lululemon athletica (LULU) founder launches campaign and board slate push

Rhea-AI Filing Summary

Dennis J. Wilson and affiliated entities updated their Schedule 13D for lululemon athletica inc. to confirm beneficial ownership of 9,904,856 common shares, representing 8.4% of the company. The filing states this ownership level is unchanged from Amendment No. 13 filed in late February 2026.

Wilson and related entities, including Anamered Investments Inc. and LIPO Investments (USA), Inc., remain key shareholders, with Anamered reporting 4,755,217 shares (4.1%) and LIPO reporting 3,401,596 shares (2.9%).

The amendment also discloses that on March 5, 2026, Wilson launched a campaign website, CreativityFirstlulu.com, outlining steps he believes lululemon should take to restore investor confidence. These include empowering creative leadership, speeding product delivery, protecting brand value over short-term revenue, and recommitting to the company’s original muse.

The website highlights three independent director candidates nominated by Wilson for election to the board at the Annual Meeting: Marc Maurer, Laura Gentile, and Eric Hirshberg. A related press release titled “Chip Wilson Launches Website in Campaign for Change at lululemon” is filed as Exhibit 99.1 and incorporated by reference.

Insights

Corporate governance and activism analyst

Wilson confirms an 8.4% stake and escalates an activist-style governance campaign at lululemon.

The amendment shows Dennis J. Wilson and related entities continue to control 9,904,856 lululemon shares, or 8.4% of the common stock, with no change from the prior amendment. Major blocks are held through entities such as Anamered Investments Inc. and LIPO Investments (USA), Inc., reinforcing Wilson’s position as a significant long-term shareholder.

The filing’s more consequential development is the formalization of Wilson’s campaign for change. On March 5, 2026, he launched the CreativityFirstlulu.com website, which lays out steps he believes the company should take to restore investor confidence, focusing on creative leadership, faster product development systems, and prioritizing brand value over chasing revenue.

Wilson also discloses three independent director nominees—Marc Maurer, Laura Gentile, and Eric Hirshberg—for election at the Annual Meeting. The outcome of the director election and any board or strategic response will shape how much influence this campaign ultimately has on lululemon’s direction; further details are contained in the Exhibit 99.1 press release referenced in the amendment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 14)

lululemon athletica inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

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)

03/05/2026

(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).

SCHEDULE 13D

CUSIP Number(s):

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 9,901,004.00
9	Sole Dispositive Power 3,852.00
10	Shared Dispositive Power 9,901,004.00

11

Aggregate amount beneficially owned by each reporting person

9,904,856.00

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):

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)

4.1 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s):

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)

2.9 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s):

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):

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):

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):

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)

0.9 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s):

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 554,122.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 554,122.00

11

Aggregate amount beneficially owned by each reporting person

554,122.00

12

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

13

Percent of class represented by amount in Row (11)

0.5 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s):

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

CUSIP Number(s):

1

Name of reporting person

Laura Gentile

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

UNITED STATES

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)

IN

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

Eric Hirshberg

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

UNITED STATES

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)

IN

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

Marc Maurer

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

SWITZERLAND

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)

