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Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
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SCHEDULE 13D/A 0001407029 XXXXXXXX LIVE 9 Common Stock 08/07/2025 false 0001397187 550021109 lululemon athletica inc. 1818 Cornwall Avenue Vancouver A1 V6J 1C7 Dennis J. Wilson 604-737-7232 21 Water Street, Suite 600 Vancouver, British Columbia Z4 V6B 1A1 William Brentani 650-251-5110 2475 Hanover Street Palo Alto CA 94304 0001407029 N Dennis J. Wilson a OO N Z4 3852.00 9969695 3852.00 9969695 9973547 N 8.4 IN Y Anamered Investments Inc. a OO N D8 0.00 4755217.00 0.00 4755217.00 4755217.00 N 4.0 CO Y LIPO Investments (USA), Inc. a OO N A1 0.00 3401596.00 0 3401596.00 3401596.00 N 2.8 CO Y Wilson 5 Foundation a OO N A1 0.00 898016 0.00 898016 898016 N 0.8 OO Y Wilson 5 Foundation Management Ltd. a OO N A1 0.00 898016 0.00 898016 898016 N 0.8 CO Y Five Boys Investments ULC a OO N 0.00 91760.00 0.00 91760.00 91760.00 N 0.1 OO Y Shannon Wilson a OO N Z4 0.00 1167000 0.00 1167000 1167000 N 1.0 IN Y Low Tide Properties Ltd. a OO N A1 0.00 554122 0.00 554122 554122 N 0.5 CO Common Stock lululemon athletica inc. 1818 Cornwall Avenue Vancouver A1 V6J 1C7 This Amendment No. 9 (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, and Low Tide Properties Ltd. ("Low Tide") (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"). 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 4 is hereby amended and supplemented as follows: The information contained in Item 6 of this Amendment is incorporated herein by reference. Item 5(a) is amended and restated in its entirety as follows: Anamered may be deemed to beneficially own 4,755,217 shares of the Issuer's common stock, or 4.0%. LIPO may be deemed to beneficially own 3,401,596 shares of the Issuer's common stock, or 2.8%. Each of Wilson 5 and Wilson 5 Trustee may be deemed to beneficially own 898,016 shares of the Issuer's common stock, or 0.8%. Five Boys may be deemed to beneficially own 91,760 shares of the Issuer's common stock, or 0.1%. Mrs. Wilson may be deemed to beneficially own 1,167,000 shares of the Issuer's common stock, or 1.0%. Low Tide may be deemed to beneficially own 554,122 shares of the Issuer's common stock, or 0.5%. Mr. Wilson may be deemed to beneficially own 9,973,547 shares of the Issuer's common stock, or 8.3%, including the shares held by the other Reporting Persons. The foregoing is based on 114,568,520 shares of the Issuer's common stock and 5,115,961 shares of the Issuer's special voting stock outstanding as of June 20, 2025 as disclosed by the Issuer in its registration statement on Form S-3 filed with the Securities and Exchange Commission on June 26, 2025. 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. Item 5(b) is amended and restated in its entirety as follows: The information set forth in Items 7, 8, 9, 10, and 11 of the cover pages to this Amendment is incorporated herein by reference. 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 898,016 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 554,122 shares of the Issuer's common stock. Mr. Wilson directly holds 3,853 shares of the Issuer's common stock. Mr. Wilson may be deemed to have shared voting or dispositive power over the securities 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 shares voting or dispositive power over the securities that she holds directly as well as those beneficially owned by Wilson 5. On August 7, 2025, Anamered, as borrower, entered into a private banking loan agreement (the "Private Loan Facility") with the Royal Bank of Canada ("RBC") pursuant to which Anamered may borrow up to $315 million from a revolving demand facility. Borrowings under the Private Loan Facility are secured by, among other things, a security interest in 1,500,000 exchangeable shares held by Anamered and an equal number of shares of the Issuer's special voting stock held by Anamered as well as any other Issuer shares that Anamered may, subject to conditions under the Private Loan Facility, place in a designated pledged account from time to time. Anamered's borrowings under the Private Loan Facility are immediately repayable upon demand for any reason by RBC. Upon the occurrence of certain events that are customary for this type of loan, RBC may exercise its rights to require Anamered to post additional collateral, or foreclose on, and dispose of, the exchangeable shares and special voting stock held as collateral. Other than upon the occurrence, if any, of certain customary types of default, Anamered retains the right to dispose of all of the exchangeable shares and vote all of the special voting shares that it has pledged as collateral, or that in may hold in a margin account from time to time, in each case in connection with the Private Loan Facility. In connection with entering into the Private Loan Facility, a security interest granted by LIPO on December 19, 2022 with respect to shares of the Issuer held in a designated account was terminated. Such arrangement was previously disclosed in an amendment to the Schedule 13D filed on January 25, 2023. The Private Loan Facility described in Item 6 of this Amendment is attached hereto as Exhibit 3 of this Amendment and is incorporated by reference into this Item 6. Item 7 of the Schedule 13D is hereby amended and supplemented as follows: Exhibit 3 Royal Bank of Canada Private Banking Loan Agreement Dennis J. Wilson /s/ Dennis J. Wilson Dennis J. Wilson 08/11/2025 Anamered Investments Inc. /s/ Dennis J. Wilson Dennis J. Wilson, Director 08/11/2025 LIPO Investments (USA), Inc. /s/ Dennis J. Wilson Dennis J. Wilson, Director 08/11/2025 Wilson 5 Foundation /s/ Dennis J. Wilson Dennis J. Wilson, Director of Wilson 5 Foundation Management Ltd, corporate trustee of Wilson 5 Foundation 08/11/2025 Wilson 5 Foundation Management Ltd. /s/ Dennis J. Wilson Dennis J. Wilson, Director 08/11/2025 Five Boys Investments ULC /s/ Dennis J. Wilson Dennis J. Wilson, Director 08/11/2025 Shannon Wilson /s/ Shannon Wilson Shannon Wilson 08/11/2025 Low Tide Properties Ltd. /s/ Dennis J. Wilson Dennis J. Wilson, Director 08/11/2025