Shareholder, We are confident in lululemon’s future. Building on decades of growth and value creation, your Board and the company’s leadership are taking decisive steps to address recent performance with bold actions that position the company for its next phase of success. Creativity and performance have always been – and will continue to be – at lululemon’s core. Guided by the mindful athlete as our true north star, our team creates with intention and remains focused on blending technical fabric innovation, elevated design, and transformative experiences. lululemon has always been more than a brand. It is a trusted community built on human connection, inspiration, and a shared pursuit of growth. Our commitment to mindful performance is how we support our guests and collective, and work to inspire the world to sweat, grow, and connect. With an experienced and refreshed Board, an incoming CEO who brings a unique balance of creativity and operational discipline, and our strong company leadership team advancing a clear set of strategies with urgency and focus across the company, we are confident in our ability to accelerate growth and deliver enhanced shareholder value. Your vote at this year’s Annual Meeting is critically important and we strongly urge you to use the WHITE proxy card to vote “FOR” lululemon’s three highly qualified directors – Chip Bergh, Esi Eggleston Bracey, and Teri List – for election to your Board of Directors. These directors are proven leaders with deep industry, innovation, finance, and governance expertise. Dennis J. “Chip” Wilson, who stopped serving on the Board over a decade ago for well-documented reasons, has been attacking the company and the Board for many years, damaging the brand and hurting shareholders. He has now put forward three opposing nominees in an attempt to regain increased influence over the company that he has coveted since he left. Your Board firmly believes that replacing any of lululemon’s directors with Mr. Wilson’s less qualified nominees would endorse his misguided perspectives, deprive the company of critical skills and expertise, and risk derailing our progress in an especially pivotal time for our business and organization. The election of any of Mr. Wilson’s nominees would put our forward motion at risk. Your Board has Overseen Significant Historical Growth and Value Creation
and is Taking a New Direction with a Clear Plan to Restore Product Leadership lululemon created an entirely new apparel category by providing women practicing yoga an alternative to the clothing available at the time that did not fit or perform well. The insight shaped the company’s DNA and provided the foundation for our enduring brand pillars – technical performance, a fabric-first innovation philosophy, a community-centered retail model, and a lifestyle identity rooted in wellness, movement, and mindfulness. lululemon has demonstrated an ability to translate these brand pillars into significant sustained growth and cultural relevance, by empowering mindful athletes beyond yoga, as we have built one of the most distinctive brands in global athletic apparel. Mr. Wilson stepped down as CEO of lululemon in 2005 when revenues were less than $85 million. A new CEO was appointed to help scale the business, and the company went public in 2007. At the start of 2015, Mr. Wilson had to step down from the Board, separating from the business entirely, as a result of several brand-damaging public controversies and his involvement in a competing business. lululemon was generating less than $2 billion in annual revenue at the time. Over the past decade, your Board has guided lululemon through a significant period of growth. The company achieved a 10-year revenue CAGR of 18%, an operating income CAGR of 20%, and a diluted earnings per share CAGR of 22%. In fiscal 2025, annual revenue reached $11.1 billion, operating income increased to $2.2 billion, and we ended the fiscal year with $1.8 billion in cash and no debt. The company’s historic growth and value creation have been driven by strong performance in North America and supported by strategic investments made to increase the digital business, grow the Men’s category, and expand into several new and important international markets. We scaled the company’s footprint from 365 stores in 10 markets to over 850 stores in more than 30 markets and brought lululemon’s ethos beyond yoga to athletes across even more activities, including run, train, golf, and tennis.i Financial performance remained robust through fiscal 2023, when the company delivered year-over-year revenue growth of 19%, including double-digit gains in both our Women’s and Men’s categories and 36% growth in accessories and other categories. All channel performance was equally strong year-over-year, with store revenue up 21% and digital revenue up 17%. International markets emerged as a key growth engine, supported by continued product innovation across core franchises such as Align, Scuba, and ABC, alongside new introductions like Wundermost. In fiscal 2025, after year-over-year revenue growth had slowed to 10% in fiscal 2024, with performance in North America softening and comparable sales declining slightly, your Board initiated a fact-based diagnostic of the business to more deeply review the drivers of these trends. This work showed there was a need for changes to strategy and leadership across several areas of the business. In conjunction with the diagnostic, we took meaningful steps to strengthen the broader leadership team, which included bolstering our product team and appointing and promoting new leadership to oversee lululemon’s global commercial strategy and regions. Ultimately, your Board identified the need to further enhance the team’s capabilities. In December 2025, the company announced a CEO transition, so the Board could conduct a broad, open search for the company’s next leader. To guide the company forward during this critical period, your Board appointed two leaders to serve as interim co-CEOs: Meghan Frank, who has served as Chief Financial Officer since 2020, and André Maestrini who joined the company in 2021 and was promoted last year to President and Chief Commercial Officer. With the support of Board Chair Marti Morfitt in her current role as Executive Chair, and the broader lululemon leadership team, Ms. Frank and Mr. Maestrini seamlessly stepped in to lead the business during this period. Advancing a Clear Set of Strategies Your Board also pushed for deliberate steps to reset our strategic focus and course-correct where needed. Since their appointment as co-CEOs, Ms. Frank and Mr. Maestrini have led our leadership team in refining and driving our action plan centered on three pillars – product creation, product activation, and enterprise enablement. We are executing a clear set of strategies in each pillar that is designed to deliver a positive impact on the business this year and into the future. Our team is focused on: Re-energizing the creative product engine. We are accelerating innovation and improving the speed, agility, and quality of our go-to-market process. Our product strategy is focused on newness and maintaining our premium positioning. We are increasing full-price sales and managing inventories tightly. Accelerating brand strength and driving product discovery and excitement. We are bringing our product to life through elevated storytelling, immersive brand activations, and culturally relevant moments that deepen guest connection in North America and around the world. We are better aligning innovation, product drops, and brand experiences. Supporting efficiency across our organization and empowering our people and culture. We are simplifying our operations, focusing on scaling more effectively and remaining disciplined in store footprint expansion, while continuing to invest in key growth initiatives. Our leadership team is committed to continuing to support the culture that has always been central to lululemon and our success. We know our guests expect new and unparalleled product from us in terms of design, fabrication, performance, and innovation – and that is what we are working to continually deliver. While there is significant potential yet to be realized, the work we have underway is already visible across the business: product innovations and newness such as Unrestricted Power, ThermoZen, and our latest run collection, exciting brand and product activations that bring our communities together, and a lululemon team that is energized about serving our guests and collective. Over time, we expect these and other initiatives we have underway to fuel a return to growth in North America, drive continued international momentum, and set the company up for its next phase of success. The Right CEO to Drive lululemon’s Next Phase of
Transformation, Innovation, and Operational Excellence at Scale A bold future starts with bold leadership. Your Board knows that having a world-class CEO who has the optimal combination of knowledge and skills is essential for lululemon’s next phase. Following a rigorous search process that evaluated a broad slate of highly qualified candidates across the retail and consumer landscape, the Board identified industry veteran Heidi O’Neill to be the company’s next CEO. Ms. O’Neill is the ideal executive to lead lululemon forward – bringing the unique balance of creativity and operational discipline required at this pivotal moment. As the Board initiated the CEO search, we established criteria that encompassed both turnaround and growth experience. We recognize there are parts of lululemon’s business that need a reset, but that should not be the end game. The lululemon brand remains fundamentally strong and there is significant potential to innovate and evolve product and engage our communities to scale the business even further across activities and internationally. During the months-long interview process, Ms. O’Neill distinguished herself through a rare combination of deep industry, product, and brand experience as well as her strong track record of both transformation and growth at scale. She demonstrated an ability to clearly articulate the lululemon brand’s essence and future opportunity, while also bringing a pragmatic, execution-oriented mindset. During Ms. O’Neill’s tenure at Nike, she oversaw the global consumer and product engine and helped shape the company’s connection with consumers and athletes worldwide. In her most recent role, Heidi was responsible for resetting the brand foundation while also reducing product development timelines to accelerate speed to market. She also spent over 15 years leading Nike’s apparel – inclusive of its merchandising, design, and innovation businesses – through a period of rapid growth. Ms. O’Neill established and built Nike’s Women’s business and grew it into a multi-billion-dollar franchise. And she led important digital transformations as an early digital champion and innovator, during a period of rapid digital commerce sales growth of more than 65%.ii Just as important as Ms. O’Neill’s professional skills and operating track record are the deep respect she has for lululemon’s brand and her understanding of our culture. She knows the power of bringing the organization together around our shared mission and values, connecting every function to what makes lululemon special and truly differentiated in the market. She shares our belief that the strongest brands are built through authentic human connection and recognizes the unique relationship we have with our guests and the communities we have built. She believes in lululemon’s focus on mindful performance, empowering our guests to feel their best, perform their best, and reach their goals. She is passionate about wellbeing and sees the opportunity for growth that represents. We have an outstanding team at lululemon that is already advancing our strategies to strengthen brand health, improve performance, and enhance shareholder value. Ms. O’Neill will have a strong foundation to build upon for a fast start as she accelerates our path forward. She is the right CEO at the right time to deliver on lululemon’s full potential in the near- and long-term. A Purpose-Built, Refreshed, and Independent Board
with Critical Experience and Skills to Guide lululemon Forward lululemon’s Board brings together the experience and perspective needed to provide effective oversight as the company works to realize its full potential. Your Board has been thoughtfully and consistently refreshed over time, with six directors – nearly 70% of the current Board, including all three nominees standing for election this year – appointed within the past five years. Each of lululemon’s directors brings important expertise that has been specifically sought out, taking into consideration the skills and knowledge needed to support the company’s success long into the future. Collectively, your Board’s experience spans product-led innovation, brand building, premium and vertical apparel retail, corporate transformations and turnarounds, finance and accounting leadership, digital and AI strategy and development, and growing a consumer brand in the China market. The directors together bring not only deep knowledge of the consumer, but also leadership experience at scaled global businesses dependent on meaningful innovation, and governance expertise gained through extensive public company board service. Importantly, the Board is working with the leadership team in guiding and supporting the critical actions underway to drive improved performance and shareholder value. Our three directors up for election – Chip Bergh, Esi Eggleston Bracey, and Teri List – represent the future of the Board. Mr. Bergh and Ms. Eggleston Bracey joined the Board this year, and Ms. List joined in 2024. All three of our nominees have proven track records with executive leadership and public-company Board experience, and bring valuable skillsets relevant to lululemon’s business and vastly superior backgrounds to Mr. Wilson’s nominees: Chip Bergh, who joined the Board in March, brings depth and experience as a true brand expert. While President & Chief Executive Officer of Levi Strauss & Co. for over 12 years, he led its dramatic turnaround, putting the brand back at the center of culture, driving profitable growth, and overseeing its successful 2019 IPO. He served in roles of increasing scope and responsibility during his 28-year tenure at Procter & Gamble, including leading the Gillette Blades & Razors business after it was acquired, the turnaround of Mr. Clean and Old Spice, and the development of Swiffer, one of the company’s most successful organic new brands in the last three decades. Mr. Bergh has nearly 20 years of public company board experience, including currently serving as a director for e.l.f. beauty, Pinterest, and HP, where he is independent chairman of the board. Esi Eggleston Bracey, who joined the Board in April, brings a proven track record of creative leadership, aspirational brand reinvention, innovation, and operational leadership at scale from her more than 30-year career at global consumer and beauty companies. As Chief Growth and Marketing Officer at Unilever, she oversaw transformation of the $60 billion business’ global marketing operating model. As President of Unilever USA and CEO of Unilever Personal Care in North America, she oversaw a multi-billion-dollar portfolio, including Dove, one of the company’s largest and most iconic brands. Earlier, she modernized and repositioned COVERGIRL into a billion-dollar brand and, as President of Consumer Beauty at Coty, led the integration of Procter & Gamble’s retail beauty brands. She also serves on the board of Williams-Sonoma and sits on its audit and finance committee. Teri List, who joined the Board in 2024 and serves as lululemon’s Audit Committee Chair and financial expert, brings over three decades of experience in corporate finance, accounting, and technology. She has served as CFO and senior finance executive at multiple Fortune 500 retail and consumer companies, including The Gap and Kraft Heinz. In Ms. List’s CFO roles, she has helped organizations navigate through market cycles and instilled financial rigor and accountability across teams. In addition, she has led initiatives to drive operational efficiency, strengthen cost discipline, and advance IT capabilities in commerce, analytics, and inventory management. Ms. List also brings nearly 15 years of governance expertise from her board service, including her current director roles with Visa, Microsoft, and Danaher. In addition to your Board actively refreshing its composition of directors, we regularly review the company’s governance practices. As part of this review, we considered and support Mr. Wilson’s proposal to have all directors elected annually for one-year terms. We encourage shareholders to vote “FOR” this annual director elections proposal. Mr. Wilson is Putting lululemon at Risk;
His Campaign is Just the Latest Iteration of His Long-Standing Personal Grievances
and Desire to Regain Influence at lululemon Mr. Wilson has shown that he does not have a full understanding of the business today or the brand’s future potential and remains intractably focused on the past. His vision for lululemon appears to be frozen in time, viewing lululemon through the lens of a founder who has been outside the boardroom for over a decade and away from any operating responsibility within the company for nearly 15 years. Rather than recognizing that lululemon’s scale and expanded global reach require a different strategy and operational approach, his proclamations about the Board and how the company should be run seem to be based on his recollections of a business that was a fraction of the size it is today. He also has a skewed understanding of public company governance, as he routinely confuses the roles of management and the Board. His ideas would either undermine effective strategy and corporate governance or are already being implemented. Further, Mr. Wilson’s current campaign largely recycles criticisms he has made repeatedly over the last decade, even when the company was delivering industry-leading revenue and operating income growth. This demonstrates that he appears to be driven by personal grievances and a longstanding desire to return to a position of influence with the company, rather than finding a constructive path forward that would benefit lululemon and all of the company’s shareholders. The Board and leadership team have engaged with Mr. Wilson extensively over the years, and have been open to his ideas about the business even though he had no formal role or involvement with the company. We have attempted to maintain a cordial and productive relationship with Mr. Wilson; however, he has repeatedly launched public attacks against the company year after year and has made controversial public statements that have had a negative impact on the brand. In addition to his many shareholder letters, media interviews, advertisements, and social media posts, Mr. Wilson has published two books to air his personal grievances against the Board and leadership. Despite all of this, your Board has remained open-minded and made repeated good faith attempts to reach a reasonable resolution with Mr. Wilson to avoid a costly and distracting proxy contest. Starting last year, we offered to evaluate any potential director candidates who Mr. Wilson wanted the Board to consider as part of our refreshment efforts. Once the leadership transition was announced, the Board also asked him to share any potential CEO candidate names. He declined to provide names in both cases. Further, after Mr. Wilson formally notified the Board of his director nominees, he refused for months to make them available for interviews. Instead, he ultimately took an extreme position of insisting on the installment of all three of his nominees, and has paired that with a series of requirements that demonstrate the true goal of his campaign: he wants the ability to dictate our strategy from outside the boardroom. His shifting demands have included: Quarterly meetings for the new CEO and three directors to provide non-public information and “present business, strategy, two upcoming seasons of product, and alignment on muse” to Mr. Wilson and his son for their review – all while they continue their extensive involvement in competing business ventures. The formation of an “innovation and strategy committee” chaired by one of his nominees, with a mandate to oversee succession planning and the CEO search process, bypassing the company’s corporate governance rules and shareholder expectations. Two of his nominees serving on the Board’s Corporate Responsibility, Sustainability and Governance Committee, with one of those serving as Chair of the committee despite not having governance expertise or experience serving on such a committee. More broadly, Mr. Wilson has proposed placing his nominees across other Board committees, including the Audit Committee, despite his nominees not having the necessary financial expertise. The right of Mr. Wilson to “designate” replacements in the event any of his directors depart from the Board for any reason. The establishment of a “100-day” 10-person committee comprised of former company employees to provide input to the company’s strategy. Shareholders should also be aware that Mr. Wilson has significant investment and leadership positions in a direct competitor to lululemon and recently launched a venture to back and grow future competitors. He has also told Board members that he has advised two other direct competitors. No competent public company board would ever give a direct competitor as much influence or insight into strategy and future product plans as Mr. Wilson has demanded. To make things worse, at every step, Mr. Wilson has continued his persistent public attacks against the company. These disruptive, brand-damaging tactics that again have included multiple publicity stunts are hurting shareholders, alienating our guests, and undermining the efforts of our employees who work hard every day to deliver incredible product and guest experiences. While Mr. Wilson continues to recycle outdated views on the further trajectory of the company and remains adamant that the only acceptable solution is one that maximizes his personal influence, your Board and the company’s leadership team are advancing the strategies needed to deliver on lululemon’s potential and position this incredible business for long-term success. Mr. Wilson’s Nominees Do Not Have the Necessary Experience;
Electing Any of Mr. Wilson’s Nominees Would Remove Critical Skills
and Expertise from Your Board A Board overseeing an $11+ billion global business needs directors with skills and experience to provide appropriate oversight while driving performance and shareholder value. Your Board has been selected, over years of active refreshment, for this very purpose. We interviewed and spent considerable time with all three of Mr. Wilson’s nominees and determined that their appointment would not be beneficial to shareholders and, if elected, would remove critical skills from your Board. Further, the election of these nominees would be an endorsement of the views of a founder with outdated perspectives about how to position the business and future of the company, as well as troubling conflicts of interest. A cursory examination of the backgrounds of Mr. Wilson’s nominees should convince shareholders that the appointment of any member of Mr. Wilson’s slate would result in a significant degradation of your Board’s experience and expertise, including the loss of deep industry and corporate governance experience as well as financial expertise that is required for a public company. Laura Gentile has no public company board experience, no direct experience in apparel or retail, and has not held a position with responsibility for enterprise-level decisions of a public company. A former marketing executive at ESPN – a division of The Walt Disney Company – Ms. Gentile’s career has been almost entirely focused on sports media. Eric Hirshberg has no public company board experience and no direct experience in apparel or retail. He was CEO for a segment of Activision Blizzard, not an enterprise CEO, and oversaw video game franchises with audiences vastly different from lululemon. Following his retirement from Activision eight years ago, he has had no executive-level professional experience. Marc Maurer has no public company board experience and limited apparel experience with a business that is ~2% of lululemon’s size.iii Most concerning, however, is a personal stake worth tens of millions of dollars in a competitor that comprises a considerable portion of his net worth. Electing any of Mr. Wilson’s nominees would represent a meaningful downgrade to your Board’s skills and experience and would jeopardize the ability of the leadership team and our incoming CEO to effectively build on and accelerate lululemon’s action plan at a critical time for the business. The choice is clear. Vote on the WHITE proxy card “FOR” lululemon’s three directors – Chip Bergh, Esi Eggleston Bracey, and Teri List – who are proven leaders with deep industry, innovation, finance, and governance expertise. Taking Actions to Drive lululemon Forward and Create Value for Shareholders Your Board and leadership team are executing with urgency and discipline to foster strong brand health and deliver improved financial results and enhanced value for shareholders. With a refreshed Board bringing critical skills and knowledge, an incoming CEO with expertise across product, brand, and operational discipline at scale, and strong leaders continuing to advance our action plan strategies, the company is well positioned to build on our strong foundation and capitalize on the significant opportunities ahead. Our three highly qualified, independent director candidates – Chip Bergh, Esi Eggleston Bracey, and Teri List – are the future of the Board and bring valuable experience and perspectives to help drive the company’s long-term success and deliver value creation for shareholders. This is the moment to support lululemon’s progress – not put it at risk. Your Board recommends that you vote “FOR” ALL THREE of lululemon’s highly qualified, independent directors – Chip Bergh, Esi Eggleston Bracey, and Teri List – using the WHITE proxy card today. Please simply disregard any gold proxy card you may receive from Dennis J. “Chip” Wilson. Thank you for your continued support. Sincerely,
The lululemon Board of Directors YOUR VOTE IS IMPORTANT, NO MATTER HOW MANY SHARES YOU OWN.
