lululemon athletica inc. (LULU) Wilson group details 8.4% stake and share sale

Rhea-AI Filing Summary

Amendment No. 24 to a Schedule 13D for lululemon athletica inc. reports that a group led by Dennis J. Wilson and related entities is deemed to beneficially own 9,576,564 shares of common stock on a fully converted basis, including 5,115,961 exchangeable shares paired with an equal number of special voting shares. This represents approximately 8.4% of lululemon’s common stock and special voting stock outstanding, based on 108,437,957 common shares and 5,115,961 special voting shares outstanding as of May 29, 2026.

Within the group, Mr. Wilson directly holds 3,852 common shares, while other holdings are through entities including Anamered Investments, LIPO Investments (USA), Wilson 5 Foundation, Five Boys Investments, Shannon Wilson and Low Tide Properties. On July 31, 2026, Low Tide sold 164,146 common shares to Citibank, N.A. under a previously disclosed Master Confirmation, leaving no shares subject to the related pledge. The reporting persons state these sales are intended to provide financial flexibility for other investments and do not reflect a change in their investment thesis regarding lululemon.

Filing Explained

The amendment reports that the Wilson reporting group beneficially owns 9,576,564 shares, including 5,115,961 exchangeable shares paired with an equal number of special voting shares; the special voting shares carry voting rights but no economic rights, while each exchangeable share can be redeemed for one share of lululemon common stock.

Key Figures

Group beneficial ownership: 9,576,564 shares Ownership percentage: 8.4 % Shares outstanding – common: 108,437,957 shares +5 more

8 metrics

Group beneficial ownership 9,576,564 shares lululemon common stock deemed beneficially owned by the Wilson reporting group on a fully converted basis

Ownership percentage 8.4 % Portion of lululemon common and special voting stock represented by the group’s holdings

Shares outstanding – common 108,437,957 shares lululemon common shares outstanding as of May 29, 2026

Shares outstanding – special voting 5,115,961 shares lululemon special voting shares outstanding as of May 29, 2026

Low Tide sale 164,146 shares Common shares sold by Low Tide Properties Ltd. on July 31, 2026 under a Master Confirmation

Anamered holdings 4,755,217 exchangeable shares Exchangeable shares, with an equal number of special voting shares, held by Anamered Investments Inc.

LIPO holdings 3,401,596 shares lululemon common shares held by LIPO Investments (USA), Inc.

Wilson 5 holdings 829,325 shares lululemon common shares held by Wilson 5 Foundation

Key Terms

exchangeable shares, special voting stock, Master Confirmation, pecuniary interest, +1 more

5 terms

exchangeable shares financial

"5,115,961 are exchangeable shares paired with an equal number of special voting stock"

Exchangeable shares are stock-like securities that the holder can swap for shares of a different company or a different class of shares, usually according to a preset ratio and time conditions. Think of them like a coupon that can be redeemed for another product: their value and future supply depend on the underlying shares they convert into, so investors care because conversion can change ownership stakes, affect share supply and price, and shift potential returns or voting power.

special voting stock financial

"Each share of the Issuer's special voting stock has voting rights equivalent to one share"

Special voting stock is a class of shares that gives its holders more or different voting rights than ordinary shares, allowing them to control key corporate decisions such as board elections or mergers. For investors, it matters because these shares concentrate control in certain hands, so even if others own more economic interest, they may have less influence over company strategy and governance — like having fewer keys to a car even if you paid for most of it.

Master Confirmation financial

"Low Tide entered into the Master Confirmation with Citibank, N.A., and related transactions"

pecuniary interest financial

"except to the extent of his, her or its pecuniary interest therein"

Section 13(d)(3) regulatory

"for the purposes of Section 13(d)(3) of the Exchange Act"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/03/2026 - 05:15 PM Accepted by SEC EDGAR 08/03/2026 - 05:15 PM Learn about SEC filing dates

FAQ

What ownership stake in LULU does the Wilson reporting group disclose in this Schedule 13D/A?

The reporting group led by Dennis J. Wilson discloses beneficial ownership of 9,576,564 lululemon shares, representing about 8.4% of the company’s common and special voting stock. This figure includes 5,115,961 exchangeable shares paired with an equal number of special voting shares.

How many lululemon shares does Dennis J. Wilson directly and indirectly control according to Amendment No. 24 for LULU?

Dennis J. Wilson directly holds 3,852 shares of lululemon common stock. As part of the reporting group under Section 13(d), he may also be deemed to share voting and dispositive power over the group’s aggregate 9,576,564 shares through various affiliated entities.

