Dennis J. Wilson, together with the other participants named herein, intends to file a proxy
statement and accompanying GOLD universal proxy card with the U.S. Securities and Exchange Commission (the “SEC”) to be used to solicit proxies for the election of his slate of highly qualified director candidates at the 2026
annual meeting of shareholders (including any other meeting of shareholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof, the “2026 Annual Meeting”) of lululemon athletica inc. (the
“Company”), and for the approval of a business proposal to be presented at the 2026 Annual Meeting.
On March 30, 2026,
Mr. Wilson, together with the other participants named herein, filed Amendment No. 17 to their Schedule 13D, which included the following update to Item 4 of Schedule 13D:
Item 4. Purpose of Transaction
Item 4 of the Schedule 13D is hereby amended and supplemented as follows:
On March 27,
2026, the Reporting Persons filed a preliminary proxy statement and accompanying GOLD proxy card with the SEC to be used-once definitive-to solicit votes to elect each of Laura Gentile, Eric Hirshberg and Marc
Maurer to the Board, and to approve the Proposal for consideration by shareholders at the Annual Meeting, which requests that the Issuer take all necessary steps to declassify the Board.
Also on March 27, 2026, Mr. Wilson began distributing a mailer to shareholders of the Issuer (the “March
27 Mailer”) that highlights the stock price deterioration of the Issuer over certain time frames, including on the days that the Issuer recalled its “Breezethrough” and “Get Low” products, and sets forth
Mr. Wilson’s view that the Nominees have the qualifications to drive shareholder value. The foregoing description of the March 27 Mailer does not purport to be complete and is qualified in its entirety by reference to the full text
of the March 27 Mailer, which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
CERTAIN INFORMATION CONCERNING THE
PARTICIPANTS
Mr. 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 2026 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 2026 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 March 30, 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.
