Key takeaways:
- The Lululemon Board of Directors said voting for Founder Chip Wilson’s nominees to the board “risks derailing our progress.”
- The Board also said Wilson’s persistent criticism has been “damaging the brand and hurting shareholders.”
- Voting will take place at the June 25, 2026 shareholder’s meeting.
Lululemon Athletica has made its strongest statement yet to counter intense and persistent criticism from its Founder and largest individual shareholder, Chip Wilson. The board is specifically urging shareholders to vote against Wilson’s nominees: Marc Maurer, former Co-CEO of On Holding; Laura Gentile, former Chief Marketing Officer of ESPN; and Eric Hirshberg, former CEO of Activision.
In a letter to shareholders, the Lululemon board noted that Wilson’s multi-year attacks on the company, which he left in 2015, have been “damaging the brand and hurting shareholders,” and wrote that “replacing any of Lululemon’s directors with Mr. Wilson’s less qualified nominees would endorse his misguided perspectives, deprive the company of critical skills and expertise, and risk derailing our progress in an especially pivotal time for our business and organization.”
The board’s nominees are Chip Bergh, former President and CEO of Levi Strauss & Co.; Esi Eggleston Bracey, formerly of Unilever; and Teri List, with experience at retail and consumer companies including The Gap and Kraft Heinz. In April Lululemon named Heidi O’Neill, who has spent most of her career at Nike, as its new CEO, effective Sept. 8, 2026. Shareholders will get the opportunity to vote at Lululemon’s annual meeting on June 25, 2026.
Wilson’s criticism of the company and its operations has been sharp and specific. In February 2026, for example, Wilson decried what he called a “third failed succession planning process,” as the Lululemon board sought to replace departing CEO Calvin McDonald.
Also in April 2026, Wilson, who still owns the largest individual stake in the company, approximately 8.97% according to CNBC, revealed his plans to invest in “small athletic-focused brands” as part of an effort to “lead innovation in the technical apparel space.”
Lululemon faces stiff competition in the athleisure category from rivals including Alo Yoga, Vuori and Fabletics that have entered this sector since Lululemon was founded 27 years ago. But while Lululemon’s performance has faltered in the past several years, the board noted that it has guided the retailer through a significant growth period over the past 10 years, achieving a 10-year revenue CAGR of 18%.
For its 2025 fiscal year, which ended Feb. 1, 2026, Lululemon generated $11.1 billion in net revenue, a 5% increase over the previous fiscal year. These results were buoyed by international growth; net revenue for the retailer’s non-Americas segment increased 22%, compared to a 1% decrease in the Americas. In December 2025 Lululemon announced plans to enter six new international markets in 2026: India, Greece, Austria, Poland, Hungary and Romania.
Lululemon’s guidance for its 2026 fiscal year projects a 1% to 3% increase in net revenues, ranging from $11.35 to $11.5 billion, with diluted earnings per share in the range of $12.10 to $12.30.
