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Lululemon$LULU · filed: grew revenue 4.9% in FY2026 to $11.1BNew shipTrillion Score 626Fall Risk LowNext year $10.1B–$13.3B sealedCheck ▾Close ▴
What Lululemon filed
Grew revenue 4.9% in FY2026 to $11.1 billion, operating margin 19.9%, equity 58.7% of assets. Every figure links to the filing it came from on Lululemon’s card. New ship: no warning signs. Trillion Score 626, #1 of 10 in its field; Fall Risk Low (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2026-02-01 between $10.1B and $13.3B, an 80% range sealed on 27 Sept 2026 · receipt #c1e4c9 · graded in public by the revenue in Lululemon’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Wilson's **8.3%** stake and brand credibility create real proxy risk — watch for ISS guidance and whether Wellington or Fidelity break silence.
$48 billion
market-cap operation
8.3%
of outstanding shares through his family trust and investment…
$10.6 billion
in trailing-twelve-month revenue as of Q4 2024
41%
derived from digital channels and international markets
Lululemon Athletica's board of directors formally urged shareholders to reject founder Chip Wilson's director nominees in a letter that described his vision as "outdated perspectives" unsuited for a $48 billion market-cap operation. Wilson, who holds 8.3% of outstanding shares through his family trust and investment vehicles, submitted a competing slate in March after months of public criticism over product direction, margin compression, and the company's pivot toward "inclusive sizing" that he claims diluted brand equity. The proxy contest will conclude at the annual meeting scheduled for June 12, 2025.
Lululemon named Wilson's proposed slate — which includes two former retail executives and a capital allocator from his Vancouver family office — as "fundamentally misaligned with the operational demands of a multi-channel athletic brand scaling in 27 countries." The company reported $10.6 billion in trailing-twelve-month revenue as of Q4 2024, with 41% derived from digital channels and international markets. Wilson's public statements have centered on alleged design missteps in women's leggings, a $3.2 billion annual revenue segment, and over-expansion into categories he calls "brand-dilutive," including golf and tennis apparel lines launched in the past 18 months. The board countered that same-store sales growth of 6.2% in fiscal 2024 validates the current strategy despite Wilson's dissent.
This proxy fight marks the first governance escalation at Lululemon since Wilson stepped down as chairman in 2013 following comments about product quality that triggered a 17% single-day share decline. His current criticism arrived after the stock fell 22% from its August 2024 peak of $516 per share, pressured by margin contraction from higher cotton input costs and promotional activity in North American stores. Wilson argues the board's strategy sacrifices long-term brand premium for short-term revenue capture, citing the 190 basis point decline in gross margin between fiscal 2022 and 2024. Family offices and retail-focused allocators are parsing whether Wilson's intimacy with brand identity outweighs the operational complexity of a global supply chain that now sources from 14 manufacturing countries and manages 711 retail locations.
The immediate watch points are proxy advisory firm recommendations from ISS and Glass Lewis, expected in the final week of May, and any large institutional holder statements before the record date cutoff on April 18, 2025. Wellington Management and Fidelity together hold 19.4% of shares, and neither has publicly indicated voting direction. If Wilson's slate gains traction, expect accelerated activist interest from operational specialists in the $80-200 million AUM range who see board churn as entry opportunity. Portfolio managers should also monitor whether Wilson increases his stake beyond the 8.3% threshold — any move past 10% triggers accelerated disclosure and shifts the narrative from governance hygiene to control premium valuation.
Lululemon trades at 24.1x forward earnings as of Friday's close, a 14% discount to its five-year average multiple, suggesting the market has already priced mild uncertainty around leadership continuity. The founder still knows which seams matter.
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For the principal
Monitor Wellington and Fidelity voting disclosure closely — any tilt toward Wilson suggests deeper operational concerns your consumer allocations should hedge.
For the operator
ISS and Glass Lewis guidance drops late May — position ahead if you see value in volatility around governance reset in premium athletic retail.
For the house
Named account holds no LULU exposure; flag for Opportunities if Wilson crosses 10% threshold and valuation compresses below 22x forward.
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