Dennis J. Wilson Reports 8.7% Stake in lululemon and Updates on Board Negotiations

On May 20, 2026, Dennis J. Wilson, founder of lululemon athletica inc. (LULU), filed Amendment No. 21 to his Schedule 13D. While the total number of shares held by the reporting group remains unchanged at 9,904,856 shares, the filing reflects a slight increase in ownership percentage to 8.7% based on updated outstanding share counts. The primary purpose of this amendment is to detail ongoing negotiations between Mr. Wilson and the Issuer. On May 18, 2026, Mr. Wilson issued a press release highlighting his support for eight key terms proposed by lululemon for a potential resolution, while advocating for additional customary terms such as replacement rights and expense reimbursement. Mr. Wilson expressed a willingness to continue constructive dialogue with the Board to reach a resolution that serves the best interests of all shareholders. The reporting group includes several entities and individuals, including Anamered Investments Inc. and Shannon Wilson, who collectively manage a mix of common and exchangeable shares.