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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 0002003936 XXXXXXXX LIVE 10 Common Stock 10/07/2025 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 c/o Simpson Thacher & Bartlett LLP 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 0002003936 N LIPO Investments (USA), Inc. a OO N A1 0.00 3401596.00 0 3401596.00 3401596.00 N 2.9 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 A1 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 0001972360 N 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. 10 (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") to reflect an update to Item 4 of the Schedule 13D. The Reporting Persons are filing this Amendment to amend Item 4 and Item 7 of the Schedule 13D to reflect statements made by Mr. Wilson in The Wall Street Journal on October 7, 2025. The number of shares of Issuer common stock beneficially owned by the Reporting Persons has not changed since the filing of Amendment No. 9 to the Schedule 13D filed by the Reporting Persons on August 11, 2025 and the cover pages and Item 5 of this Amendment have been amended solely to reflect a change in the number of shares of the Issuer's common stock outstanding as disclosed in the Issuer's most recent periodic report. 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: On October 7, 2025, Mr. Wilson published the letter attached as Exhibit 4 to this Amendment in The Wall Street Journal, which sets forth his views on the Issuer, its management and its future. The information contained in Exhibit 4 of this Amendment is incorporated herein by reference. Each Reporting Person may in the future engage in communications, directly or indirectly, through public or private forums, with one or more shareholders of the Issuer, one or more officers of the Issuer and/or one or more members of the board of directors of the Issuer regarding the Issuer, including but not limited to its operations, prospects, stock performance, governance, management and control. 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 2.9%. 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 8.4%, including the shares held by the other Reporting Persons. The foregoing is based on 113,468,082 shares of the Issuer's common stock and 5,115,961 shares of the Issuer's special voting stock outstanding as of August 29, 2025 as disclosed by the Issuer in its Quaterly Report on Form 10-Q filed with the Securities and Exchange Commission on September 4, 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. Item 7 of the Schedule 13D is hereby amended and supplemented as follows: Exhibit 4 Letter Entitled "lululemon: in a Nosedive" by Chip Wilson Dennis J. Wilson /s/ Dennis J. Wilson Dennis J. Wilson 10/08/2025 Anamered Investments Inc. /s/ Dennis J. Wilson Dennis J. Wilson, Director 10/08/2025 LIPO Investments (USA), Inc. /s/ Dennis J. Wilson Dennis J. Wilson, Director 10/08/2025 Wilson 5 Foundation /s/ Dennis J. Wilson Dennis J. Wilson, Director of Wilson 5 Foundation Management Ltd, corporate trustee of Wilson 5 Foundation 10/08/2025 Wilson 5 Foundation Management Ltd. /s/ Dennis J. Wilson Dennis J. Wilson, Director 10/08/2025 Five Boys Investments ULC /s/ Dennis J. Wilson Dennis J. Wilson, Director 10/08/2025 Shannon Wilson /s/ Shannon Wilson Shannon Wilson 10/08/2025 Low Tide Properties Ltd. /s/ Dennis J. Wilson Dennis J. Wilson, Director 10/08/2025