Whether or not you plan to attend the Annual Meeting, your Board recommends you vote using the
WHITE proxy card provided by management to vote “FOR” the nominees
and proposals recommended by your Board, as soon as possible. If you have already submitted a gold proxy card, you may revoke that vote
by voting again using lululemon’s WHITE proxy card. Only your latest-dated valid proxy
will be counted at the Annual Meeting.
If you have any questions or require assistance with voting your WHITE proxy card, please contact our proxy solicitation firm, Okapi Partners: (888) 785-6617
info@okapipartners.com lululemon’s definitive proxy materials, including its definitive proxy statement and other materials regarding the Board’s recommendations for the 2026 Annual Meeting, can be found at voteforlululemon.com. About lululemon lululemon (NASDAQ:LULU) is a technical athletic apparel, footwear, and accessories company for yoga, running, training, and most other activities, creating transformational products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all. Setting the bar in innovation of fabrics and functional designs, lululemon works with yogis and athletes in local communities around the world for continuous research and product feedback. For more information, visit lululemon.com. Forward-Looking Statements and Risk Factors This communication contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including those related to successful leadership integration, execution of business strategies, and other factors described in reports we file from time to time with the Securities and Exchange Commission (the “SEC”), including Forms 10-K and 10-Q. We undertake no obligation to update any forward-looking statements. Important Additional Information and Where to Find It The company has filed a definitive proxy statement on Schedule 14A, an accompanying WHITE proxy card, and other relevant documents with the SEC in connection with the solicitation of proxies from the company’s stockholders for the company’s 2026 annual meeting of stockholders. THE COMPANY’S STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE PROXY CARD, AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain a free copy of the definitive proxy statement, an accompanying WHITE proxy card, any amendments or supplements to the proxy statement, and other documents that the company files with the SEC at no charge from the SEC’s website at www.sec.gov. Copies will also be available at no charge by clicking the “SEC filings” link in the “Financial Information” section of the “Investors” tab of the company’s website at https://corporate.lululemon.com/. i Fiscal 2015 vs Fiscal 2025, includes company-operated stores and locations operated by 3rd parties under license and supply arrangements ii Reflects Nike, Inc. digital commerce sales growth from fiscal 2020 to fiscal 2021. Source: Nike, Inc. Fiscal 2021 Form 10-K iii Reflects On Holding AG’s disclosed apparel segment revenue relative to lululemon’s apparel revenue for the latest fiscal year. Source: On Holding AG public disclosures View source version on businesswire.com: https://www.businesswire.com/news/home/20260517267183/en/ Investor Contacts
lululemon athletica inc.
Howard Tubin
1-604-732-6124 or ICR, Inc.
Joseph Teklits
1-203-682-8200 Media Contacts
lululemon athletica inc.
Madi Wallace
1-604-732-6124 or Joele Frank, Wilkinson Brimmer Katcher
Leigh Parrish / Jed Repko
1-212-355-4449 Original: lululemon Highlights Strength of its Refreshed Board, with the Right Expertise to Drive the Company’s Next Phase of Growth and Enhanced Shareholder Value
US Market News
1月前
Chip Wilson Issues Letter to lululemon ShareholdersApril 29, 2026 8:00 AM
PR Newswire (US)
Board's Failure to Understand and Protect Brand's Premium Position Has Led to Predictable Value DestructionReactive CEO and Director Selections Show Board Continues to Misunderstand the Brand and Repeat Mistakes Wilson Reiterates Commitment to Do Whatever is Necessary to Help Improve the Company and Hold Board Accountable VANCOUVER, BC, April 29, 2026 /PRNewswire/ -- Chip Wilson, Founder of lululemon athletica inc. (NASDAQ: LULU) ("lululemon" or the "Company") and one of lululemon's largest shareholders, today released the following letter to lululemon shareholders:In the letter and in Wilson's definitive proxy statement, Wilson urges fellow shareholders to vote "FOR" his three independent, highly-qualified nominees on the GOLD Universal Proxy Card to be elected to the Company's Board of Directors (the "Board') at the Company's 2026 Annual Meeting of Shareholders, which he believes will catalyze restoration of lululemon's once bold vision and product-centered brand and stop the value destruction the Board has overseen for years.The letter highlights:lululemon's challenges are rooted in the Board's failure to understand the brand. The Board allowed or enabled actions that consistently eroded the Company's premium position. The new CEO announcement shows the core of broken governance. The existing Board does not have the skillset to hire a world-class brand/product person who can deliver on the newest zeitgeist or style of the moment. The market response to the hiring of Heidi O'Neill creates an unnecessarily challenging start for her, and her selection doubles down on the Board's broken strategy.Billions of dollars in brand power have been lost, which cannot be regained with the same selection pattern of directors who lululemon continues to onboard. lululemon is not a toothpaste brand. Exiting one Proctor and Gamble bean counter on the Board for another will not fix lululemon's decline.Current Board members lack the skills to run a company whose core values are derived from innovation and culture. The Board is incapable of fixing itself because what it needs makes current directors uncomfortable: an injection of passionate, creative renegades who have a vision that will shake up the status quo.The core strategy has been disconnected from lululemon because internal brand and product leaders are trying to replicate mass-market, lower quality athletic retailers.The Board's significant overlapping professional network creates a club that destroys true independence and perpetuates an entrenched culture preventing necessary change.Negotiations with the Board have failed despite a range of multiple offers for a long-term standstill, which included an offer that could have lasted as long as three annual meetings if our three director nominees were appointed to the then ten-person Board.The Board's self-interest and personal history have prevented any actual productive talks, including its demanding of an at least million-dollar escrow account for Wilson in a novel non-disparagement provision, which the Company failed to disclose in its preliminary proxy statement filing.The full text of the letter follows and can also be found on www.CreativityFirstlulu.com.April 29, 2026Fellow shareholders of lululemon:Your investment in lululemon athletica inc. ("lululemon" or the "Company") is in trouble. The current Board of Directors of lululemon (the "Board") simply does not understand this business and, as a result, shareholders have suffered.As the Founder and the largest active investor in lululemon, I care deeply about this business. My passion for lululemon is grounded in a deep understanding of the brand's origin, an undeniably unique long-term perspective on its competitive positioning and a conviction that lululemon's best years remain ahead. I genuinely believe lululemon can be fixed, but without the right change made to the Board, further value destruction is inevitable.I am seeking your support in my campaign for this change. For the reasons stated below, I urge you to vote "FOR" my three independent, highly-qualified nominees to be elected to the Board at the Company's 2026 Annual Meeting of Shareholders (the "Annual Meeting"), which I have the strongest belief will help restore lululemon's once bold vision and product-centered brand.lululemon is in Trouble Because it Has Lost FocusWhat is most troubling about the crisis at lululemon is that it was entirely avoidable if the Board had the right expertise to oversee the business. To understand how we got here, we must understand where lululemon started. The core values of the lululemon brand have always been its premium positioning and commitment to the muse: the woman who inspires culture, not just follows it. This drove consumer passion, leading to sales growth, margin power, a competitive moat and, ultimately, a premium share price. Several years ago, the Company began making decisions that would, seemingly intentionally, unwind this premium position through "brand harvesting." These types of decisions can create a "sugar high" of sorts in financial reporting, but, in the long-run, they erode the brand's high-end reputation. It appeared, and continues to appear, that the Board was dead-set on lululemon becoming another of the countless examples of fashion brands that have failed to manage their quality and market position with consumers and destroyed a once thriving business.lululemon's brand harvesting is probably best exemplified by its partnership with The Walt Disney Company ("Disney"). Disney is a mass-market brand that is not at all aligned with the lululemon brand, nor does Disney target the same demographics as lululemon. Most importantly, this collaboration drove away inspiring customers, inspiring designers and inspiring store employees. lululemon is now left with outlying customers who follow generic athletic brands. This ill-advised partnership was a blatant move to grab short-term revenue growth through channel expansion. Unfortunately, but predictably, it was at the expense of signaling that lululemon was no longer the leading, premium, cool brand initially personified by its muse. Randal Konik, an analyst from Jefferies Financial Group, reported it perfectly, "While we understand how the Disney collaboration occurred (the LULU CEO is also on the Disney board), we don't understand how this collaboration fits into the LULU brand at all."1The Disney partnership is not the only evidence of brand-drift. Shareholders can also see the degradation of lululemon's premium brand positioning in the Company's many failed new product ventures. The unveiling of footwear. The Selfcare beauty line. Smaller accessories and Disney-themed trinkets. All of these were chasing the coattails of trends well after their lifecycles ended. They were poorly executed through flawed decision-making and weak product planning. The Company has also resorted to promotional credit card discounts, essentially paying customers to shop its products and further eroding the brand's premium position. Each of these strategic decisions by the Board has drawn the brand away from what originally attracted the core customer to lululemon.It is clear to those who understand creative, premium businesses that technocratic MBAs have taken control of lululemon, and the business has suffered ever since.The Loss of Focus is Destroying Significant ValueThe Board's endorsement of brand-eroding choices has led to a 65.9%2 loss in shareholder value over a less than two-year period. This makes lululemon one of the worst-performing stocks among its peers, lagging its peer median on one- and three-year total shareholder returns by 19.5% and 63.6% respectively.3 Over the past five years, the Board has watched approximately $17 billion in shareholder value disappear.4 Worse yet, lululemon's earnings show no signs of recovery. For the past eight consecutive quarters, the Company has reported flat or declining same store sales in the Americas. Shareholders know that lululemon's strength has been its premium product and brand position, secured and protected in its core North American markets. A Board with the right skills would have provided a closer look at the performance of the North American segment, specifically in key trendsetting markets like Vancouver, New York, Miami and Los Angeles, so shareholders could judge specific turnaround efforts. Instead, we are left to assume the worst about a turnaround that is promised but never delivered. It is only reasonable to conclude that the loss of lululemon's premium position in North America is the prologue to the eventual decline of sales in key international markets. Expanding into mass product lines has made the product presentation messy and customers are confused as to what lululemon is, resulting in them buying apparel from competitors with a clearer vision. Expanding the product into more countries and further brand destructive collaborations are at best merely attempts for short-term gains to mask underlying problems.lululemon's Board Repeats Mistakes and Continues to Miss the Core ProblemAll the roads of lululemon's value destruction lead back to one place: the Boardroom. The Board's challenges are rooted in a persistent misalignment of governance that perpetuates the cycle of poor leadership selection and talent flight, furthering strategic confusion. This all comes back to the Board's inability to understand the core drivers of the brand's premium positioning and success.The market reaction to the appointment of Heidi O'Neill reflects shareholder frustration with the Board's seemingly stubborn insistence on staying the course despite the challenges in the business.5 I genuinely hope that Heidi is the right person for lululemon, but a near 30-year veteran of NIKE, Inc. ("Nike"), is not the symbol of transformative, creative-first leadership that can instill shareholder confidence in today's world. Shareholders are right to question if she has the product skillset or history of value creation that is needed to revitalize lululemon. More importantly, the Board should have anticipated this reaction before appointing her, and, if it did, why was her hiring so obviously mismanaged? Now more than ever, the next CEO needs brand and product support on the Board to help attract leading talent and deliver a turnaround. Unfortunately for Heidi and shareholders, this support is clearly not currently represented on the Board.Unfortunately, employees and shareholders will not have the chance to engage with Ms. O'Neill until she starts in September. It escapes logic how this Board felt the business would be best served without a permanent CEO for nearly 300 days and why the next CEO should face months of public scrutiny before starting in the position. It is an unfortunate fact that the proxy contest will call into question if the CEO search process should be re-examined with a refreshed Board. The Board is Structurally Set Up to Resist ChangeThe Board has not had a successor developed inside the Company for the fourth consecutive time. This has likely cost the Company billions from stagnation of strategy, talent flight and overall disarray caused by a lack of leadership. In my view, the Board continues to make confounding decisions because it is structurally set up to resist change. To start, lululemon is part of the 10% of S&P 500 companies that still have a staggered Board structure.6 More concerning though is that four directors all share substantial professional overlap with the Lead Director's private equity firm, Advent International, L.P. ("Advent"). Two of these four directors chair two-thirds of the committees on the Board. Leadership of the Board is also well outside of public company best practices, as there remains a Lead Director and an independent Chair of the Board. Both positions are held by members of the Advent network. The Board could have shown support to de-stagger at any time, but only now, after I submitted a de-stagger proposal, have current directors signaled any interest in addressing this clear governance failure.The Corporate Responsibility, Sustainability and Governance Committee of the Board has been led by David Mussafer, Advent's Managing Partner, for nine years. His role and the established network on the Board, in my view, has suffocated the Board's ability to attract the right talent to the Board and retain leaders at the Company. Recent director refreshment has failed to prioritize experience in creative leadership, technical apparel, premium brand management and marketing. These softer skills are central to protecting and growing lululemon's core value and the absence of these skills is destroying value.It is only following the launch of my campaign that we have seen the Board take what are obviously reactive actions to fix what's broken. Even these changes only further demonstrate that the Board simply lacks the skills to understand the Company's core challenges and is unable to make the right changes to fix the business:The recent announcement that Mussafer will not stand for re-election at the Annual Meeting is a step forward. However, it is a step I had to go to great lengths to force the Company to take, and he seems to still be involved in key decisions —like the new director selections and CEO hiring—which perpetuate the Company's challenges.The appointment of O'Neill was extremely poorly received by the market and will remain a point of challenge for months and potentially years. The departure of Shane Grant is another welcome but unusual change given there are other directors with longer tenures, including those with overlapping professional networks, that are not standing for election this year and