# EDGAR Filing Document

**Accession Number:** 0001397187
**File Stem:** 0001193125-25-319159
**Filing Date:** 2025-12
**Character Count:** 27885
**Document Hash:** 46f81ab37c7e202e3743280fd99b836e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-319159.hdr.sgml**: 20251215

**ACCESSION NUMBER**: 0001193125-25-319159

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251215

**DATE AS OF CHANGE**: 20251215

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** lululemon athletica inc.
- **CENTRAL INDEX KEY:** 0001397187
- **STANDARD INDUSTRIAL CLASSIFICATION:** APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 203842867
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0202

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-83038
- **FILM NUMBER:** 251571484

**BUSINESS ADDRESS:**
- **STREET 1:** 1818 CORNWALL AVENUE
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6J 1C7
- **BUSINESS PHONE:** 604-732-6124

**MAIL ADDRESS:**
- **STREET 1:** 1818 CORNWALL AVENUE
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6J 1C7

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lululemon Corp.
- **DATE OF NAME CHANGE:** 20070420
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LIPO Investments (USA) Inc.
- **CENTRAL INDEX KEY:** 0002003936

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 21 WATER STREET, #600
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6B 1A1
- **BUSINESS PHONE:** 604-737-7232

**MAIL ADDRESS:**
- **STREET 1:** 21 WATER STREET, #600
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6B 1A1

### Attached PDF Documents

**Attachment 1:** `ck0000000000-ex99_5.pdf`

_No text found in this document._

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 11)**

**lululemon athletica inc.**

*(Name of Issuer)*

**Common Stock**

*(Title of Class of Securities)*

**550021109**

*(CUSIP Number)*

**Dennis J. Wilson**<br>21 Water Street, Suite 600<br>Vancouver, British Columbia Z4 V6B 1A1<br>604-737-7232

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**12/12/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **550021109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Dennis J. Wilson** | Name of reporting person<br>**Dennis J. Wilson** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**ISRAEL** | Citizenship or place of organization<br>**ISRAEL** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**3852.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**9901004.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**3852.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**9901004.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**9904856.00** | Aggregate amount beneficially owned by each reporting person<br>**9904856.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.4%** | Percent of class represented by amount in Row (11)<br>**8.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **550021109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Anamered Investments Inc.** | Name of reporting person<br>**Anamered Investments Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4755217.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4755217.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4755217.00** | Aggregate amount beneficially owned by each reporting person<br>**4755217.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.1%** | Percent of class represented by amount in Row (11)<br>**4.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **550021109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**LIPO Investments (USA), Inc.** | Name of reporting person<br>**LIPO Investments (USA), Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**BRITISH COLUMBIA** | Citizenship or place of organization<br>**BRITISH COLUMBIA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3401596.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3401596.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3401596.00** | Aggregate amount beneficially owned by each reporting person<br>**3401596.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.9%** | Percent of class represented by amount in Row (11)<br>**2.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **550021109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Wilson 5 Foundation** | Name of reporting person<br>**Wilson 5 Foundation** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**BRITISH COLUMBIA** | Citizenship or place of organization<br>**BRITISH COLUMBIA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**829325.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**829325.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**829325.00** | Aggregate amount beneficially owned by each reporting person<br>**829325.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.7%** | Percent of class represented by amount in Row (11)<br>**0.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **550021109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Wilson 5 Foundation Management Ltd.** | Name of reporting person<br>**Wilson 5 Foundation Management Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**BRITISH COLUMBIA** | Citizenship or place of organization<br>**BRITISH COLUMBIA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**829325.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**829325.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**829325.00** | Aggregate amount beneficially owned by each reporting person<br>**829325.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.7%** | Percent of class represented by amount in Row (11)<br>**0.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **550021109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Five Boys Investments ULC** | Name of reporting person<br>**Five Boys Investments ULC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**BRITISH COLUMBIA** | Citizenship or place of organization<br>**BRITISH COLUMBIA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**91760.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**91760.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**91760.00** | Aggregate amount beneficially owned by each reporting person<br>**91760.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.1%** | Percent of class represented by amount in Row (11)<br>**0.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **550021109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Shannon Wilson** | Name of reporting person<br>**Shannon Wilson** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**ISRAEL** | Citizenship or place of organization<br>**ISRAEL** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1098309.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1098309.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1098309.00** | Aggregate amount beneficially owned by each reporting person<br>**1098309.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.9%** | Percent of class represented by amount in Row (11)<br>**0.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **550021109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Low Tide Properties Ltd.** | Name of reporting person<br>**Low Tide Properties Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**BRITISH COLUMBIA** | Citizenship or place of organization<br>**BRITISH COLUMBIA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**554122.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**554122.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**554122.00** | Aggregate amount beneficially owned by each reporting person<br>**554122.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.5%** | Percent of class represented by amount in Row (11)<br>**0.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock

