Lululemon Athletica (LULU) investor relations material

Executive summary

• The Wilson Group, led by founder Dennis J. Wilson, is soliciting proxies to elect three independent director nominees—Laura Gentile, Eric Hirshberg, and Marc Maurer—to the Board at the 2026 Annual Meeting, citing concerns over governance, brand erosion, and shareholder value destruction.

• The Wilson Group also seeks shareholder support for a non-binding proposal to declassify the Board, aiming for annual director elections to enhance accountability and align with best governance practices.

• The campaign follows a period of declining financial performance, failed product launches, and repeated CEO succession failures, with the Wilson Group attributing these issues to entrenched Board leadership and lack of creative direction.

• The Wilson Group holds approximately 8.6% of outstanding shares and has attempted to negotiate with the Board for meaningful change, but claims the Board has only offered incremental refreshment and resisted substantive reforms.

• The Wilson Nominees are positioned as experienced leaders in brand, product, and operational innovation, intended to restore the company’s creative vision and long-term value.

Voting matters and shareholder proposals

• Proposal 1: Election of the Wilson Nominees as Class I directors for a three-year term expiring at the 2029 Annual Meeting.

• Proposal 2: Non-binding advisory proposal to declassify the Board, moving to annual elections for all directors.

• Proposal 3: Ratification of PricewaterhouseCoopers LLP as independent auditor for the fiscal year ending January 31, 2027; the Wilson Group makes no recommendation but intends to vote FOR.

• Proposal 4: Advisory vote on executive compensation (say-on-pay); the Wilson Group makes no recommendation and intends to vote AGAINST.

• Shareholders are urged to use the GOLD Universal Proxy Card and not the company’s white proxy card.

Board of directors and corporate governance

• The Wilson Group criticizes the current Board for lack of independence, excessive tenure, and overlapping ties to Advent International, which is seen as impeding objective oversight.

• The Board’s classified structure is viewed as insulating directors from annual accountability, with the Wilson Group advocating for immediate declassification.

• The Wilson Nominees are presented as independent under NASDAQ and SEC standards, though final determination rests with the Board.

• The Wilson Group’s nominees have no current share ownership or compensation from the company and are indemnified by Mr. Wilson for solicitation-related claims.