should have been refreshed. The appointment of Chip Bergh and Esi Eggleston Bracey to the Board reflects yet another acknowledgement by the Board that change was long overdue but fails to prioritize needed experience. This is especially frustrating to shareholders as these additions were made specifically to challenge the addition of my nominees who bring precisely the skills needed. It is deeply concerning that the Board continues to resist input, even as that input is precisely what is needed to put this Company back on the right path.The Board has Clung to Personal History at the Expense of Certainty for ShareholdersAs I have stated several times, I have put both my history and pride as the founder of lululemon aside by intentionally not putting myself forward as a nominee and instead selecting three fully independent nominees that represent the skills needed on the Board. Unfortunately, our engagement with the Board to date seems to show the Board cannot move past their personal feelings about me. A few key points for shareholders to understand about our attempts to reach a sensible resolution:It took nine weeks before the Company proposed a potential counter-framework for a resolution in response to our December 15 proposal.Once engaged, we were met with an insistent focus on personal protection for the Board through a non-disparagement agreement coupled with off market terms, such as an escrow account, funded with millions of dollars of my money, only to support the hypothetical, potential future breach of the non-disparagement. The Company conveniently did not include these requests in its preliminary proxy statement filing detailing our engagement. Further, each meeting has included a focus on the non-disparagement agreement and a request for our team to stop making public comments in support of our campaign. Are these the top issues for shareholders?Board members have consistently brought up conspired claims that my investment in lululemon would only afford me one director designee. These claims fail to recognize that the three highly-qualified candidates I have nominated are not for me, and, if elected, would not be my designees. I have put forth fully independent nominees for the benefit of ALL shareholders. The Board's posturing reveals to me that the Board's personal animus for me prevents it from rising to the occasion and doing what is best for all shareholders.We provided the Board with multiple paths to a long-term resolution and updated our proposals to address the Board's stated concerns. Included in this range of settlement options was a solution that would have covered three annual meetings tied to appointment of just our three director nominees, reflecting our firm commitment to the change needed coupled with certainty to effectuate a turnaround.I repeatedly offered to sign an NDA to engage openly with the Board on its CEO and Board selection process, yet was dismissed, making it impossible to constructively work with the Board to find a global solution. In my view, announcing O'Neill's appointment prior to resolving the proxy contest eliminated the opportunity for a fully aligned and refreshed Board to participate in one of its most important responsibilities. Instead, O'Neill has now been appointed without the endorsement of a refreshed Board and without the support of its shareholders, which is part of the reason the market reacted so negatively to her hiring.What further proof do shareholders need that the Board is more focused on preserving their self-interests than making real change in the best interest of its shareholders?Change Must Take Place at the Board Now Normally, a full board would come up for election and the quantum of change needed could occur now. A staggered board will only allow us, the shareholders, a maximum of three directors, which is why it is imperative for shareholders to vote for all three of our nominees. Otherwise, I fear we will get more of what we got in the past.I could not feel more strongly that shareholders must force the change that is urgently needed at lululemon. The magnitude of change needed is the exact reason why I have nominated three independent, highly-qualified individuals to the Board to be elected at the Annual Meeting. It is in the Company's and shareholders' best interest to demand the necessary change, including declassification of the Board, and, if elected, these nominees can restore the creative and brand product focus that has long been missing in the Boardroom.As former Co-CEO of On Holding AG ("On"), Marc Maurer has deep expertise in building and maintaining a premium, global brand. During Marc's time as Co-CEO, On experienced global brand expansion, retail & direct-to-consumer (DTC) scaling and nearly quadrupled revenue.6 Marc's unparalleled experience guiding a performance-driven brand through global expansion and operational scale would make him an invaluable addition to the Board.Under Laura Gentile's leadership as Chief Marketing Officer of ESPN, Inc. ("ESPN"), the company was the #1 most trusted brand in sports media and achieved record viewership and social engagement. Laura also founded espnW, ESPN's first and only dedicated platform for women, which she helped develop into a multi-media business, opening a new market for ESPN and serving as a catalyst for the growth and momentum of women's fitness and sports.During Eric Hirshberg's nearly eight-year tenure as CEO of Activision Publishing, Inc. ("Activision"), Activision's stock rose approximately 500%, and segment profit nearly doubled.8 His expertise in brand-building, consumer engagement and cross-industry leadership would contribute valuable strategic perspective to the Board.We are committed to seeing this through so lululemon can regain the trust of shareholders, however long that may take. In addition to our highly-qualified and capable nominees, our team has a deep network of strong candidates that can support the turnaround of the brand. We are ready to effect change and will do whatever is necessary, for as many years as necessary.Without change to the Board, how can shareholders expect anything other than further destruction? We, as shareholders and the true owners of lululemon, must act now to put the right skills on the Board, to hold the Board accountable to shareholders and to put lululemon on the right path.Please vote "FOR" only the Wilson Group's three independent, highly qualified nominees on the GOLD Universal Proxy Card to be elected to the Board at the Annual Meeting.Sincerely,
Dennis J. "Chip" Wilson
Founder of lululemon athletica inc.Certain Information Concerning the ParticipantsDennis J. "Chip" Wilson, together with the other Participants (as defined below), has filed a definitive proxy statement on Schedule 14A (the "Definitive Proxy Statement") and accompanying GOLD Universal Proxy Card with the U.S. Securities and Exchange Commission (the "SEC") to be used to solicit proxies from the shareholders of the Company in connection with the Annual Meeting.SHAREHOLDERS OF THE COMPANY ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE PARTICIPANTS HAVE FILED OR WILL FILE WITH THE SEC BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION, INCLUDING ABOUT THE MATTERS TO BE VOTED ON AT THE ANNUAL MEETING AND ADDITIONAL INFORMATION RELATING TO THE PARTICIPANTS AND THEIR DIRECT OR INDIRECT INTERESTS, BY SECURITY HOLDINGS OR OTHERWISE.The participants in the solicitation of proxies are Mr. Wilson, Anamered Investments Inc., LIPO Investments (USA), Inc., Wilson 5 Foundation, Wilson 5 Foundation Management Ltd., Five Boys Investments ULC, Shannon Wilson, Low Tide Properties Ltd., House of Wilson Ltd., Marc Maurer, Laura Gentile and Eric Hirshberg (collectively, the "Participants").The Definitive Proxy Statement and accompanying GOLD Universal Proxy Card will be furnished to some or all of the Company's shareholders and, along with other relevant documents, are available at no charge on the SEC's website at https://www.sec.gov/. Footnotes:Jefferies; "LIVE FROM THE FIELD: Mickey Mouse Collab Proves LULU Is Diluting Itself," Randal Konik, Nov. 22, 2024. Permission to use quotations was neither sought nor obtained.Total Shareholder Return calculated from Dec. 31, 2023, to Oct. 6, 2025, the day before Mr. Wilson issued an ad in The Wall Street Journal regarding the Company. FactSet.Total Shareholder Return calculated as of Oct 6, 2025, the day before Mr. Wilson issued an ad in The Wall Street Journal regarding the Company. FactSet.Total Shareholder Return calculated from Mar. 17, 2021, to Mar. 17, 2026. FactSet.Stock price declined 15% on Apr. 22, 2026. FactSet.Diligent Market Intelligence from May 30, 2025.On revenue growth data measured from Sept. 14, 2021, through June 30, 2025. On financial data.Activision segment profit data from Sept. 7, 2010, through Mar. 31, 2018. Activision financial data.ContactsMedia
Val Mack, val.mack@fticonsulting.com
Pat Tucker, pat.tucker@fticonsulting.comInvestors
Scott Winter, Gabrielle Wolf
Innisfree M&A Incorporated
(212) 750-5833
View original content:https://www.prnewswire.com/news-releases/chip-wilson-issues-letter-to-lululemon-shareholders-302756565.htmlSOURCE Chip Wilson
Original: Chip Wilson Issues Letter to lululemon Shareholders
US Market News
1月前
lululemon Announces Appointment of Esi Eggleston Bracey to Board of DirectorsApril 28, 2026 7:30 AM
Business Wire
Independent Director Brings More than 30 Years of Experience at Global Consumer Goods Companies
lululemon athletica inc. (NASDAQ:LULU) today announced the appointment of Esi Eggleston Bracey, former Chief Growth & Marketing Officer of Unilever PLC, to its Board of Directors, effective immediately. With Ms. Bracey joining the Board, the company will have appointed six new independent directors in the last five years as part of the Board’s commitment to continued refreshment.
“Esi is a seasoned consumer and beauty industry executive whose career has combined brand creation, category transformation, global general management, and enterprise leadership across Unilever, Coty and Procter & Gamble,” said Marti Morfitt, Executive Chair of the Board. “We are confident in the impact she can make in bringing the breadth of her experience and expertise to lululemon’s Board.”
“I have always been drawn to brands that successfully bring together performance, style, and emotional connection, and lululemon sits right at the nexus of this combination,” said Esi Eggleston Bracey. “I am excited about joining my fellow directors on the Board and leveraging my experience to help in guiding lululemon forward in its next phase of growth and delivering long-term value creation.”
Ms. Bracey will stand for election at lululemon’s 2026 Annual Meeting of Shareholders in lieu of Shane Grant, who has notified the company that he does not intend to stand for re-election at the conclusion of his current term.
Ms. Morfitt added, “We are grateful to Shane for his meaningful contributions to the Board, including his global perspective and strong understanding of the consumer, which have helped inform and strengthen our strategies. On behalf of the Board, I would like to express our appreciation for his service as a director.”
Ms. Morfitt continued, “The Board continuously evaluates its composition to ensure we have the right mix of skills and experience for the future of the company. With the strength and expertise of our refreshed Board, Heidi O’Neill chosen as lululemon’s next CEO, and the outstanding team we have in place executing with focus and discipline, we are confident in the company’s ability to continue its forward motion and deliver value to our shareholders.”
About Esi Eggleston Bracey
Esi Eggleston Bracey most recently served as Chief Growth & Marketing Officer of Unilever PLC, where she led the global transformation of marketing across a portfolio of more than 400 brands. Prior to that role, she served as President, Unilever USA and CEO, Unilever Personal Care, North America, and as Executive Vice President and Chief Operating Officer, North America Beauty and Personal Care. Earlier in her career, Ms. Bracey held senior leadership roles at Coty Inc. and at Procter & Gamble. Ms. Bracey has served on the board of directors of Williams-Sonoma, Inc. since 2021 and previously served on the board of Six Flags Entertainment Corporation. She holds a bachelor’s degree in engineering sciences from Dartmouth College.
About lululemon
lululemon (NASDAQ:LULU) is a technical athletic apparel, footwear, and accessories company for yoga, running, training, and most other activities, creating transformational products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all. Setting the bar in innovation of fabrics and functional designs, lululemon works with yogis and athletes in local communities around the world for continuous research and product feedback. For more information, visit lululemon.com.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including those related to successful leadership integration, execution of business strategies, and other factors described in reports we file from time to time with the Securities and Exchange Commission (the “SEC”), including Forms 10-K and 10-Q. We undertake no obligation to update any forward-looking statements.
Important Additional Information and Where to Find It
The company intends to file a proxy statement on Schedule 14A, an accompanying WHITE proxy card, and other relevant documents with the SEC in connection with the solicitation of proxies from the company’s stockholders for the company’s 2026 annual meeting of stockholders. THE COMPANY’S STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE PROXY CARD, AND ANY OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain a free copy of the definitive proxy statement, an accompanying WHITE proxy card, any amendments or supplements to the proxy statement, and other documents that the company files with the SEC at no charge from the SEC’s website at www.sec.gov. Copies will also be available at no charge by clicking the “SEC filings” link in the “Financial Information” section of the “Investors” tab of the company’s website at https://corporate.lululemon.com/.
Certain Information Regarding Participants in the Solicitation
The company, its directors and certain of its executive officers (Meghan Frank, Interim Co-CEO and Chief Financial Officer; André Maestrini, Interim Co-CEO, President, and Chief Commercial Officer; and Shannon Higginson, Chief Legal and Compliance Officer) are deemed “participants” (as defined in Schedule 14A under the Exchange Act of 1934, as amended) in the solicitation of proxies from the company’s stockholders in connection with the matters to be considered at the company’s 2026 annual meeting of stockholders. Information regarding the names of the company’s directors and executive officers and certain other individuals and their respective interests in the company, by security holdings or otherwise, is set forth in the sections entitled “Director Compensation,” “Executive Compensation,” “Executive Compensation Tables,” and “Principal Shareholders and Stock Ownership by Management” of the company’s proxy statement on Schedule 14A in connection with the 2025 annual meeting of stockholders, filed with the SEC on April 29, 2025 (available here). Supplemental information regarding the participants’ holdings of the company’s securities can be found in SEC filings on Statements of Change in Ownership on Form 4 filed with the SEC on March 23, 2026 for Charles Bergh (available here); June 11, 2025, December 17, 2025, January 2, 2026, March 17, 2026, March 23, 2026, March 27, 2026, April 1, 2026, and April 2, 2026 for Meghan Frank (available here, here, here, here, here, here, here, and here); June 12, 2025 and March 23, 2026 for Shane Grant (available here and here); June 12, 2025 for Kathryn Henry (available here); June 12, 2025 for Teri List (available here); June 12, 2025 for Alison Loehnis (available here); December 17, 2025, March 17, 2026, March 23, 2026, March 27, 2026, April 1, 2026, April 2, 2026, and April 3, 2026 for André Maestrini (available here, here, here, here, here, here, and here); June 12, 2025 and March 23, 2026 for Isabel Mahe (available here and here); June 12, 2025 and March 23, 2026 for Jon McNeill (available here and here); June 12, 2025, December 18, 2025, and December 29, 2025 for Martha Morfitt (available here, here, and here); June 13, 2025 and March 23, 2026 for David Mussafer (available here and here); and June 12, 2025 for Emily White (available here). Such filings will also be available at no charge by clicking the “SEC filings” link in the “Financial Information” section of the “Investors” tab of the company’s website at https://corporate.lululemon.com/.
Any subsequent updates following the date hereof to the information regarding the identity of potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the company’s proxy statement on Schedule 14A and other materials to be filed with the SEC in connection with the 2026 annual meeting of stockholders, if and when they become available. These documents will be available free of charge as described above.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260427302639/en/
Investor Contact
lululemon athletica inc.
Howard Tubin
1-604-732-6124
or
ICR, Inc.
Joseph Teklits
1-203-682-8200
Media Contacts
lululemon athletica inc.