**(b) Name of Issuer:**
lululemon athletica inc.

**(c) Address of Issuer's Principal Executive Offices:**
1818 Cornwall Avenue, Vancouver, A1, V6J 1C7

This Amendment No. 11 (this "Amendment") is being filed by Dennis J. Wilson, Anamered Investments Inc. ("Anamered"), LIPO Investments (USA), Inc. ("LIPO"), Wilson 5 Foundation ("Wilson 5"), Wilson 5 Foundation Management Ltd. ("Wilson 5 Trustee"), Five Boys Investments ULC ("Five Boys"), Shannon Wilson, and Low Tide Properties Ltd. ("Low Tide") (collectively, the "Reporting Persons") and amends and supplements the Schedule 13D filed with the Securities and Exchange Commission by the Reporting Persons on February 14, 2019 (as amended, the "Schedule 13D") to reflect an update to Item 4 of the Schedule 13D.

The Reporting Persons are filing this Amendment to amend Item 4 and Item 7 of the Schedule 13D to reflect a press release issued by Mr. Wilson on December 12, 2025.

The Items below amend the information disclosed under the corresponding Items in the Schedule 13D as described below. Capitalized terms used but not defined in this Amendment shall have the same meanings ascribed to them in the Schedule 13D. Except as specifically provided herein, this Amendment does not modify any of the information previously reported in the Schedule 13D.

**Item 4. Purpose of Transaction**

Item 4 is hereby amended and supplemented as follows:

On December 12, 2025, in response to the announcement of the market-unanticipated departure of the Issuer's Chief Executive Officer, Calvin McDonald, Mr. Wilson issued a press release (the "December 12th Press Release"), a copy of which is attached as Exhibit 5 to this Amendment. In the December 12th Press Release, Mr. Wilson set forth his views regarding the Issuer's failure to effectively manage a succession plan, and reiterated his belief in the need for the Issuer to add refreshed, experienced directors who can advise on the CEO selection process and hold management accountable to restore the value of the Issuer for shareholders. The information contained in Exhibit 5 of this Amendment is incorporated herein by reference.

Mr. Wilson has attempted to constructively engage with the Issuer to arrive at a solution that Mr. Wilson believes puts the Issuer in the best position to unlock value for the benefit of all shareholders. However, notwithstanding Mr. Wilson being the Issuer's largest shareholder filing on Schedule 13D, and his obvious extensive experience with the Issuer and its industry, there are no assurances that Mr. Wilson's constructive attempts and suggestions to help the Issuer improve across all measurable quantitative and qualitive metrics will be acknowledged or acted upon by the board of directors of the Issuer. Mr. Wilson may continue to engage with the Issuer depending on the Issuer's openness to taking actions, which Mr. Wilson does not believe are taken reluctantly or only as a result of the public agitation by Mr. Wilson or other shareholders of the Issuer, that unreservedly demonstrate the Issuer is open to resolving what Mr. Wilson believes to be its problems. Absent an ability to arrive at an agreeable framework on which discussions between the Issuer and Mr. Wilson can reasonably progress, Mr. Wilson may be compelled to take actions necessary to demonstrate his commitment to refreshing the board of directors of the Issuer in the best interests of all shareholders.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) is amended and restated in its entirety as follows:

Anamered may be deemed to beneficially own 4,755,217 shares of the Issuer's common stock, or 4.1%. LIPO may be deemed to beneficially own 3,401,596 shares of the Issuer's common stock, or 2.9%. Each of Wilson 5 and Wilson 5 Trustee may be deemed to beneficially own 829,325 shares of the Issuer's common stock, or 0.7%. Five Boys may be deemed to beneficially own 91,760 shares of the Issuer's common stock, or 0.1%. Mrs. Wilson may be deemed to beneficially own 1,098,309 shares of the Issuer's common stock, or 0.9%. Low Tide may be deemed to beneficially own 554,122 shares of the Issuer's common stock, or 0.5%. Mr. Wilson may be deemed to beneficially own 9,904,856 shares of the Issuer's common stock, or 8.4%, including the shares held by the other Reporting Persons.

