On December 30, 2025, lululemon filed documentation confirming that founder Dennis “Chip” Wilson has submitted a notice to nominate three director candidates for election at the company’s 2026 Annual Meeting of Shareholders. The proposed nominees include two current executives from leading activewear brands and one former private equity partner. The lululemon Board of Directors and senior leadership emphasize that they have engaged extensively and in good faith with Mr. Wilson over the past five years to understand his perspectives and have regularly solicited his input on strategic and governance matters.

lululemon reported third-quarter revenue growth of 13% year-over-year, driven by a 20% increase in international sales and a 7% gain in North America. The company raised its full-year outlook, projecting revenue of $10.5 billion to $10.7 billion, up from prior guidance of $10.2 billion to $10.4 billion. Investors have rewarded the beat-and-raise results: lululemon’s share count-weighted trading volume rose, contributing to a 14% share price increase over the past month. Management highlighted improving operating leverage in Europe and Asia, while cautioning that U.S. gross margins remain under pressure due to higher warehousing costs and promotional activity.

Chip Wilson’s proxy fight coincides with lululemon’s search for a successor to Chief Executive Officer Calvin McDonald, who announced last month he will step down in the second quarter of 2026. Investors and proxy advisory firms are closely monitoring whether the board refresh proposed by Mr. Wilson could accelerate governance changes or alter the CEO selection process. Shareholders holding 60% of the float have already signaled interest in more frequent engagement, and ISS is set to issue voting recommendations in mid-March.