Madi Wallace
1-604-732-6124
or
Joele Frank, Wilkinson Brimmer Katcher
Leigh Parrish / Jed Repko
1-212-355-4449
Original: lululemon Announces Appointment of Esi Eggleston Bracey to Board of Directors
US Market News
1月前
lululemon Names Proven Brand Builder Heidi O’Neill as Chief Executive OfficerApril 22, 2026 4:05 PM
Business Wire
O’Neill is a visionary, consumer-focused executive with more than three decades of experience leading brand strategy, product innovation, and operational execution on a global scale
lululemon athletica inc. (NASDAQ:LULU) today announced that, following a comprehensive search process, the company’s Board of Directors has unanimously approved the appointment of industry veteran Heidi O’Neill as the company’s next Chief Executive Officer. Ms. O’Neill will start as CEO and join the Board effective September 8, 2026, and will be based in Vancouver.
“Heidi is an inspiring leader and proven, consumer-driven brand strategist, with a rare ability to both imagine a new future for a brand and to create the structure and processes to deliver on that vision,” said Marti Morfitt, Executive Chair of lululemon’s Board of Directors. “The Board conducted an extensive search to identify the right next leader to propel lululemon forward. We selected Heidi because of the breadth of her experience, her demonstrated success delivering breakthrough ideas and initiatives at scale, and her ability to be a knowledgeable change and growth agent. We are excited to have Heidi join lululemon and bring her strategic and creative vision to the company.”
Ms. O’Neill brings more than three decades of experience across performance apparel, footwear, and sport, with a strong track record of driving disruptive change and growth at scale through product innovation, digital transformation, and powerful brand connection. During her career at Nike, Inc., she helped grow the company from a $9+ billion business to a $45+ billion global leader. She played a central role in overseeing the company’s product pipeline, brand voice, and operations, as well as in shaping its connection with consumers and athletes worldwide. Earlier in her career, Ms. O’Neill worked in marketing for the Dockers brand at Levi Strauss & Co. She brings additional strategy and leadership perspectives from her service on the Boards of Directors of consumer-facing companies including Spotify Technology, Hyatt Hotels, and Lithia & Driveway.
“lululemon is an iconic brand with something rare: genuine guest love, a product ethos rooted in innovation, and a global platform still in the early stages of its potential,” said Ms. O’Neill. “As I step into the CEO role in September, my job will be to build on that foundation – to accelerate product breakthroughs, deepen the brand’s cultural relevance, and unlock growth in markets around the world. I am humbled by the opportunity and energized by what the team is already building. I look forward to joining the company and helping to define and deliver the organization’s next chapter of success.”
Meghan Frank and André Maestrini will continue to lead as interim co-CEOs until Ms. O’Neill joins the company. At that time, Ms. Frank and Mr. Maestrini plan to return to their previous senior leadership roles and work closely with Ms. O’Neill and the rest of the leadership team to drive momentum forward.
Ms. Morfitt added, “Meghan and André have seamlessly stepped in to lead the business as interim co-CEOs and, together with their teams, are advancing our plans and strategies with speed and agility, focused on product creation, product activation, and enterprise enablement. lululemon has an outstanding group of leaders who operate with discipline and have fostered a culture of excellence that will provide a strong foundation for Heidi to build on as she steps into the CEO role. We see significant potential ahead for lululemon and we remain focused on driving momentum as we implement initiatives to increase product newness and enhance brand health and the guest experience, to create value for shareholders.”
About Heidi O’Neill
Heidi O’Neill is a seasoned retail executive with more than three decades of industry experience, including over 25 years at Nike, Inc. with a focus on product creation and design, brand strategy, marketing, digital commerce, and global market operations. She served most recently as President, Consumer, Product & Brand, where she oversaw the global consumer and product engine. In this role, Ms. O’Neill also reset the brand foundation, reduced product development timelines to accelerate speed to market and prioritized renewed momentum in global Football and Running.
She brings deep expertise in performance apparel, sport, and footwear, leading the company’s Men’s, Women’s and Kids consumer sport teams, product innovation and design, merchandising, and brand and sports marketing. As President, Consumer & Marketplace, she led operations across more than 170 countries, including the global commercial organization, and held P&L responsibility. An early digital champion and innovator, Ms. O’Neill was previously responsible for the global direct-to-consumer and digital business, encompassing owned retail stores, e-commerce, mobile applications, membership, and consumer data and analytics.
Ms. O’Neill began her career in advertising at Foote, Cone & Belding and as Director of Marketing for the Dockers brand at Levi Strauss & Co. She brings additional strategy and leadership perspectives from her Board service and currently serves on the Boards of Directors of consumer-facing companies including Spotify Technology, Hyatt Hotels, and Lithia & Driveway.
About lululemon
lululemon (NASDAQ:LULU) is a technical athletic apparel, footwear, and accessories company for yoga, running, training, and most other activities, creating transformational products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all. Setting the bar in innovation of fabrics and functional designs, lululemon works with yogis and athletes in local communities around the world for continuous research and product feedback. For more information, visit lululemon.com.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These forward-looking statements include, but are not limited to, statements regarding the anticipated leadership transition and the expected timing and terms of Ms. O’Neill’s appointment, the expected continuation of the interim co-CEO arrangement, and the execution of business strategies. Ms. O’Neill’s appointment is subject to conditions, and there can be no assurance that the leadership transition will be completed on the expected timeline or at all. These and other risk factors are described in reports we file from time to time with the Securities and Exchange Commission (the "SEC"), including Forms 8-K, 10-Q and 10-K. We undertake no obligation to update any forward-looking statements.
Important Additional Information and Where to Find It
The company intends to file a proxy statement on Schedule 14A, an accompanying WHITE proxy card, and other relevant documents with the SEC in connection with the solicitation of proxies from the company's stockholders for the company's 2026 annual meeting of stockholders. THE COMPANY'S STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY'S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE PROXY CARD, AND ANY OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain a free copy of the definitive proxy statement, an accompanying WHITE proxy card, any amendments or supplements to the proxy statement, and other documents that the company files with the SEC at no charge from the SEC's website at www.sec.gov. Copies will also be available at no charge by clicking the "SEC filings" link in the "Financial Information" section of the "Investors" tab of the company's website at https://corporate.lululemon.com/.
Certain Information Regarding Participants in the Solicitation
The company, its directors and certain of its executive officers (Meghan Frank, Interim Co-CEO and Chief Financial Officer; André Maestrini, Interim Co-CEO, President, and Chief Commercial Officer; and Shannon Higginson, Chief Legal and Compliance Officer) are deemed “participants” (as defined in Schedule 14A under the Exchange Act of 1934, as amended) in the solicitation of proxies from the company’s stockholders in connection with the matters to be considered at the company’s 2026 annual meeting of stockholders. Information regarding the names of the company’s directors and executive officers and certain other individuals and their respective interests in the company, by security holdings or otherwise, is set forth in the sections entitled “Director Compensation,” “Executive Compensation,” “Executive Compensation Tables,” and “Principal Shareholders and Stock Ownership by Management” of the company’s proxy statement on Schedule 14A in connection with the 2025 annual meeting of stockholders, filed with the SEC on April 29, 2025 (available here). Supplemental information regarding the participants’ holdings of the company’s securities can be found in SEC filings on Statements of Change in Ownership on Form 4 filed with the SEC on March 23, 2026 for Charles Bergh (available here); June 11, 2025, December 17, 2025, January 2, 2026, March 17, 2026, March 23, 2026, March 27, 2026, April 1, 2026, and April 2, 2026 for Meghan Frank (available here, here, here, here, here, here, here, and here); June 12, 2025 and March 23, 2026 for Shane Grant (available here and here); June 12, 2025 for Kathryn Henry (available here); June 12, 2025 for Teri List (available here); June 12, 2025 for Alison Loehnis (available here); December 17, 2025, March 17, 2026, March 23, 2026, March 27, 2026, April 1, 2026, April 2, 2026, and April 3, 2026 for André Maestrini (available here, here, here, here, here, here, and here); June 12, 2025 and March 23, 2026 for Isabel Mahe (available here and here); June 12, 2025 and March 23, 2026 for Jon McNeill (available here and here); June 12, 2025, December 18, 2025, and December 29, 2025 for Martha Morfitt (available here, here, and here); June 13, 2025 and March 23, 2026 for David Mussafer (available here and here); and June 12, 2025 for Emily White (available here). Such filings will also be available at no charge by clicking the “SEC filings” link in the “Financial Information” section of the “Investors” tab of the company’s website at https://corporate.lululemon.com/.
Any subsequent updates following the date hereof to the information regarding the identity of potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the company’s proxy statement on Schedule 14A and other materials to be filed with the SEC in connection with the 2026 annual meeting of stockholders, if and when they become available. These documents will be available free of charge as described above.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260422757485/en/
Investor Contacts
lululemon athletica inc.
Howard Tubin
1-604-732-6124
or
ICR, Inc.
Joseph Teklits
1-203-682-8200
Media Contacts
lululemon athletica inc.
Madi Wallace
1-604-732-6124
or
Joele Frank, Wilkinson Brimmer Katcher
Leigh Parrish / Jed Repko
1-212-355-4449
Original: lululemon Names Proven Brand Builder Heidi O’Neill as Chief Executive Officer
US Market News
3月前
Commentaires de Chip Wilson sur les changements apportés au Conseil d'administration de lululemon et les résultats du quatrième trimestre et de l'exercice 2025March 19, 2026 9:43 AM
PR Newswire (Canada)
VANCOUVER, C.-B., 19 mars 2026 /CNW/ - Chip Wilson, fondateur de lululemon athletica inc. (NASDAQ : LULU) (« lululemon » ou la « Société ») et l'un des plus importants actionnaires de lululemon, a publié aujourd'hui la déclaration suivante concernant l'annonce par la Société d'un renouvellement du Conseil d'administration et des résultats du quatrième trimestre et de l'exercice.« Comme je l'ai communiqué publiquement et en privé ces derniers mois, chez lululemon, il est urgent de renouveler le Conseil d'administration. Hier, David Mussafer, administrateur de longue date qui compte plus de 14 années de présence au Conseil d'administration, a annoncé ne pas être candidat à sa propre succession, ce qui est très bienvenu. Son influence au sein du Conseil d'administration a longtemps fait obstacle au changement, comme je l'ai indiqué dans ma lettre du 27 février adressée aux actionnaires de lululemon. J'espère que son départ permettra au Conseil d'agir avec clarté et rapidité », a déclaré M. Wilson. « Nous espérons que M. Mussafer prenne maintenant du recul par rapport à sa participation aux efforts de renouvellement des administrateurs, au processus de sélection du PDG et à la mobilisation des actionnaires. Il serait très inhabituel et inapproprié qu'un administrateur sortant oriente ou soit impliqué dans l'ensemble des activités stratégiques. »« Je tiens à préciser que même si l'annonce d'hier va dans le bon sens, il reste encore des lacunes manifestes en matière de gouvernance. Le Conseil compte toujours trois administrateurs liés à la société de capital-investissement dirigée par M. Mussafer qui ne détient pourtant aucune participation dans lululemon. Je suis prêt à poursuivre l'effort aussi longtemps que nécessaire pour procéder à tous les changements requis pour ramener lululemon à sa position dominante. »« Encore une fois, les résultats trimestriels et annuels de Lululemon montrent la gravité de la situation et l'importance des changements que je crois désormais indispensables », a déclaré M. Wilson. « Les ventes comparables des Amériques pour le quatrième trimestre 2025 montrent des résultats en baisse ou stables pour le huitième trimestre consécutif, et les perspectives pour l'exercice 2026 n'indiquent aucun changement significatif de la tendance. La société n'a donné aucun signe à ses actionnaires qu'un changement va se produire sous peu ou à court terme en fonction des résultats financiers annoncés aujourd'hui, ce qui constitue une autre raison pour laquelle les administrateurs doivent être élus tous les ans, à compter de l'Assemblée annuelle des actionnaires de 2026. »« Enfin, la nomination du nouvel administrateur au sein du Conseil, Chip Bergh, a été décevante étant donné que le Conseil a indiqué que des administrateurs hautement qualifiés qu'il avait identifiés ont refusé de se joindre au Conseil tant que cette course aux procurations n'aura pas été réglée. Le CV de Bergh précise les entreprises qu'il a dirigées et les conseils d'administration dans lesquels il a siégé pendant des années. Nous aurions exprimé nos préoccupations avant cette annonce, mais le Conseil d'administration de lululemon n'a pas communiqué avec nous ni invité à rencontrer Bergh lors de ses entretiens. Cela dit, nous restons convaincus que des changements importants sont encore nécessaires au niveau du Conseil d'administration avant qu'un nouveau PDG ne soit nommé. J'espère que le Conseil d'administration ira dans ce sens, car la Société n'a pas encore nommé le nouveau PDG. Les trois responsables hautement qualifiés et créatifs que j'ai nommés apportent une expertise inégalée en matière de marque et de marketing et sont les acteurs du changement nécessaires. Je me réjouis à l'idée de collaborer avec le Conseil d'administration, afin que l'avenir de lululemon soit synonyme de croissance pour tous les actionnaires. »Les actionnaires sont invités à consulter www.CreativityFirstlulu.com pour en savoir plus sur la nécessité d'un changement et sur les candidats de Wilson.Présentation des participantsDennis J. « Chip » Wilson, de concert avec les autres participants (définis ci-dessous), a l'intention de déposer auprès de la Securities and Exchange Commission des États-Unis (la « SEC ») une circulaire de sollicitation de procurations définitive sur annexe 14A (la « circulaire de sollicitation de procurations définitive ») et la carte de procuration universelle GOLD qui l'accompagne pour solliciter des procurations auprès des actionnaires de la société dans le cadre de l'assemblée annuelle.LES ACTIONNAIRES DE LA SOCIÉTÉ SONT PRIÉS DE LIRE CES DOCUMENTS (Y COMPRIS TOUTE MODIFICATION OU TOUT SUPPLÉMENT À CEUX-CI) ET TOUT AUTRE DOCUMENT PERTINENT QUE LES PARTICIPANTS ONT DÉPOSÉ OU DÉPOSERONT AUPRÈS DE LA SEC, CAR ILS CONTIENNENT OU CONTIENDRONT DES RENSEIGNEMENTS IMPORTANTS, Y COMPRIS SUR LES QUESTIONS DEVANT FAIRE L'OBJET D'UN VOTE À L'ASSEMBLÉE ANNUELLE, AINSI QUE DES RENSEIGNEMENTS SUPPLÉMENTAIRES CONCERNANT LES PARTICIPANTS ET LEURS INTÉRÊTS DIRECTS OU INDIRECTS, PAR DES TITRES DÉTENUS OU AUTREMENT.Les participants à la sollicitation de procurations sont M. Wilson, Anamered Investments Inc., LIPO Investments (USA), Inc., Wilson 5 Foundation, Wilson 5 Foundation Management Ltd., Five Boys Investments ULC, Shannon Wilson, Low Tide Properties Ltd., House of Wilson Ltd., Marc Maurer, Laura Gentile et Eric Hirshberg (collectivement, les « participants »).La circulaire de sollicitation de procurations définitive et la carte de procuration universelle GOLD qui l'accompagne seront fournies à certains ou à tous les actionnaires de la société et seront, avec d'autres documents pertinents, disponibles sans frais sur le site web de la SEC à l'adresse https://www.sec.gov/. Les renseignements sur les participants et une description de leurs intérêts directs ou indirects, par titres ou autrement, figurent dans une modification à l'annexe 13D déposée par les participants auprès de la SEC le 16 mars 2026 et sont disponibles ici. En vertu de la relation entre les participants à titre de membres d'un groupe figurant à l'Annexe 13(d), tous les participants, individuellement, sont réputés avoir la propriété véritable des 9 904 856 actions ordinaires de la société, d'une valeur nominale de 0,005 $ (dont 5 115 961 sont des actions ordinaires avec droit de vote de la société associées à un nombre égal d'actions échangeables de Lulu Canadian Holding, Inc., entièrement converties) détenues dans l'ensemble par tous les participants.ContactsPresse
Val Mack, val.mack@fticonsulting.com
Pat Tucker, pat.tucker@fticonsulting.comInvestisseurs
Scott Winter, Gabrielle Wolf
Innisfree M&A Incorporated
(212) 750-5833SOURCE Chip Wilson
Original: Commentaires de Chip Wilson sur les changements apportés au Conseil d'administration de lululemon et les résultats du quatrième trimestre et de l'exercice 2025
US Market News
3月前
Chip Wilson met l'accent sur la marque et la stratégie créative de lululemon avant la publication de ses résultats financiersMarch 18, 2026 2:46 PM
PR Newswire (Canada)
VANCOUVER, Colombie-Britannique, 18 mars 2026 /CNW/ - Chip Wilson, fondateur de lululemon athletica inc. (NASDAQ : LULU) (« lululemon » ou la « société ») et l'un des plus principaux actionnaires de lululemon, a publié la déclaration suivante avant la téléconférence des résultats du quatrième trimestre et de l'exercice 2025 de lululemon dans la journée :Alors que lululemon publie ses résultats du quatrième trimestre et de l'exercice 2025, les actionnaires évalueront de façon critique les affirmations de réussite ou d'amélioration de la société. Le principal problème de lululemon est celui avec lequel l'entreprise est aux prises depuis des années : il existe un décalage entre le moteur créatif de la société et la compréhension du conseil d'administration quant à la façon dont la puissance de la marque et l'excellence des produits alimentent la force culturelle, la durabilité des marges et la valeur à long terme pour les actionnaires.Au nom de tous les actionnaires, je crois que la direction de lululemon doit fournir des réponses détaillées aux questions suivantes afin que les investisseurs, les partenaires, les employés et toules personnes qui se soucient de lululemon puissent comprendre où la direction actuelle mène cette société. Clarification de l'intensité des rabais et de leur incidence sur la valeur des marques de qualité supérieure
Comment les investisseurs devraient-ils concilier le message concernant les améliorations opérationnelles avec la réalité des rabais continus pour compenser la baisse de performance des magasins en Amérique du Nord pour lesquels les produits ont été achetés? Les actionnaires doivent savoir si le conseil reconnaît la relation entre un prix réduit et la chute du pouvoir de la marque. Chaque dollar perdu à la suite d'un rabais est un dollar qui aurait pu être investi dans l'expansion de la puissance de la marque lululemon.
