Lululemon Athletica (LULU) Proxy Filing summary

Executive summary

• Annual meeting scheduled for June 11, 2025, will be held virtually to enhance accessibility and reduce costs and environmental impact.

• Shareholders can vote online, by phone, mail, or during the virtual meeting; record date is April 14, 2025.

• 2024 saw 10% net revenue growth to $10.6B, 12% increase in gross profit, and 17% rise in operating income; international revenue grew 34%.

• 56 net new stores opened, with 767 company-operated stores in 23 markets at year-end.

• Product innovation included new men's footwear, expanded women's offerings, and the first enzymatically recycled nylon product.

Voting matters and shareholder proposals

• Four proposals: election of three Class III directors, ratification of PwC as auditor, advisory vote on executive compensation, and a shareholder proposal on discrimination risks in charitable partnerships.

• Board recommends voting FOR the first three proposals and AGAINST the shareholder proposal.

• Shareholder proposal seeks an annual report on discrimination risks related to charitable partnerships; board opposes, citing existing disclosures and governance.

Board of directors and corporate governance

• Board consists of 11 members (to be reduced to 10 after June 2025), with a classified structure and majority independent directors.

• Board committees: Audit, People, Culture & Compensation, and Corporate Responsibility, Sustainability & Governance.

• Board chair and CEO roles are separated; annual self-evaluations and succession planning are in place.

• 60% of independent directors are women; 20% identify as underrepresented minorities.