What transaction did Low Tide Properties Ltd. report in connection with LULU shares?

Low Tide Properties Ltd. reported selling 164,146 lululemon common shares on July 31, 2026 under a Master Confirmation with Citibank, N.A. Following this sale, zero shares of lululemon common stock remained subject to the pledge associated with that Master Confirmation.

How was the 8.4% ownership percentage in LULU calculated in this Schedule 13D/A?

The 8.4% ownership is based on 108,437,957 lululemon common shares and 5,115,961 special voting shares outstanding as of May 29, 2026. The group’s 9,576,564 shares, including exchangeable shares with paired special voting stock, are measured against this total.

What are exchangeable shares and special voting stock in the LULU capital structure?

Each exchangeable share of Lulu Canadian Holding, Inc. is paired with a lululemon special voting share. Holders may redeem an exchangeable share for one lululemon common share plus accrued dividends, after which the paired special voting share, which has voting but no economic rights, is cancelled.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 24)

lululemon athletica inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

550021109

(CUSIP Number)

Dennis J. Wilson
21 Water Street, Suite 600,
Vancouver, British Columbia, Z4, V6B 1A1
604-737-7232

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/31/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

Dennis J. Wilson

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,852.00
8	Shared Voting Power 9,572,712.00
9	Sole Dispositive Power 3,852.00
10	Shared Dispositive Power 9,572,712.00

11

Aggregate amount beneficially owned by each reporting person

9,576,564.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.4 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

Anamered Investments Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,755,217.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,755,217.00

11

Aggregate amount beneficially owned by each reporting person

4,755,217.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.2 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

LIPO Investments (USA), Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,401,596.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,401,596.00

11

Aggregate amount beneficially owned by each reporting person

3,401,596.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.0 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

Wilson 5 Foundation

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 829,325.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 829,325.00

11

Aggregate amount beneficially owned by each reporting person

829,325.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.7 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

Wilson 5 Foundation Management Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 829,325.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 829,325.00

11

Aggregate amount beneficially owned by each reporting person

829,325.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.7 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

Five Boys Investments ULC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 91,760.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 91,760.00

11

Aggregate amount beneficially owned by each reporting person

91,760.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

Shannon Wilson

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,098,309.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,098,309.00

11

Aggregate amount beneficially owned by each reporting person

1,098,309.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

Low Tide Properties Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 225,830.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 225,830.00