Définir comment la créativité et la nouveauté sont priorisées pour stimuler la croissance
Les récents lancements de produits reflètent une approche « désuète et prévisible » persistante, comme l'a expliqué la codirectrice générale par intérim, Meghan Frank, dans sa récente entrevue avec le New York Times. Les actionnaires doivent comprendre le processus décisionnel du conseil d'administration sur les lancements de produits, les données utilisées pour éclairer ces décisions et les changements apportés par le conseil d'administration dans son processus d'évaluation et de surveillance. La conseil est pleinement conscient de ce qui a été perdu au cours des six dernières années.Correction des erreurs opérationnelles répétées
Quels changements structurels ont été apportés pour remédier à la fréquence croissante des défaillances de produits, comme on le voit avec « Get Low » et « Breezethrough »? Si le conseil a analysé ses échecs dans de nouvelles catégories comme les jeans, les cosmétiques et les chaussures de course, les actionnaires doivent être informés des leçons tirées comme preuve de bonne foi pour rebâtir la confiance dans la direction du conseil .Régler la question des ventes en Amérique du Nord avant qu'elles n'aient une incidence sur les marchés internationaux
L'entreprise a déclaré des ventes négatives ou stagnantes des magasins comparables au cours des sept derniers trimestres consécutifs en Amérique du Nord. Les investisseurs tireraient parti de données sur les ventes des magasins comparables pour un ensemble précis de marchés influents, comme New York, Miami, Vancouver et Los Angeles, pour mieux comprendre si cet spirale négative va s'accélérer. Comment empêcherez-vous que la sous-performance des principales franchises en Amérique du Nord ne se traduise par un ralentissement de la croissance en Chine continentale et dans d'autres marchés internationaux?Les trois candidats indépendants présentés dans le cadre de notre campagne pour le changement, Marc Maurer, Laura Gentile et Eric Hirshberg, poseraient des questions difficiles dans la salle du conseil et répondraient aux besoins en matière de responsabilisation et de surveillance. Je crois que les actionnaires comprendront que l'équipe de direction actuelle, qui est supervisée par un conseil d'administration sans expérience de la marque et des produits, est incapable d'aborder la question fondamentale de la capacité d'intégrer la gestion de la marque et des produits au niveau de la direction et du conseil d'administration.Les actionnaires sont invités à consulter www.CreativityFirstlulu.com pour en savoir plus sur la nécessité d'un changement et sur les candidats de Wilson.Présentation des participantsDennis J. « Chip » Wilson, de concert avec les autres participants (définis ci-dessous), a l'intention de déposer auprès de la Securities and Exchange Commission des États-Unis (la « SEC ») une circulaire de sollicitation de procurations définitive sur annexe 14A (la « circulaire de sollicitation de procurations définitive ») et la carte de procuration universelle GOLD qui l'accompagne pour solliciter des procurations auprès des actionnaires de la société dans le cadre de l'assemblée annuelle.LES ACTIONNAIRES DE LA SOCIÉTÉ SONT PRIÉS DE LIRE CES DOCUMENTS (Y COMPRIS TOUTE MODIFICATION OU TOUT SUPPLÉMENT À CEUX-CI) ET TOUT AUTRE DOCUMENT PERTINENT QUE LES PARTICIPANTS ONT DÉPOSÉ OU DÉPOSERONT AUPRÈS DE LA SEC, CAR ILS CONTIENNENT OU CONTIENDRONT DES RENSEIGNEMENTS IMPORTANTS, Y COMPRIS SUR LES QUESTIONS DEVANT FAIRE L'OBJET D'UN VOTE À L'ASSEMBLÉE ANNUELLE, AINSI QUE DES RENSEIGNEMENTS SUPPLÉMENTAIRES CONCERNANT LES PARTICIPANTS ET LEURS INTÉRÊTS DIRECTS OU INDIRECTS, PAR DES TITRES DÉTENUS OU AUTREMENT.Les participants à la sollicitation de procurations sont M. Wilson, Anamered Investments Inc., LIPO Investments (USA), Inc., Wilson 5 Foundation, Wilson 5 Foundation Management Ltd., Five Boys Investments ULC, Shannon Wilson, Low Tide Properties Ltd., House of Wilson Ltd., Marc Maurer, Laura Gentile et Eric Hirshberg (collectivement, les « participants »).La circulaire de sollicitation de procurations définitive et la carte de procuration universelle GOLD qui l'accompagne seront fournies à certains ou à tous les actionnaires de la société et seront, avec d'autres documents pertinents, disponibles sans frais sur le site web de la SEC à l'adresse https://www.sec.gov/. Les renseignements sur les participants et une description de leurs intérêts directs ou indirects, par titres ou autrement, figurent dans une modification à l'annexe 13D déposée par les participants auprès de la SEC le 16 mars 2026 et sont disponibles ici. En vertu de la relation entre les participants à titre de membres d'un groupe figurant à l'Annexe 13(d), tous les participants, individuellement, sont réputés avoir la propriété véritable des 9 904 856 actions ordinaires de la société, d'une valeur nominale de 0,005 $ (dont 5 115 961 sont des actions ordinaires avec droit de vote de la société associées à un nombre égal d'actions échangeables de Lulu Canadian Holding, Inc., entièrement converties) détenues dans l'ensemble par tous les participants.ContactsPresse
Val Mack, val.mack@fticonsulting.com
Pat Tucker, pat.tucker@fticonsulting.comInvestisseurs
Scott Winter, Gabrielle Wolf
Innisfree M&A Incorporated
(212) 750-5833SOURCE Chip Wilson
Original: Chip Wilson met l'accent sur la marque et la stratégie créative de lululemon avant la publication de ses résultats financiers
US Market News
3月前
Chip Bergh Joins lululemon Board of DirectorsMarch 17, 2026 4:05 PM
Business Wire
Independent Director Brings Decades of Experience Driving Growth and Value Creation for Iconic Consumer Brands
Appointment Reflects Commitment to Ongoing Board Refreshment
lululemon athletica inc. (NASDAQ:LULU) today announced the appointment of Chip Bergh, former President and Chief Executive Officer of Levi Strauss & Co., to its Board of Directors, effective immediately. With this addition, lululemon has added five new independent directors to the Board in the last five years, reflecting the Board's commitment to ongoing refreshment.
"Chip Bergh is an industry leader with a proven record of guiding successful transformations, overseeing the growth of some of the world's most iconic brands, and driving value creation at global, category-defining companies," said Marti Morfitt, Executive Chair of the Board. "We are confident the Board will benefit from his extensive brand and retail expertise as we continue to build on lululemon's strong foundation and deliver innovative products and experiences for guests."
"lululemon has built one of the most distinctive brands in the athletic and lifestyle sector, grounded in innovation, design, technical expertise, and deep connections with its guests on a local level around the world," said Chip Bergh. "I am honored to join the Board at a pivotal time and excited to work with my fellow directors to advance the company's strategic vision."
Mr. Bergh will stand for election at lululemon's 2026 Annual Meeting of Shareholders in lieu of David Mussafer, who has notified the Company that he does not intend to stand for re-election at the conclusion of his current three-year term.
Ms. Morfitt added, "On behalf of the Board, I want to thank David for his many contributions to lululemon. Since first joining the Board in 2005, David has served in numerous roles, including Co-Chairman from 2014 to 2017. His perspectives have helped us grow sales, extend the brand's global reach, and position the company and the Board for the future, and we are grateful for his dedicated service."
Ms. Morfitt continued, "Chip Bergh's appointment is the result of a process that began with our last Board skills assessment, and reflects our commitment to thoughtful, ongoing refreshment. We remain focused on progressing the search for lululemon's next CEO, overseeing the development and execution of the company's plans, and taking steps to drive long-term, sustainable growth and shareholder value creation."
About Chip Bergh
Chip Bergh most recently served as President and Chief Executive Officer of Levi Strauss & Co. from 2011 to 2024 and served on its board during that time. Prior to joining Levi Strauss & Co., Mr. Bergh spent 28 years at Procter & Gamble in roles of increasing scope and complexity across brand management, general management, and executive leadership. Mr. Bergh has served on the board of HP Inc. since 2015, where he currently serves as non-executive chair, and also serves on the boards of e.l.f. Beauty, Inc. and Pinterest, Inc.; he previously served on the board of VF Corporation. Mr. Bergh is a Senior Lecturer of Business Administration at Harvard Business School and holds a bachelor's degree in international affairs from Lafayette College.
About lululemon
lululemon (NASDAQ:LULU) is a technical athletic apparel, footwear, and accessories company for yoga, running, training, and most other activities, creating transformational products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all. Setting the bar in innovation of fabrics and functional designs, lululemon works with yogis and athletes in local communities around the world for continuous research and product feedback. For more information, visit lululemon.com.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including those related to successful leadership integration, execution of business strategies, and other factors described in reports we file from time to time with the Securities and Exchange Commission (the "SEC"), including Forms 8-K, 10-Q and 10-K. We undertake no obligation to update any forward-looking statements.
Important Additional Information and Where to Find It
The company intends to file a proxy statement on Schedule 14A, an accompanying WHITE proxy card, and other relevant documents with the SEC in connection with the solicitation of proxies from the company's stockholders for the company's 2026 annual meeting of stockholders. THE COMPANY'S STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY'S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE PROXY CARD, AND ANY OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain a free copy of the definitive proxy statement, an accompanying WHITE proxy card, any amendments or supplements to the proxy statement, and other documents that the company files with the SEC at no charge from the SEC's website at www.sec.gov. Copies will also be available at no charge by clicking the "SEC filings" link in the "Financial Information" section of the "Investors" tab of the company's website at https://corporate.lululemon.com/.
Certain Information Regarding Participants in the Solicitation
The company, its directors and certain of its executive officers (Meghan Frank, Interim Co-CEO and Chief Financial Officer; André Maestrini, Interim Co-CEO, President, and Chief Commercial Officer; and Shannon Higginson, Chief Legal and Compliance Officer) are deemed "participants" (as defined in Schedule 14A under the Exchange Act of 1934, as amended) in the solicitation of proxies from the company's stockholders in connection with the matters to be considered at the company's 2026 annual meeting of stockholders. Information regarding the names of the company's directors and executive officers and certain other individuals and their respective interests in the company, by security holdings or otherwise, is set forth in the sections entitled "Director Compensation," "Executive Compensation," "Executive Compensation Tables," and "Principal Shareholders and Stock Ownership by Management" of the company's proxy statement on Schedule 14A in connection with the 2025 annual meeting of stockholders, filed with the SEC on April 29, 2025 (available here). Supplemental information regarding the participants' holdings of the company's securities can be found in SEC filings on Statements of Change in Ownership on Form 4 filed with the SEC on June 11, 2025, December 17, 2025, and January 2, 2026 for Meghan Frank (available here, here, and here); June 12, 2025 for Shane Grant (available here); June 12, 2025 for Kathryn Henry (available here); June 12, 2025 for Teri List (available here); June 12, 2025 for Alison Loehnis (available here); December 17, 2025 for André Maestrini (available here); June 12, 2025 for Isabel Mahe (available here); June 12, 2025 for Jon McNeill (available here); June 12, 2025, December 18, 2025, and December 29, 2025 for Martha Morfitt (available here, here, and here); June 13, 2025 for David Mussafer (available here); and June 12, 2025 for Emily White (available here). Such filings will also be available at no charge by clicking the "SEC filings" link in the "Financial Information" section of the "Investors" tab of the company's website at https://corporate.lululemon.com/.
Any subsequent updates following the date hereof to the information regarding the identity of potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the company's proxy statement on Schedule 14A and other materials to be filed with the SEC in connection with the 2026 annual meeting of stockholders, if and when they become available. These documents will be available free of charge as described above.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260317376315/en/
Investor Contact
lululemon athletica inc.
Howard Tubin
1-604-732-6124
Media Contacts
lululemon athletica inc.
Madi Wallace
1-604-732-6124
or
Joele Frank, Wilkinson Brimmer Katcher
Leigh Parrish / Jed Repko
1-212-355-4449
Original: Chip Bergh Joins lululemon Board of Directors
US Market News
3月前
lululemon athletica inc. Announces Fourth Quarter and Full Year Fiscal 2025 ResultsMarch 17, 2026 4:06 PM
Business Wire
Fourth quarter revenue increased 1% to $3.6 billion. Diluted EPS of $5.01
Full year revenue increased 5% to $11.1 billion. Diluted EPS of $13.26
lululemon athletica inc. (NASDAQ:LULU) today announced financial results for the fourth quarter and fiscal year ended February 1, 2026.
Meghan Frank, Interim Co-CEO and Chief Financial Officer, stated: "We are pleased to achieve fourth quarter revenue and EPS results ahead of our expectations. As we begin our new fiscal year, we are focused on executing on our action plan, offering new and differentiated products to our guests, and elevating their experiences with lululemon. Driving improvement in our full-price sales over the course of 2026 is also a key priority, particularly in North America, and will enable us to enhance our brand health and deliver long-term growth and value creation for shareholders."
André Maestrini, Interim Co-CEO, President, and Chief Commercial Officer, stated: "Throughout 2025, we reported double-digit revenue growth in our international business and are taking action to incorporate learnings from across our regions to drive forward our strategies. Our teams are energized by the initial response to our recent product launches and continue to deliver successful guest activations globally. Looking ahead, we are encouraged by our opportunities in North America and around the world and are grateful to our teams for their commitment to delivering the products and experiences our guests love."
For the fourth quarter of 2025, compared to the fourth quarter of 2024:
Net revenue increased 1% to $3.6 billion, or was flat on a constant dollar basis.
