lululemon responds to Chip Wilson’s intent to nominate director candidates

On December 29, 2025, lululemon athletica inc. (NASDAQ:LULU) issued a statement regarding Chip Wilson’s intention to nominate three director candidates for election to the company’s Board during lululemon’s 2026 Annual Meeting of Shareholders.

The company’s Board of Directors has been engaged in constructive discussions with Mr. Wilson for numerous years in an effort to understand his viewpoints and communicate the company’s strategy. Despite recent talks where Mr. Wilson expressed his intent to nominate directors, the Board, seeking to avoid a costly and distracting proxy fight, requested the names of his proposed director nominees for evaluation. However, Mr. Wilson declined to participate further, leading to the submission of candidate names. The Board will now evaluate Mr. Wilson’s director nominees within its governance process.

Highlighting the existing strengths of lululemon, the company boasts a highly committed and experienced Board capable of providing effective guidance on the company’s progression and growth strategy. With over one-third of directors joining the Board in the past four years, the Board remains dedicated to driving long-term, sustainable growth and shareholder value creation. Over the previous decade, the company has witnessed substantial growth, with revenues climbing to nearly $9 billion from $2.1 billion in fiscal year 2015 to an anticipated $11.0 billion in fiscal year 2025 based on guidance. During the same period, income from operations is projected to grow almost sixfold, resulting in significant cash flow for business growth and returning capital through cumulative share repurchases exceeding $5.5 billion since fiscal 2015.

While the company acknowledges the strong performance both internationally and in the U.S., it recognizes further opportunities to enhance overall value. To support this objective, a comprehensive search is underway for the next CEO. The Board seeks to identify a leader with a history of guiding companies through growth and transformation, building on the established foundation and introducing new perspectives to the brand strategy.

Emphasizing that Mr. Wilson has been uninvolved with the company for ten years, lululemon has continued to adapt to market demands, leading the industry and crafting a compelling growth narrative in retail.

There is no immediate action required by lululemon shareholders. The Board will evaluate Mr. Wilson’s director candidate nominations and provide a formal recommendation in the definitive proxy statement ahead of the 2026 Annual Meeting of Shareholders.

Financial advisory services are being provided by J.P. Morgan, while legal guidance is offered by Sidley Austin LLP. Joele Frank, Wilkinson Brimmer Katcher is offering strategic communications advice to lululemon.

lululemon (NASDAQ:LULU) is a notable athletic apparel, footwear, and accessories company, known for its yoga, running, and training products. The company aims to create transformative experiences, establishing connections that unlock greater possibilities and well-being. Leading in fabric innovation and functional design, lululemon collaborates with yogis and athletes worldwide for ongoing research and product feedback.

lululemon cautions that forward-looking statements are subject to risks and uncertainties, potentially causing actual results to differ from those implied or expressed. Any updates to forward-looking statements will be made as necessary.

In connection with the 2026 annual meeting of stockholders, lululemon intends to submit a proxy statement, a WHITE proxy card, and other relevant documents to the SEC for the solicitation of proxies from stockholders. Shareholders are strongly advised to review these materials for pertinent information.