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 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., and for the approval of
a business proposal to be presented at the 2026 Annual Meeting.
On February 27, 2026, Mr. Wilson issued the following press
release:
Chip Wilson Provides Update to lululemon Shareholders
VANCOUVER, BC, Feb. 27, 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:
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.