Americas net revenue decreased 4%, or 5% on a constant dollar basis.
International net revenue increased 17%, or 14% on a constant dollar basis.
Excluding net revenue from the 53rd week of 2024, net revenue increased 6%, or 4% on a constant dollar basis.
Comparable sales increased 3%, or 2% on a constant dollar basis.
Americas comparable sales decreased 1%, or 2% on a constant dollar basis.
International comparable sales increased 20%, or 16% on a constant dollar basis.
Gross profit decreased 8% to $2.0 billion and gross margin decreased 550 basis points to 54.9%.
Income from operations decreased 22% to $812.3 million and operating margin decreased 660 basis points to 22.3%.
The effective income tax rate for the fourth quarter of 2025 was 27.8% compared to 29.2% for the fourth quarter of 2024.
Diluted earnings per share were $5.01 compared to $6.14 in the fourth quarter of 2024.
The Company repurchased 1.4 million of its shares for a cost of $269.1 million.
The Company opened 15 net new company-operated stores during the quarter, ending with 811 stores.
For 2025 compared to 2024:
Net revenue increased 5% to $11.1 billion.
Americas net revenue decreased 1%.
International net revenue increased 22%, or 21% on a constant dollar basis.
Excluding net revenue from the 53rd week of 2024, net revenue increased 7%, or 6% on a constant dollar basis.
Comparable sales increased 2%.
Americas comparable sales decreased 3%.
International comparable sales increased 15%, or 14% on a constant dollar basis.
Gross profit was flat at $6.3 billion and gross margin decreased 260 basis points to 56.6%.
Income from operations decreased 12% to $2.2 billion and operating margin decreased 380 basis points to 19.9%.
The effective income tax rate was 29.5% for 2025 compared to 29.6% for 2024.
Diluted earnings per share were $13.26 compared to $14.64 in 2024.
The Company repurchased 5.0 million shares for a cost of $1.2 billion.
The Company added 44 net new company-operated stores during the year, ending with 811 stores.
Balance Sheet Highlights
The Company ended 2025 with $1.8 billion in cash and cash equivalents and it had $593.6 million of available capacity under its committed revolving credit facility.
Inventories at the end of 2025 increased by 18% to $1.7 billion. On a unit basis, inventories increased 6%.
Fiscal 2026 Outlook
For the first quarter of 2026, the Company expects net revenue to be in the range of $2.400 billion to $2.430 billion, representing growth of 1% to 3%. Diluted earnings per share are expected to be in the range of $1.63 to $1.68 for the quarter. This assumes a tax rate of approximately 31.5%.
For 2026, the Company expects net revenue to be in the range of $11.350 billion to $11.500 billion, representing growth of 2% to 4%. Diluted earnings per share are expected to be in the range of $12.10 to $12.30 for the year. This assumes a tax rate of approximately 30%.
The guidance does not reflect potential future repurchases of the Company's shares.
The guidance and outlook forward-looking statements made in this press release are based on management's expectations as of the date of this press release and do not incorporate future unknown impacts, including tariffs and macroeconomic trends. The Company undertakes no duty to update or to continue to provide information with respect to any forward-looking statements or risk factors, whether as a result of new information or future events or circumstances or otherwise. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of risks and uncertainties, including those stated below.
Conference Call Information
A conference call to discuss 2025 results is scheduled for today, March 17, 2026, at 4:30 p.m. Eastern time. Those interested in participating in the call are invited to dial 1-833-752-3550 or 1-647-846-8290, if calling internationally, approximately 10 minutes prior to the start of the call. A live webcast of the conference call will be available online at: https://corporate.lululemon.com/investors/news-and-events/events-and-presentations. A replay will be made available online approximately two hours following the live call for a period of 30 days.
About lululemon athletica inc.
lululemon athletica inc. (NASDAQ:LULU) is a technical athletic apparel, footwear, and accessories company for yoga, running, training, and most other activities, creating transformational products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all. Setting the bar in innovation of fabrics and functional designs, lululemon works with yogis and athletes in local communities around the world for continuous research and product feedback. For more information, visit lululemon.com.
Shifted Calendar for Comparable Sales
Due to the 53rd week in 2024, comparable sales are calculated on a one-week shifted basis such that the 13 and 52 weeks ended February 1, 2026 are compared to the 13 and 52 weeks ended February 2, 2025 rather than January 26, 2025.
Non-GAAP Financial Measures
We report certain financial metrics on a constant dollar basis, which is a non-GAAP financial measure.
A constant dollar basis assumes the average foreign currency exchange rates for the period remained constant with the average foreign currency exchange rates for the same period of the prior year. The Company provides constant dollar changes in its results to help investors understand the underlying growth rate of net revenue excluding the impact of changes in foreign currency exchange rates. Management uses constant currency metrics internally when reviewing and assessing financial performance.
The Company's fiscal year ends on the Sunday closest to January 31st of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2024 was a 53-week year while 2025 was a 52-week year. Fiscal 2026 will be a 52-week year. The net revenue changes excluding the 53rd week exclude net revenue for the 53rd week of 2024. This enables an evaluation of the year-over-year change in net revenue based on 52 weeks in each year.
These non-GAAP financial measures are provided in addition to, and not a substitute for, the corresponding financial measures calculated in accordance with GAAP. For more information on these non-GAAP financial measures, please see the section captioned "Reconciliation of Non-GAAP Financial Measures" included in the accompanying financial tables, which includes more detail on the GAAP financial measure that is most directly comparable to each non-GAAP financial measure, and the related reconciliations between these financial measures. The Company's non-GAAP financial measures may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures reported by other companies.
Forward-Looking Statements:
This press release includes estimates, projections, statements relating to the Company's business plans, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In many cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "outlook," "believes," "intends," "estimates," "predicts," "potential" or the negative of these terms or other comparable terminology. These forward-looking statements also include the Company's guidance and outlook statements. These statements are based on management's current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, which include, without limitation: the Company's ability to maintain its brand value and reputation; its highly competitive market and increasing competition; its ability to anticipate consumer preferences and successfully develop and introduce new, innovative and differentiated products; the acceptability of its products to guests; increasing costs and decreasing selling prices; its ability to accurately forecast guest demand for its products; its ability to expand in light of its limited operating experience and limited brand recognition in new international markets and new product categories; its ability to attract, manage, and retain highly qualified individuals; its ability to manage its growth and the increased complexity of its business effectively; changes in consumer shopping preferences and shifts in distribution channels; its leasing of retail and distribution space; seasonality; changes to U.S. tariff and customs policy, including the elimination of the de minimis exemption; macroeconomic volatility, inflationary pressures, and shifts in consumer sentiment; global political and economic instability, including geopolitical conflicts and political polarization; trade restrictions, tariffs, and customs changes; changes in tax laws, transfer pricing, or unanticipated tax liabilities; its ability to comply with trade and other regulations; fluctuations in foreign currency exchange rates; global or regional public health crises; disruptions of its supply chain; its reliance on a relatively small number of vendors to supply and manufacture a significant portion of its products; suppliers or manufacturers not complying with its Vendor Code of Ethics or applicable laws; fluctuating costs of raw materials and the cost of producing its products; its ability to deliver its products to the market and to meet guest expectations if it has problems with its distribution system; its ability to safeguard against security breaches with respect to its technology systems; its compliance with privacy and data protection laws; any material disruption of its technology systems; its ability to have technology-based systems for its e-commerce business function effectively; imitation by its competitors; its ability to protect its intellectual property rights; conflicting trademarks and patents and the prevention of sale of certain products; actions of stockholders, activists, or shifting consumer sentiment; its exposure to various types of litigation; climate change and related pressures; heightened scrutiny and legal risks from competing pressures regarding ESG; and other risks and uncertainties set out in filings made from time to time with the United States Securities and Exchange Commission and available at www.sec.gov, including, without limitation, its most recent reports on Form 10-K and Form 10-Q. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law.
lululemon athletica inc.
The fiscal year ended February 1, 2026 is referred to as "2025" and the fiscal year ended February 2, 2025 is referred to as "2024." The Company's next fiscal year ends on January 31, 2027 and is referred to as "2026."
Condensed Consolidated Statements of Operations
Unaudited; Expressed in thousands, except per share amounts
Fourth Quarter
Fiscal Year
2025
2024
2025
2024
Net revenue
$
3,640,801
$
3,611,497
$
11,102,600
$
10,588,126
Costs of goods sold
1,642,913
1,429,545
4,818,468
4,317,315
Gross profit
1,997,888
2,181,952
6,284,132
6,270,811
As a percentage of net revenue
54.9
%
60.4
%
56.6
%
59.2
%
Selling, general and administrative expenses
1,183,773
1,138,167
4,066,556
3,762,379
As a percentage of net revenue
32.5
%
31.5
%
36.6
%
35.5
%
Amortization of intangible assets
1,825
1,617
6,961
2,735
Income from operations
812,290
1,042,168
2,210,615
2,505,697
As a percentage of net revenue
22.3
%
28.9
%
19.9
%
23.7
%
Other income (expense), net
975
15,360
28,352
70,380
Income before income tax expense
813,265
1,057,528
2,238,967
2,576,077
Income tax expense
226,394
309,125
659,784
761,461
Net income
$
586,871
$
748,403
$
1,579,183
$
1,814,616
Basic earnings per share
$
5.01
$
6.15
$
13.27
$
14.67
Diluted earnings per share
$
5.01
$
6.14
$
13.26
$
14.64
Basic weighted-average shares outstanding
117,155
121,683
118,981
123,735
Diluted weighted-average shares outstanding
117,196
121,895
119,068
123,935
lululemon athletica inc.
Condensed Consolidated Balance Sheets
Unaudited; Expressed in thousands
February 1,
2026
February 2,
2025
ASSETS
Current assets
Cash and cash equivalents
$
1,807,202
$
1,984,336
Inventories
1,700,753
1,442,081
Prepaid and receivable income taxes
352,469
182,253
Other current assets
402,277
371,632
Total current assets
4,262,701
3,980,302
Property and equipment, net
2,033,720
1,780,617
Right-of-use lease assets
1,630,181
1,416,256
Goodwill and intangible assets, net
191,194
171,191
Deferred income taxes and other non-current assets
338,947
254,926
Total assets
$
8,456,743
$
7,603,292
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$
331,421
$
271,406
Accrued liabilities and other
662,982
559,463
Accrued compensation and related expenses
187,887
204,543
Current lease liabilities
298,724
275,154
Current income taxes payable
43,948
183,126
Unredeemed gift card liability
316,632
308,352
Other current liabilities
45,954
37,586
Total current liabilities
1,887,548
1,839,630
Non-current lease liabilities
1,499,717
1,300,637
Deferred income tax liability
52,278
98,188
Other non-current liabilities
55,360
40,790
Stockholders' equity
4,961,840
4,324,047
Total liabilities and stockholders' equity
$
8,456,743
$
7,603,292
lululemon athletica inc.
Condensed Consolidated Statements of Cash Flows
Unaudited; Expressed in thousands
Fiscal Year
2025
2024
Cash flows from operating activities
Net income
$
1,579,183
$
1,814,616
Adjustments to reconcile net income to net cash provided by operating activities
23,294
458,097
Net cash provided by operating activities
1,602,477
2,272,713
Net cash used in investing activities
(662,118
)
(798,174
)
Net cash used in financing activities
(1,208,656
)
(1,652,508
)
Effect of foreign currency exchange rate changes on cash and cash equivalents
91,163
(81,666
)
Decrease in cash and cash equivalents
(177,134
)
(259,635
)
Cash and cash equivalents, beginning of year
$
1,984,336
$
2,243,971
Cash and cash equivalents, end of year
$
1,807,202
$
1,984,336
lululemon athletica inc.
Reconciliation of Non-GAAP Financial Measures
Unaudited
Constant dollar changes
The below changes show the change compared to the corresponding period in the prior year. Due to the 53rd week in 2024, the below changes in comparable sales are calculated on a one-week shifted basis such that the 13 and 52 weeks ended February 1, 2026 are compared to the 13 and 52 weeks ended February 2, 2025 rather than January 26, 2025.
Fourth Quarter 2025
Fiscal 2025
Net Revenue
Change
Foreign
exchange
Change in
constant
dollars
Change
Foreign
exchange
Change in
constant
dollars
United States
(6
)%
—
%
(6
)%
(2
)%
—
%
(2
)%
Canada
1
(2
)
(1
)
1
1
2
Americas
(4
)
(1
)
(5
)
(1
)
—
(1
)
China Mainland
24
(3
)
21
29
(1
)
28
Rest of World
10
(4
)
6
16
(2
)
14
Total international
17
(3
)
14
22
(1
)
21
Total
1
%
(1
)%
—
%
5
%
—
%
5
%
Fourth Quarter 2025
Fiscal 2025
Comparable Sales (1)
Change
Foreign
exchange
Change in
constant
dollars
Change
Foreign
exchange
Change in
constant
dollars
Americas
(1
)%
(1
)%
(2
)%
(3
)%
—
%
(3
)%
China Mainland
30
(4
)
26
20
(1
)
19
Rest of World
9
(4
)
5
9
(2
)
7
Total international
20
(4
)
16
15
(1
)
14
Total
3
%
(1
)%
2
%
2
%
—
%
2
%
__________
(1)
Comparable sales includes comparable company-operated store and e-commerce net revenue. Comparable company-operated stores have been open for at least 12 full fiscal months, or open for at least 12 full fiscal months after being significantly expanded. Comparable company-operated stores exclude stores which have been temporarily relocated for renovations or have been temporarily closed.
Net revenue change excluding the 53rd week
The Company's fiscal year ends on the Sunday closest to January 31st of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2025 was a 52-week year while 2024 was a 53-week year. Fiscal 2026 will be a 52-week year.
The below changes show the change for 2025 compared to the corresponding period in 2024 by geographic area and channel, including in constant dollars.
Fourth Quarter 2025
Change
Impact of 53rd
week
Change
excluding the
53rd week
(non-GAAP)
Foreign
Exchange
Constant
dollar change
excluding the
53rd week
(non-GAAP)
United States
(6
)%
5
%
(1
)%
—
%
(1
)%
Canada
1
4
5
(2
)
3
Americas
(4
)
4
—
—
—
China Mainland
24
8
32
(4
)
28
Rest of World
10
6
16
(4
)
12
Total international
17
7
24
(4
)
20
Total
1
%
5
%
6
%
(2
)%
4
%
Company-operated stores
(5
)%
5
%
—
%
(1
)%
(1
)%
E-commerce
5
%
4
%
9
%
(1
)%
8
%
Fiscal 2025
Change
Impact of 53rd
week
Change
excluding the
53rd week
(non-GAAP)
Foreign
Exchange
Constant
dollar change
excluding the
53rd week
(non-GAAP)
United States
(2
)%
1
%
(1
)%
—
%
(1
)%
Canada
1
1
2
1
3
Americas
(1
)
1
—
1
1
China Mainland
29
2
31
(1
)
30
Rest of World
16
2
18
(2
)
16
Total international
22
3
25
(2
)
23
Total
5
%
2
%
7
%
(1
)%
6
%
Company-operated stores
1
%
1
%
2
%
—
%
2
%
E-commerce
8
%
1
%
9
%
—
%
9
%
The below changes show the change for 2025 compared to the corresponding period in 2024 by category.
Fourth Quarter 2025
Fiscal 2025
Change
Impact of 53rd
week
Change
excluding the
53rd week
(non-GAAP)
Change
Impact of 53rd
week
Change
excluding the
53rd week
(non-GAAP)
Women's product
2
%
5
%
7
%
5
%
1
%
6
%
Men's product
(2
)
5
3
4
2
6
Accessories and other categories
—
4
4
8
1
9
Total
1
%
5
%
6
%
5
%
2
%
7
%
lululemon athletica inc.