IN

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. 14 (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"), House of Wilson Ltd. ("House of Wilson"), Laura Gentile, Eric Hirshberg and Marc Maurer (collectively, the "Reporting Persons") and amends and supplements the Schedule 13D filed with the U.S. Securities and Exchange Commission (the "SEC") by the Reporting Persons on February 14, 2019 (as amended, the "Schedule 13D") to reflect certain updates to the information previously reported. The number of shares of Issuer common stock beneficially owned by the Reporting Persons has not changed since the filing of Amendment No. 13 to the Schedule 13D filed by the reporting persons thereto on February 27, 2026. 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 2.	Identity and Background
(f)	Item 2(f) of the Schedule 13D is hereby amended and restated in its entirety as follows: Each of Anamered, LIPO, Wilson 5 Trustee and Low Tide is organized as a British Columbia corporation. Wilson 5 is organized as a trust governed by the laws of British Columbia and a Canadian registered charity. Five Boys is organized as a British Columbia unlimited liability company. House of Wilson is organized as a Canadian federal corporation. Each of Mr. Wilson and Mrs. Wilson is a citizen of Canada. Each of Ms. Gentile and Mr. Hirshberg is a citizen of the United States of America. Mr. Maurer is a citizen of Switzerland.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On March 5, 2026, Mr. Wilson issued a press release, a copy of which is attached as Exhibit 99.1 to this Amendment, announcing the launch of the campaign website CreativityFirstlulu.com (the "Creativity First lulu Website"). The Creativity First lulu Website sets forth certain steps that Mr. Wilson believes the Issuer should take to restore investor confidence, including empowering creative leadership, rebuilding the knowledge and systems that can deliver products more quickly, avoiding chasing revenue at the expense of brand value, and recommitting to the Issuer's original muse. The Creativity First lulu Website also highlights Mr. Maurer, Ms. Gentile, and Mr. Hirshberg as the three highly qualified independent director candidates that Mr. Wilson has nominated for election to the Board at the Annual Meeting. The information contained in Exhibit 99.1 of this Amendment is incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	Item 7 of the Schedule 13D is hereby amended and supplemented as follows: Exhibit 99.1 Press Release Titled "Chip Wilson Launches Website in Campaign for Change at lululemon"

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:	03/09/2026

Anamered Investments Inc.

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	03/09/2026

LIPO Investments (USA), Inc.

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	03/09/2026

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:	03/09/2026

Wilson 5 Foundation Management Ltd.

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	03/09/2026

Five Boys Investments ULC

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	03/09/2026

Shannon Wilson

Signature:	/s/ Shannon Wilson
Name/Title:	Shannon Wilson
Date:	03/09/2026

Low Tide Properties Ltd.

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	03/09/2026

House of Wilson Ltd.

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	03/09/2026

Laura Gentile

Signature:	/s/ Laura Gentile
Name/Title:	Laura Gentile
Date:	03/09/2026

Eric Hirshberg

Signature:	/s/ Eric Hirshberg
Name/Title:	Eric Hirshberg
Date:	03/09/2026

Marc Maurer

Signature:	/s/ Marc Maurer
Name/Title:	Marc Maurer
Date:	03/09/2026

FAQ

How many lululemon (LULU) shares does Dennis J. Wilson currently beneficially own?

Dennis J. Wilson and affiliated entities beneficially own 9,904,856 shares of lululemon common stock, representing 8.4% of the company. The amendment specifies this ownership level has not changed since Amendment No. 13 filed in late February 2026.

What is the purpose of Dennis J. Wilson’s latest Schedule 13D/A for lululemon (LULU)?

The amendment updates background information and confirms Wilson’s unchanged 8.4% stake in lululemon. It also formally discloses his campaign for change, including a new website and director nominations, aimed at steps he believes could restore investor confidence in the company.

Which entities tied to Dennis J. Wilson hold major lululemon (LULU) share blocks?

Key Wilson-related holders include Anamered Investments Inc. with 4,755,217 shares (4.1%) and LIPO Investments (USA), Inc. with 3,401,596 shares (2.9%). Additional shares are held through entities such as Wilson 5 Foundation, Low Tide Properties Ltd., and others.

What is CreativityFirstlulu.com and how does it relate to lululemon (LULU)?

CreativityFirstlulu.com is a campaign website launched by Dennis J. Wilson on March 5, 2026. It outlines steps he believes lululemon should take, including empowering creative leadership, rebuilding product systems for speed, protecting brand value, and recommitting to the company’s original muse.

Which board candidates has Dennis J. Wilson nominated at lululemon (LULU)?

Wilson has nominated three independent director candidates for election to lululemon’s board at the Annual Meeting: Marc Maurer, Laura Gentile, and Eric Hirshberg. These nominees are highlighted on the CreativityFirstlulu.com website and referenced in the attached press release.

Did Dennis J. Wilson change his lululemon (LULU) ownership in this Schedule 13D amendment?

No. The amendment explicitly states that the number of lululemon common shares beneficially owned by the reporting persons has not changed since Amendment No. 13 filed on February 27, 2026. Wilson’s reported ownership remains 9,904,856 shares, or 8.4% of the class.