11

Aggregate amount beneficially owned by each reporting person

225,830.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 550021109

1

Name of reporting person

House of Wilson Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: lululemon athletica inc.
(c)	Address of Issuer's Principal Executive Offices: 1818 Cornwall Avenue, Vancouver, BRITISH COLUMBIA, CANADA , V6J 1C7.
Item 1 Comment: This Amendment No. 24 (this "Amendment") is being filed by Dennis J. Wilson, Anamered Investments Inc. ("Anamered"), LIPO Investments (USA), Inc. ("LIPO"), Wilson 5 Foundation ("Wilson 5"), Wilson 5 Foundation Management Ltd. ("Wilson 5 Trustee"), Five Boys Investments ULC ("Five Boys"), Shannon Wilson, Low Tide Properties Ltd. ("Low Tide") and House of Wilson Ltd. ("House of Wilson") (collectively, the "Reporting Persons") and amends and supplements the Schedule 13D filed with the Securities and Exchange Commission by the Reporting Persons on February 14, 2019 (as amended, the "Schedule 13D") to reflect certain updates to the information previously reported. The Items below amend the information disclosed under the corresponding Items in the Schedule 13D as described below. Capitalized terms used but not defined in this Amendment shall have the same meanings ascribed to them in the Schedule 13D. Except as specifically provided herein, this Amendment does not modify any of the information previously reported in the Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) of the Schedule 13D is hereby amended and restated in its entirety as follows: Each of Mr. Wilson, Anamered, LIPO, Wilson 5, Wilson 5 Trustee, Five Boys, Mrs. Wilson, Low Tide and House of Wilson may be deemed to be a member of a "group" with the other Reporting Persons for the purposes of Section 13(d)(3) of the Exchange Act, and such group may be deemed to beneficially own the 9,576,564 shares of the Issuer's common stock (of which 5,115,961 are exchangeable shares (as defined below) and an equal number of shares of the Issuer's special voting stock on a fully-converted basis) owned in the aggregate by all of the Reporting Persons, constituting approximately 8.4% of the shares of the Issuer's common stock and shares of the Issuer's special voting stock outstanding. Each Reporting Person disclaims beneficial ownership of shares of the Issuer's common stock (and exchangeable shares and an equal number of shares of the Issuer's special voting stock) that he, she or it does not directly own, except to the extent of his, her or its pecuniary interest therein. The foregoing is based on 108,437,957 shares of the Issuer's common stock and 5,115,961 shares of the Issuer's special voting stock outstanding as of May 29, 2026 as disclosed by the Issuer in its Quarterly Report filed on Form 10-Q with the SEC on June 4, 2026. Each share of the Issuer's special voting stock has voting rights equivalent to one share of the Issuer's common stock, but no economic rights. Each share of the Issuer's special voting stock is paired with an exchangeable share (an "exchangeable share") of Lulu Canadian Holding, Inc., a wholly owned subsidiary of the Issuer ("Lulu Canada"). Holders of exchangeable shares may require Lulu Canada to redeem each of its exchangeable shares in exchange for one share of the Issuer's common stock plus a cash payment equal to any accrued and unpaid dividends on the exchangeable shares. When exchangeable shares are exchanged into shares of the Issuer's common stock, the Issuer cancels a corresponding number of shares of special voting stock without consideration. As a result, each exchangeable share, together with its paired share of special voting stock, may be deemed to represent beneficial ownership of one share of the Issuer's common stock.
(b)	Item 5(b) of the Schedule 13D is hereby amended and restated in its entrety as follows: The information set forth in Items 7, 8, 9, 10 and 11 of the cover pages of this Amendemnt is incorporated herein by reference. Mr. Wilson directly holds 3,852 shares of the Issuer's common stock. Anamered directly holds 4,755,217 exchangeable shares and an equal number of shares of the Issuer's special voting stock. LIPO directly holds 3,401,596 shares of the Issuer's common stock. Wilson 5 directly holds 829,325 shares of the Issuer's common stock. Five Boys directly holds 91,760 exchangeable shares and an equal number of shares of the Issuer's special voting stock. Mrs. Wilson directly holds 268,984 exchangeable shares and an equal number of shares of the Issuer's special voting stock. Low Tide directly holds 225,830 shares of the Issuer's common stock. House of Wilson directly holds 0 shares of the Issuer's common stock. Mr. Wilson may be deemed to have shared voting or dispositive power over the securities he holds directly, as well as those beneficially owned by Anamered, LIPO, Wilson 5, Wilson 5 Trustee, Five Boys, Mrs. Wilson and Low Tide. Wilson 5 Trustee may be deemed to have shared voting or dispositive power over the securities beneficially owned by Wilson 5. Mrs. Wilson may be deemed to have shared voting or dispositive power over the securities that she holds directly as well as those beneficially owned by Wilson 5.
(c)	Item 5(c) of the Schedule 13D is hereby amended and supplemented as follows: On July 31, 2026, Low Tide sold 164,146 shares of the Issuer's common stock pursuant to the Master Confirmation. The information set forth in Item 6 of this Amendment is incorporated herein by reference.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Schedule 13D is hereby amended and supplemented as follows: As disclosed in an amendment to the Schedule 13D filed on January 23, 2025, Low Tide entered into the Master Confirmation with Citibank, N.A., and related transactions thereunder, with respect to certain shares of the Issuer's common stock beneficially owned by Low Tide. In connection with, and in accordance with the terms of, the Master Confirmation, Low Tide sold 164,146 shares of the Issuer's common stock on July 31, 2026, for purposes of providing financial flexibility in support of ongoing investments that are not directly or indirectly related to the Reporting Persons' investment in the Issuer. These sales are not, and should not be interpreted as, a change in the Reporting Persons' investment thesis regarding the Issuer or its securities. Following such sale, zero shares of the Issuer's common stock remain subject to the pledge pursuant to the Master Confirmation.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dennis J. Wilson

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson
Date:	08/03/2026

Anamered Investments Inc.

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	08/03/2026

LIPO Investments (USA), Inc.

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	08/03/2026

Wilson 5 Foundation

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director of Wilson 5 Foundation Management Ltd., corporate trustee of Wilson 5 Foundation
Date:	08/03/2026

Wilson 5 Foundation Management Ltd.

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	08/03/2026

Five Boys Investments ULC

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	08/03/2026

Shannon Wilson

Signature:	/s/ Shannon Wilson
Name/Title:	Shannon Wilson
Date:	08/03/2026

Low Tide Properties Ltd.

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	08/03/2026

House of Wilson Ltd.

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	08/03/2026