Company-operated Store Count and Square Footage(1)
Square footage expressed in thousands
Number of
Stores Open
at the
Beginning of
the Quarter
Number of
Stores
Opened
During the
Quarter
Number of
Stores Closed
During the
Quarter
Number of
Stores Open
at the End of
the Quarter
1st Quarter 2025
767
5
2
770
2nd Quarter 2025
770
15
1
784
3rd Quarter 2025
784
14
2
796
4th Quarter 2025
796
18
3
811
Total Gross
Square Feet at
the Beginning
of the Quarter
Gross Square
Feet Added
During the
Quarter(2)
Gross Square
Feet Lost
During the
Quarter(2)
Total Gross
Square Feet at
the End of the
Quarter
1st Quarter 2025
3,372
50
7
3,415
2nd Quarter 2025
3,415
99
3
3,511
3rd Quarter 2025
3,511
128
9
3,630
4th Quarter 2025
3,630
116
10
3,736
__________
(1)
Company-operated store count and square footage summary excludes retail locations operated by third parties under license and supply arrangements.
(2)
Gross square feet added/lost during the quarter includes net square foot additions for company-operated stores which have been renovated or relocated in the quarter.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260317758530/en/
Investor Contacts:
lululemon athletica inc.
Howard Tubin
1-604-732-6124
or
ICR, Inc.
Joseph Teklits
1-203-682-8200
Media Contact:
lululemon athletica inc.
Madi Wallace
1-604-732-6124
Original: lululemon athletica inc. Announces Fourth Quarter and Full Year Fiscal 2025 Results
US Market News
3月前
Chip Wilson Puts Focus on lululemon's Brand and Creative Strategy Ahead of lululemon's Earnings ResultsMarch 17, 2026 12:00 PM
PR Newswire (US)
VANCOUVER, BC, March 17, 2026 /PRNewswire/ -- Chip Wilson, Founder of lululemon athletica inc. (NASDAQ: LULU) ("lululemon" or the "Company") and one of lululemon's largest shareholders, released the following statement ahead of lululemon's fourth quarter and full year 2025 results call later today:As lululemon reports its fourth quarter and full year 2025 results, shareholders will be critically evaluating the Company's claims of success or improvement. The core issue at lululemon is one the Company has struggled with for years: there is a disconnect between the Company's creative engine and the Board's understanding for how brand power and product excellence fuel cultural strength, margin durability and long-term shareholder value.On behalf of all shareholders, I believe lululemon leadership must provide detailed answers to the following questions so that investors, partners, employees and everyone who cares about lululemon can understand where current leadership is taking this Company. Clarifying Discount Intensity and its Impact to Premium Brand Value
How should investors reconcile the message around operational improvements with the reality of continued discounting to offset declining North America store comps for which product was purchased? Shareholders should understand whether the Board recognizes the relationship between a dollar discounted and the fall in brand power. Each dollar lost from discounting is a dollar that could have been invested into expanding the power of the lululemon brand.
Defining How Creativity and Newness are Prioritized to Drive Growth
Recent product launches reflect a persistent "stale and predictable" approach as Interim Co-Chief Executive Officer Meghan Frank described in her recent interview with The New York Times. Shareholders should understand the Board's decision-making process on product launches, data used to inform these decisions and what the Board has changed in their evaluation and oversight process. The Board is fully aware of what has gone missing in the last six years.Addressing Repeated Operational Mistakes
What structural changes have been made to address the increasing frequency of product failures as seen with "Get Low" and "Breezethrough"? If the Board has analyzed its failures in new categories such as jeans, cosmetics and running shoes, shareholders should be made aware of the learnings as a show of good faith to rebuild confidence in Board leadership.Fixing Core North American Sales Before it Impacts Global Markets
The company has reported negative or flat same store sales for the past seven consecutive quarters in North America. Investors would benefit from same store sales data on a specific group of bellwether, trend-setting markets, such as New York, Miami, Vancouver and Los Angeles, to better understand if this negative momentum will accelerate. How will you prevent the underperformance in core franchises in North America from translating to slower growth in mainland China and other international markets?The three independent candidates put forth in our campaign for change, Marc Maurer, Laura Gentile and Eric Hirshberg, would ask the tough questions in the boardroom and bring the accountability and oversight lululemon needs. It is my belief shareholders will understand that the current leadership team, who are overseen by a Board with no brand and product experience, is incapable of addressing the fundamental issue of being able to onboard brand and product leadership at the management and Board level.Shareholders are encouraged to visit www.CreativityFirstlulu.com to review the need for change and learn about Wilson's nominees.Certain Information Concerning the ParticipantsDennis J. "Chip" Wilson, together with the other Participants (as defined below), intends to file with the U.S. Securities and Exchange Commission (the "SEC") a definitive proxy statement on Schedule 14A (the "Definitive Proxy Statement") and accompanying GOLD Universal Proxy Card to be used to solicit proxies from the shareholders of the Company in connection with the Annual Meeting.SHAREHOLDERS OF THE COMPANY ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE PARTICIPANTS HAVE FILED OR WILL FILE WITH THE SEC BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION, INCLUDING ABOUT THE MATTERS TO BE VOTED ON AT THE ANNUAL MEETING AND ADDITIONAL INFORMATION RELATING TO THE PARTICIPANTS AND THEIR DIRECT OR INDIRECT INTERESTS, BY SECURITY HOLDINGS OR OTHERWISE.The participants in the solicitation of proxies are Mr. Wilson, Anamered Investments Inc., LIPO Investments (USA), Inc., Wilson 5 Foundation, Wilson 5 Foundation Management Ltd., Five Boys Investments ULC, Shannon Wilson, Low Tide Properties Ltd., House of Wilson Ltd., Marc Maurer, Laura Gentile and Eric Hirshberg (collectively, the "Participants").The Definitive Proxy Statement and accompanying GOLD Universal Proxy Card will be furnished to some or all of the Company's shareholders and will be, along with other relevant documents, available at no charge on the SEC's website at https://www.sec.gov/. Information about the Participants and a description of their direct or indirect interests, by security holdings or otherwise, is contained on an amendment to Schedule 13D filed by the Participants with the SEC on March 16, 2026, and is available here. By virtue of the relationship among the Participants as members in a Schedule 13(d) group, all the Participants, individually, are deemed to beneficially own the 9,904,856 shares of Common Stock of the Company, par value $0.005 (of which 5,115,961 are shares of the Company's special voting stock paired with an equal number of exchangeable shares of Lulu Canadian Holding, Inc., on a fully-converted basis) owned in the aggregate by all of the Participants.ContactsMedia
Val Mack, val.mack@fticonsulting.com
Pat Tucker, pat.tucker@fticonsulting.comInvestors
Scott Winter, Gabrielle Wolf
Innisfree M&A Incorporated
(212) 750-5833
View original content:https://www.prnewswire.com/news-releases/chip-wilson-puts-focus-on-lululemons-brand-and-creative-strategy-ahead-of-lululemons-earnings-results-302716197.htmlSOURCE Chip Wilson
Original: Chip Wilson Puts Focus on lululemon's Brand and Creative Strategy Ahead of lululemon's Earnings Results
US Market News
3月前
Message de Chip Wilson aux candidats au poste de PDG de lululemon : Méfiez-vous d'un conseil d'administration inapte à soutenir un leadership visionnaireMarch 13, 2026 11:27 AM
PR Newswire (Canada)
Une nouvelle lettre ouverte diffuse le message de Chip Wilson sur la valeur du renouvellement du conseil d'administration avant la sélection du chef de la directionVANCOUVER, C.-B., 13 mars 2026 /CNW/ - Chip Wilson, fondateur de lululemon athletica inc. (NASDAQ : LULU) (« lululemon » ou la « Société ») et l'un des plus importants actionnaires de lululemon, a envoyé aujourd'hui une lettre aux dirigeants du secteur du commerce de détail et de l'habillement qui pourraient envisager de devenir le prochain chef de la direction de lululemon.Aux dirigeants du secteur des vêtements techniques intéressés à devenir le prochain PDG de lululemon :Peu de gens sont de plus fervents défenseurs des vêtements techniques que moi. À ce jour, je nourris une passion sans fin pour tous les aspects de ce domaine, depuis la conduite des évaluations de produits jusqu'à la découverte de nouvelles marques innovantes sur le marché.Je crois que la marque lululemon est capable de mener notre industrie une fois de plus. Pourtant, tout dirigeant qui envisage le poste de chef de la direction devrait se concentrer sur le conseil d'administration de la Société.Après trois départs de PDG sans successeur prêt à prendre la barre, il faut se demander si le conseil d'administration de la Société est tout simplement incapable de soutenir un leadership visionnaire, quelle que soit la qualification que peut avoir une personne. Tant que des changements significatifs n'auront pas eu lieu dans la salle du conseil, le succès du nouveau chef de la direction pourrait être une lutte perpétuelle.En outre, le simple fait de choisir un PDG ne résoudra peut-être pas les problèmes qui continuent de miner lululemon. Les responsabilités d'un conseil d'administration efficace sont vastes et exigent des perspectives, une expérience et des renouvellements réguliers appropriés pour stimuler le changement.C'est pourquoi j'ai proposé la candidature de Marc Maurer, Laura Gentile et Eric Hirshberg en qualité d'administrateurs indépendants au conseil d'administration. Ces trois candidats apportent des compétences en matière de marque, de produit et de marketing qui manquent cruellement au conseil d'administration aujourd'hui.Je ne souhaite rien de plus que le succès de la marque lululemon, et je continuerai à être une ressource pour ses collaborateurs. À toute personne qui envisage ce poste, déterminez si le conseil d'administration actuel peut effectivement répondre efficacement aux questions suivantes :Comment le conseil d'administration définit-il l'égérie de la marque et son importance pour générer de la valeur ? Tout chef de produit sait que la clarté de l'égérie de la marque est essentielle au succès. Je crois que le conseil d'administration doit apprécier cette précision et recommander la marque à l'égérie.Le prochain chef de la direction aura-t-il l'occasion d'investir véritablement dans le design, l'innovation et la créativité ? Comme la Société a augmenté ses rabais et ses activités promotionnelles, la valeur à long terme de la marque pourrait être détruite, car chaque dollar perdu en raison des rabais et des activités promotionnelles aurait pu être investi dans l'expansion de la marque.Le prochain dirigeant sera-t-il habilité à faire un compromis entre investissement et marge afin d'offrir le meilleur produit possible sur le long terme ? La Société a besoin d'un leadership qui apprécie et comprend la signification du terme « haut de gamme ». Nous avons récemment constaté les retombées de la décentralisation des produits chez lululemon dans un but de profit.Pourquoi le renouvellement limité du conseil d'administration n'a-t-il à ce jour pas mis l'accent sur les vêtements techniques et les compétences en leadership créatif ? Le conseil d'administration actuel a une ancienneté moyenne de plus de 8 ans1 et quatre des neuf administrateurs y siègent depuis plus de dix ans. Un nouveau chef de la direction devrait demander au conseil d'administration si la stratégie de renouvellement comprend ou non l'ajout de nouveaux membres axés sur les produits et la stratégie au lieu de s'appuyer sur les relations du conseil d'administration.Un nouveau PDG peut-il réussir s'il ne fait pas partie du « club Avvent International, L.P. » ? Ce n'est un secret pour personne que des relations au sein du conseil d'administration remettent fortement en question l'indépendance. À l'heure actuelle, le conseil d'administration compte au moins quatre administrateurs liés à une société de capital-investissement qui n'a même pas de participation divulguée dans lululemon. Trois de ces quatre administrateurs de fonds de capital-investissement président des comités essentiels du conseil d'administration ou le conseil d'administration lui-même.Comment le conseil d'administration soutient-il et investit-il dans le développement des talents internes ? La raison pour laquelle le poste de chef de la direction de lululemon est vacant aujourd'hui est l'incapacité du conseil d'administration à bien planifier la relève. L'avenir du lululemon dépend du talent et du leadership de la prochaine génération. Un nouveau PDG devrait être en mesure de croire qu'un conseil d'administration lui donnera les moyens d'investir dans la prochaine génération de l'entreprise.Ma carrière m'a donné l'occasion de découvrir ce domaine sous de nombreux angles : en tant qu'entrepreneur obsédé par le produit, la vision et la stratégie, et en tant que membre du conseil d'administration d'une société ouverte assurant la supervision. Ce que mon expérience m'a appris : Pour être un chef d'entreprise efficace, vous avez besoin d'un conseil d'administration qui peut vous guider, vous soutenir et vous mettre au défi pour concrétiser la vision de l'entreprise. Trop de dirigeants ne réalisent pas qu'un conseil d'administration inefficace et dysfonctionnel peut frustrer, perturber et, en fin de compte, empêcher le succès.Tant que le conseil d'administration n'a pas été renouvelé et communiqué clairement son chemin de transformation, je maintiendrai mon engagement inébranlable à protéger et à renforcer la solidité durable de la marque lululemon. J'espère que vous prendrez quelques instants pour visiter le site www.CreativityFirstlulu.com afin d'en apprendre davantage sur les raisons pour lesquelles je crois que lululemon a besoin d'un nouveau conseil d'administration avant la nomination d'un nouveau chef de la direction.Bien cordialement,
Dennis J. « Chip » Wilson
Fondateur de lululemon athletica inc.Présentation des ParticipantsDennis J. « Chip » Wilson, de concert avec les autres Participants (définis ci-dessous), a l'intention de déposer auprès de la Securities and Exchange Commission des États-Unis (la « SEC ») une circulaire de sollicitation de procurations définitive sur annexe 14A (la « circulaire de sollicitation de procurations définitive ») et la carte de procuration universelle GOLD qui l'accompagne pour solliciter des procurations auprès des actionnaires de la Société dans le cadre de l'assemblée annuelle.LES ACTIONNAIRES DE LA SOCIÉTÉ SONT PRIÉS DE LIRE CES DOCUMENTS (Y COMPRIS TOUTE MODIFICATION OU TOUT SUPPLÉMENT À CEUX-CI) ET TOUT AUTRE DOCUMENT PERTINENT QUE LES PARTICIPANTS ONT DÉPOSÉ OU DÉPOSERONT AUPRÈS DE LA SEC, CAR ILS CONTIENNENT OU CONTIENDRONT DES RENSEIGNEMENTS IMPORTANTS, Y COMPRIS SUR LES QUESTIONS DEVANT FAIRE L'OBJET D'UN VOTE À L'ASSEMBLÉE ANNUELLE, AINSI QUE DES RENSEIGNEMENTS SUPPLÉMENTAIRES CONCERNANT LES PARTICIPANTS ET LEURS INTÉRÊTS DIRECTS OU INDIRECTS, PAR DES TITRES DÉTENUS OU AUTREMENT.Les participants à la sollicitation de procurations sont M. Wilson, Anamered Investments Inc., LIPO Investments (USA), Inc., Wilson 5 Foundation, Wilson 5 Foundation Management Ltd., Five Boys Investments ULC, Shannon Wilson, Low Tide Properties Ltd., House of Wilson Ltd., Marc Maurer, Laura Gentile et Eric Hirshberg (collectivement, les « Participants »).La circulaire de sollicitation de procurations définitive et la carte de procuration universelle GOLD qui l'accompagne seront fournies à certains ou à tous les actionnaires de la Société et seront, avec d'autres documents pertinents, disponibles sans frais sur le site Web de la SEC à l'adresse https://www.sec.gov/. Des renseignements sur les Participants et une description de leurs intérêts directs ou indirects, par des titres détenus ou autrement, figurent dans une modification à l'annexe 13D déposée par les Participants auprès de la SEC le 9 mars 2026 et sont disponibles ici. En vertu de la relation entre les Participants à titre de membres d'un groupe figurant à l'Annexe 13(d), tous les Participants sont réputés, individuellement, être les bénéficiaires effectifs des 9 904 856 actions ordinaires de la Société, d'une valeur nominale de 0,005 $ (dont 5 115 961 sont des actions comportant des droits de vote spéciaux de la Société associées à un nombre égal d'actions échangeables de Lulu Canadian Holding, Inc., entièrement converties), détenues dans l'ensemble par tous les Participants.Note de bas de page :Durée moyenne de mandat des administrateurs au conseil d'administration de lululemon. Dépôt de la société en 2025.ContactsPresse
Val Mack, val.mack@fticonsulting.com
Pat Tucker, pat.tucker@fticonsulting.comInvestisseurs Scott Winter, Gabrielle Wolf
Innisfree M&A Incorporated
(212) 750-5833 SOURCE Chip Wilson
Original: Message de Chip Wilson aux candidats au poste de PDG de lululemon : Méfiez-vous d'un conseil d'administration inapte à soutenir un leadership visionnaire
US Market News
3月前
lululemon Responds to Chip Wilson’s StatementsFebruary 27, 2026 11:39 AM
Business Wire
lululemon athletica inc. (NASDAQ:LULU) (“lululemon” or the “company”) today commented on Chip Wilson’s press release in relation to his nomination of three director candidates to stand for election to the company’s Board at lululemon’s 2026 Annual Meeting of Shareholders:
We have continued to engage with Mr. Wilson in good faith over the past few months, including numerous meetings, with the goal of having a productive dialogue with him. We disagree with Mr. Wilson’s characterization of his interactions with the Board.