The foregoing is based on 112,190,041 shares of the Issuer's common stock and 5,115,961 shares of the Issuer's special voting stock outstanding as of December 5, 2025 as disclosed by the Issuer in its Quaterly Report on Form 10-Q filed with the Securities and Exchange Commission on December 11, 2025.

Each share of the Issuer's special voting stock has voting rights equivalent to one share of the Issuer's common stock, but no economic rights. Each share of the Issuer's special voting stock is paired with an exchangeable share (an "exchangeable share") of Lulu Canadian Holding, Inc., a wholly owned subsidiary of the Issuer ("Lulu Canada"). Holders of exchangeable shares may require Lulu Canada to redeem each of its exchangeable shares in exchange for one share of the Issuer's common stock plus a cash payment equal to any accrued and unpaid dividends on the exchangeable shares. When exchangeable shares are exchanged into shares of the Issuer's common stock, the Issuer cancels a corresponding number of shares of special voting stock without consideration. As a result, each exchangeable share, together with its paired share of special voting stock, may be deemed to represent beneficial ownership of one share of the Issuer's common stock.

**(b)**
Item 5(b) is amended and restated in its entirety as follows:

The information set forth in Items 7, 8, 9, 10, and 11 of the cover pages to this Amendment is incorporated herein by reference.

Anamered directly holds 4,755,217 exchangeable shares and an equal number of shares of the Issuer's special voting stock. LIPO directly holds 3,401,596 shares of the Issuer's common stock. Wilson 5 directly holds 829,325 shares of the Issuer's common stock. Five Boys directly holds 91,760 exchangeable shares and an equal number of shares of the Issuer's special voting stock. Mrs. Wilson directly holds 268,984 exchangeable shares and an equal number of shares of the Issuer's special voting stock. Low Tide directly holds 554,122 shares of the Issuer's common stock. Mr. Wilson directly holds 3,853 shares of the Issuer's common stock.

Mr. Wilson may be deemed to have shared voting or dispositive power over the securities beneficially owned by Anamered, LIPO, Wilson 5, Wilson 5 Trustee, Five Boys. Mrs. Wilson, and Low Tide.

Wilson 5 Trustee may be deemed to have shared voting or dispositive power over the securities beneficially owned by Wilson 5.

Mrs. Wilson may be deemed to have shares voting or dispositive power over the securities that she holds directly as well as those beneficially owned by Wilson 5.

**(c)**
Item 5(c) of the Schedule 13D is hereby amended and supplemented as follows:

On October 16, 2025, Wilson 5 sold 12,164 shares of the Issuer's common stock at a volume weighted average price of $164.69 per share in open market transactions.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Dennis J. Wilson

**Signature:** /s/ Dennis J. Wilson

**Name/Title:** Dennis J. Wilson

**Date:** 12/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Anamered Investments Inc.

**Signature:** /s/ Dennis J. Wilson

**Name/Title:** Dennis J. Wilson, Director

**Date:** 12/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** LIPO Investments (USA), Inc.

**Signature:** /s/ Dennis J. Wilson

**Name/Title:** Dennis J. Wilson, Director

**Date:** 12/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Wilson 5 Foundation

**Signature:** /s/ Dennis J. Wilson

**Name/Title:** Dennis J. Wilson, Director of Wilson 5 Foundation Management Ltd, corporate trustee of Wilson 5 Foundation

**Date:** 12/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Wilson 5 Foundation Management Ltd.

**Signature:** /s/ Dennis J. Wilson

**Name/Title:** Dennis J. Wilson, Director

**Date:** 12/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Five Boys Investments ULC

**Signature:** /s/ Dennis J. Wilson

**Name/Title:** Dennis J. Wilson, Director

**Date:** 12/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Shannon Wilson

**Signature:** /s/ Shannon Wilson

**Name/Title:** Shannon Wilson

**Date:** 12/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Low Tide Properties Ltd.

**Signature:** /s/ Dennis J. Wilson

**Name/Title:** Dennis J. Wilson, Director

**Date:** 12/15/2025