The Board has repeatedly requested the opportunity to interview Mr. Wilson’s director nominees. However, Mr. Wilson had indicated he would not allow the Board to meet with these individuals unless the Board agreed to a full set of settlement terms. To date, Mr. Wilson has only allowed one nominee, Marc Maurer, to have preliminary conversations with the Board, which the Board has welcomed. It is unfortunate that Mr. Wilson has been unwilling to have a constructive dialogue toward a reasonable resolution.
The Board remains open to engaging with Mr. Wilson as well as the company’s other shareholders and will continue to take actions that we believe are in the best interests of all of the company’s shareholders.
About lululemon
lululemon (NASDAQ:LULU) is a technical athletic apparel, footwear, and accessories company for yoga, running, training, and most other activities, creating transformational products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all. Setting the bar in innovation of fabrics and functional designs, lululemon works with yogis and athletes in local communities around the world for continuous research and product feedback. For more information, visit lululemon.com.
Forward-Looking Statements and Risk Factors
This communication contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including those related to successful leadership integration, execution of business strategies, and other factors described in reports we file from time to time with the Securities and Exchange Commission (the “SEC”), including Forms 8-K, 10-Q and 10-K. We undertake no obligation to update any forward-looking statements.
Important Additional Information and Where to Find It
The company intends to file a proxy statement on Schedule 14A, an accompanying WHITE proxy card, and other relevant documents with the SEC in connection with the solicitation of proxies from the company’s stockholders for the company’s 2026 annual meeting of stockholders. THE COMPANY’S STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE PROXY CARD, AND ANY OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain a free copy of the definitive proxy statement, an accompanying WHITE proxy card, any amendments or supplements to the proxy statement, and other documents that the company files with the SEC at no charge from the SEC’s website at www.sec.gov. Copies will also be available at no charge by clicking the “SEC filings” link in the “Financial Information” section of the “Investors” tab of the company’s website at https://corporate.lululemon.com/.
Certain Information Regarding Participants in the Solicitation
The company, its directors and certain of its executive officers (Meghan Frank, Chief Financial Officer; André Maestrini, President and Chief Commercial Officer; and Shannon Higginson, Chief Legal and Compliance Officer) are deemed “participants” (as defined in Schedule 14A under the Exchange Act of 1934, as amended) in the solicitation of proxies from the company’s stockholders in connection with the matters to be considered at the company’s 2026 annual meeting of stockholders. Information regarding the names of the company’s directors and executive officers and certain other individuals and their respective interests in the company, by security holdings or otherwise, is set forth in the sections entitled “Director Compensation,” “Executive Compensation,” “Executive Compensation Tables,” and “Principal Shareholders and Stock Ownership by Management” of the company’s proxy statement on Schedule 14A in connection with the 2025 annual meeting of stockholders, filed with the SEC on April 29, 2025 (available here). Supplemental information regarding the participants’ holdings of the company’s securities can be found in SEC filings on Statements of Change in Ownership on Form 4 filed with the SEC on June 11, 2025, December 17, 2025, and January 2, 2026 for Meghan Frank (available here, here, and here); June 12, 2025 for Shane Grant (available here); June 12, 2025 for Kathryn Henry (available here); June 12, 2025 for Teri List (available here); June 12, 2025 for Alison Loehnis (available here); December 17, 2025 for André Maestrini (available here); June 12, 2025 for Isabel Mahe (available here); June 12, 2025 for Jon McNeill (available here); June 12, 2025, December 18, 2025, and December 29, 2025 for Martha Morfitt (available here, here, and here); June 13, 2025 for David Mussafer (available here); and June 12, 2025 for Emily White (available here). Such filings will also be available at no charge by clicking the “SEC filings” link in the “Financial Information” section of the “Investors” tab of the company’s website at https://corporate.lululemon.com/.
Any subsequent updates following the date hereof to the information regarding the identity of potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the company’s proxy statement on Schedule 14A and other materials to be filed with the SEC in connection with the 2026 annual meeting of stockholders, if and when they become available. These documents will be available free of charge as described above.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260227298203/en/
Investor Contacts
lululemon athletica inc.
Howard Tubin
1-604-732-6124
or
ICR, Inc.
Joseph Teklits
1-203-682-8200
Media Contact:
lululemon athletica inc.
Madi Wallace
1-604-732-6124
or
Joele Frank, Wilkinson Brimmer Katcher
Leigh Parrish / Jed Repko
1-212-355-4449
Original: lululemon Responds to Chip Wilson’s Statements
US Market News
3月前
Chip Wilson Provides Update to lululemon ShareholdersFebruary 27, 2026 8:00 AM
PR Newswire (Canada)
VANCOUVER, BC, Feb. 27, 2026 /CNW/ -- Chip Wilson, Founder of lululemon athletica inc. (NASDAQ: LULU) ("lululemon" or the "Company") and one of lululemon's largest shareholders, today released the following letter to lululemon shareholders:Shareholders of lululemon:In support of all shareholders, I am pursuing a campaign to catalyze a quantum of change that is sorely needed at lululemon. To effect that change, I have pursued private, constructive dialogues with the lululemon Board of Directors (the "Board") for the past few months. My attempts toward a sensible solution have not been reciprocated.The heart of the issue is a disconnect between the Company's creative engine and the Board's strategic oversight of how nonquantifiable power of brand and product translates to brand strength, margin durability, and long-term shareholder value. Brand, creative and marketing skills are missing from the boardroom. These problems are fixable, but meaningful change must happen fast.The stock has lost nearly half of its value over the past five years, costing lululemon shareholders roughly $20 billion. Already, there is clear, significant and consistent frustration with this Board as multiple directors have already lost the support of more than 20% of shareholders1 and there is an existing crisis to hire a permanent CEO (caused by the third failed succession planning process). It should be overwhelmingly clear that shareholders expect this Board to fulfill its fiduciary duty and act with urgency, clarity and humility. Unfortunately, we have seen none of this in our engagement.In the spirit of transparency, I am providing an update to all shareholders on our conversations to date, outlining our concerns about the lululemon Board's actions and urging all shareholders to take action to prevent further value destruction.Our Efforts Toward Constructive Resolution
On December 15, I provided the Board with a detailed and constructive framework to reach a resolution. Upon being met with silence from the Board with the nomination deadline looming, I nominated three highly qualified independent director candidates and submitted a proposal to declassify the Board on December 29.In an effort to spur the conversation forward, one of the candidates I put forward has met with some directors. Despite efforts, the Board only engaged with our framework for the first time on February 24, more than 70 days later. The response was weak and insufficient. The Board indicated an openness to some unspecified director refreshment over a period of multiple years and a phased de-staggering of the Board over time. It is telling that the only concrete proposal the Board has offered in response to my efforts is a non-disparagement agreement, showing that their priority is protecting their own reputations, instead of upholding their fiduciary duty for all shareholders.The Board's response does not reflect serious engagement toward resolving lululemon's challenges. Director refreshment and the annual election of directors are baseline expectations for shareholders of a well-functioning Board. It is troubling that the lululemon Board views these regular course good governance items as meaningful change. While we have proposed changing three directors, our strong feeling is that more than three directors should be replaced. The staggered nature of the Board limits how much change we can affect in one year, but we do not think the Board should constrain itself on refreshment.Most concerning for shareholders, the Board rejected our proposal to create a Brand Product Committee. In my view, a committee like this is part of highly effective oversight of the best creative businesses. Our proposal was inspired by my experience with Amer Sports, Inc., where a similar concept has allowed brands like Wilson and Arc'teryx to deliver consistent cutting-edge performance. The result has led to one of the best performing consumer goods stocks, outperforming the S&P 500 by approximately 89% since its IPO in 20242. Consistent with principles of good governance, a Brand Product Committee would function as a vehicle to give focus to one of lululemon's most pressing needs in between regularly scheduled board meetings, without supplanting the role of the full Board as the ultimate decisionmaker on material issues facing the Company. The fact that the lululemon Board rejected this idea, in my estimation, reflects the lack of experience this Board has in understanding how to leverage creative, high-performance brands.Concerns About the Board's Independence
In addition to my disappointing engagement with the Board to reach a resolution, I have learned of actions being taken by the Board that have me concerned that shareholder interests are not being prioritized.A few examples:lululemon Board members have indicated that during a supposed refreshment process, they had found several highly qualified director candidates who declined to join the Board until this proxy contest is resolved. If the Board were to name new directors now without shareholder input, how can shareholders trust that any new directors were not selected specifically for their loyalty to current directors? This Board already has concerning, substantial professional overlap through the Lead Director's private equity firm, Advent International.The Board's process to interview nominees is being overseen by the Chair of the Corporate Responsibility, Sustainability, and Governance Committee, David Mussafer. This is relevant as Mr. Mussafer is a candidate for election this year. How can shareholders trust his independent judgment of nominees who are poised to remove him from the Board in a proxy contest? When a director, with more than 14 years of total service on the Board, cannot recuse himself from obvious conflicts of interest, shareholders can fairly question the independent decision-making ability of the entire Board.There is One Clear Path Forward that Benefits all Shareholders
The Board's only credible path forward is to engage and work with me, one of lululemon's largest shareholders, to effectuate substantial change. We think shareholders expect the Board to act with urgency, clarity, and in good faith to reach a sensible resolution that benefits all shareholders. It is our expectation that the Board provide us with specific detail on how many incumbent directors will be retiring (and by when and who they are), and when our candidates will be added. Further, shareholders should expect immediate declassification of the Board. If the Board engages as shareholders expect, there is no reason to believe we cannot have this resolved before March 13.Despite the Board's inadequate engagement to date, we remain focused on reaching the best outcome for all shareholders and intend to provide a detailed response to the Board's input on our framework for resolution.I want to be clear with my fellow shareholders – my passion for lululemon is not rooted in nostalgia or my past with the Company. It is grounded in a deep understanding of the brand's origin, an undeniably unique long-term perspective on its competitive positioning and a conviction that lululemon's best years remain ahead, provided we make the right strategic and governance changes imminently.I have made every effort to engage for the interests of all shareholders, nominating three best-in-class independent directors and even encouraging one of those nominees to meet with the directors. It is my belief that there are directors on the lululemon Board committed to doing right by the business and acting in good faith, but the Board's actions to date do not reflect the urgency and clarity that shareholders demand.My commitment is singular and unwavering with the goal to protect and enhance the enduring strength of the lululemon brand, to uphold the standards that built it at the Board and brand levels and to ensure the Company delivers sustainable value for all shareholders. I am confident that my three independent candidates, Marc Maurer, Laura Gentile and Eric Hirshberg, stand ready to serve in the best interest of lululemon and its shareholders. I look forward to introducing them to my fellow shareholders.I sincerely hope that the Board will come to its senses and work with me to reach a resolution quickly so the work to set lululemon on the right path can begin.Best,
Dennis J. "Chip" Wilson
Founder of lululemon athletica inc.Biographies of Wilson's Three Independent NomineesMarc Maurer: Maurer is the former Co-Chief Executive Officer of On Holding AG, where he led the Company's rapid growth and increase in profitability. As Co-CEO, On experienced global brand expansion, retail & DTC scaling and nearly quadrupled revenue under Maurer's leadership3.Laura Gentile: Gentile is the former Chief Marketing Officer of ESPN, where she oversaw creative output, fan engagement, media strategy, event marketing and social media for all of ESPN's brands, platforms, shows and events. Under Gentile's leadership, ESPN was the #1 most trusted brand in sports media and achieved record viewership and social engagement. She also founded espnW, ESPN's first and only dedicated business for women, which she helped develop into a multi-media business, opening a new market for ESPN, and serving as a catalyst for the growth and momentum of women's sports.Eric Hirshberg: Hirshberg is the former Chief Executive Officer of Activision Publishing, Inc. ("Activision"), the largest segment of Activision Blizzard. Activision Blizzard's stock rose 500%, and Activision's segment profit nearly doubled during Hirshberg's close to eight years in the role4. He oversaw leading franchises including Call of Duty®, Destiny, Guitar Hero and Skylanders. Prior to joining Activision, Hirshberg was Co-Chief Executive Officer and Chief Creative Officer of the Deutsch LA advertising agency, where he grew the firm into a nationally recognized creative force.CERTAIN INFORMATION CONCERNING THE PARTICIPANTSMr. Wilson, together with the other Participants (as defined below), intends to file with the SEC a definitive proxy statement on Schedule 14A (the "Definitive Proxy Statement") and accompanying GOLD Universal Proxy Card to be used to solicit proxies from the shareholders of the Company in connection with the Company's 2026 Annual Meeting of Shareholders (including any adjournments, postponements, reschedulings or continuations thereof, the "Annual Meeting").SHAREHOLDERS OF THE COMPANY ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE PARTICIPANTS HAVE FILED OR WILL FILE WITH THE SEC BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION, INCLUDING ABOUT THE MATTERS TO BE VOTED ON AT THE ANNUAL MEETING AND ADDITIONAL INFORMATION RELATING TO THE PARTICIPANTS AND THEIR DIRECT OR INDIRECT INTERESTS, BY SECURITY HOLDINGS OR OTHERWISE.The participants in the solicitation of proxies are Mr. Wilson, Anamered Investments Inc., LIPO Investments (USA), Inc., Wilson 5 Foundation, Wilson 5 Foundation Management Ltd., Five Boys Investments ULC, Shannon Wilson, Low Tide Properties Ltd., House of Wilson Ltd., Marc Maurer, Laura Gentile, and Eric Hirshberg (collectively, the "Participants").The Definitive Proxy Statement and accompanying GOLD Universal Proxy Card will be furnished to some or all of the Company's shareholders and will be, along with other relevant documents, available at no charge on the SEC's website at https://www.sec.gov/.Information about the Participants and a description of their direct or indirect interests, by security holdings or otherwise, is contained in an amendment to Schedule 13D filed by the Participants with the SEC on December 30, 2025 and is available here. By virtue of the relationship among the Participants as members in a Schedule 13(d) group, all the Participants, individually, are deemed to beneficially own the 9,904,856 shares of Common Stock of the Company, par value $0.005 (of which 5,115,961 are shares of the Company's special voting stock paired with an equal number of exchangeable shares of Lulu Canadian Holding, Inc., on a fully-converted basis) owned in the aggregate by all of the Participants.Footnotes:Based on 2024 and 2025 Annual General Meeting Results. 2024 Company Filings. 2025 Company Filings.Percentage return calculated from Feb. 1, 2024 through Oct. 6, 2025, relative to the S&P 500 Index. Source: FactSet.ON Holding AG revenue growth data measured from Sept. 14, 2021, through June 30, 2025. Company financial data.Activision segment profit data from Sept. 7, 2010, through Mar. 31, 2018. Company financial data.Media Contacts:Val Mack,?val.mack@fticonsulting.com
Pat Tucker,?pat.tucker@fticonsulting.com
View original content:https://www.prnewswire.com/news-releases/chip-wilson-provides-update-to-lululemon-shareholders-302699601.htmlSOURCE Chip Wilson
Original: Chip Wilson Provides Update to lululemon Shareholders
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