Chip Wilson, founder of Lululemon Athletica Inc., in an open letter urged Lululemon shareholders to back his three candidates for the retailer’s annual shareholder meeting on June 11, claiming in a press release that his choices “have the know-how to restore Lululemon’s cool.”

Wilson’s three candidates include Marc Maurer, the former co-CEO of On; Laura Gentile, former chief marketing officer of ESPN Inc.; and Eric Hirshberg, the former CEO of Activision.

Wilson, who remains a substantial shareholder in Lululemon, has issued several statements and letters over the last several months as part of his proxy battle with Lululemon, including one issued on April 29 again loudly calling out Lululemon’s board’s alleged mismanagement, including expressing skepticism on the recent hiring of former Nike executive Heidi O’Neill as CEO.

Lululemon has appointed Esi Eggleston Bracey, a former marketing executive at Unilever PLC, and former Levi Strauss & Co. CEO Chip Bergh as directors in recent months as it reshapes its board amid the proxy fight.

Wilson’s full text of the letter follows.

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May 6, 2026

Fellow shareholders of Lululemon:

Lululemon is iconic. It has inspired passionate consumers around the world. It has attracted world-leading creative talent from design studios to retail shops. It has disrupted the entire athletic apparel industry. It has generated billions of dollars for shareholders.

Unfortunately, right now it has lost touch with what made it a category definer. The Board has taken consistent actions to make Lululemon a generic athletic retailer instead of the premium apparel leader it once was. The company has gone from setting trends to aiming to be on trend. As a result, its growth has declined persistently in its core market, the Americas, and its stock has recently hit seven-year lows1. Lululemon has lost its cool.

To help restore it, I have nominated three independent, highly qualified candidates to the Board: Marc Maurer, Laura Gentile and Eric Hirshberg. Each of them is a fully independent, accomplished business leader who stands ready to serve the interests of all Lululemon shareholders. They also each have led companies and organizations with creative excellence at their core, and they have delivered strong returns to shareholders as a result.

Running creative companies at scale is different. Our nominees collectively and individually offer a proven track record of doing just that, and I feel strongly that their collective skills in brand development, creative leadership and focused marketing can bring the fresh perspective to help reset Lululemon.

Lululemon’s creative vision was the foundation on which this icon was built. The relentless focus on protecting the technical product business model drove years of industry-shaping success, brand leadership and strong shareholder returns.

Our three nominees all understand what it takes to foster a creative, focused and successful business that delivers superior returns through creative excellence – in design, technology and execution. In Lululemon’s case, the company’s loss of focus comes from deprioritizing creative excellence at the altar of efficiency. This is a classic problem that often occurs at companies, like Lululemon, that were once known for innovation and creativity, but that have since lost that spirit as they scaled and began trying to reduce risk instead of increase inspiration. These are solvable problems that also represent tremendous potential for the return of Lululemon’s preeminent status.

The solution starts with more proven, creative leaders in the Boardroom. Creative excellence is not something that appears on a spreadsheet, and it cannot be guaranteed by following best practices or proven business formulas. It requires courage, inspiration and a lifetime to hone. Our three nominees have all led organizations that only succeed when they out-create their competitors, and they know what it takes to create an inspired, creative organization and help it thrive. They all believe in the potential for Lululemon to return to its prior levels of prosperity and beyond by recapturing its creative soul. This brand still matters to people. It matters to them, and Marc, Laura and Eric all have significant value they can bring.

When we think about what makes a creative business successful in the long term, there are five key pillars we come back to:

1. “Core to more.” At Lululemon, the core customer is our muse – the woman who inspires culture, not just follows it. Losing a deep understanding of who you are designing your key products for leads to brand drift. We’ve seen this lack of focus through a number of unsuccessful ventures Lululemon has embraced. The partnership with The Walt Disney company, acquisition of MIRROR and the launch of products such as footwear and small accessories. These investments distract from and erode the brand’s premium position. Lululemon needs to first inspire its core customer again, and once it does, everyone else will follow.

a. The Board must closely examine SKU count, store development plans and merchandising strategies with a push to strengthen focus and improve results.

2. Obsessing over technical details. Details make the product. When you cut corners, you engineer the magic out. Steadfast focus on the details is how you become and stay the leader. It is how you become a persistent industry disruptor. Marc’s experience at On Holding AG (“On”) is all about building a business disruptor through technical excellence: a relentless focus to redefine the sensory experience of running. This insight into how industry-leading product is developed will be an immediate asset to the Board.

a. The Board must focus on the product development process, timeline and budget. Why is Lululemon’s R&D spend so far below peers?

3. Driving to disrupt. Setting trends requires companies like Lululemon to deliver a product that’s unexpected and surprising to consumers in a positive way. That necessitates a creative culture that can bet on the future. Laura’s experience creating espnW is exactly that. espnW was a bold bet on the future of women’s sports at a time when few believed. The lessons in identifying trends, getting a large organization to support change and fostering a team to commit to that change are exactly what the Board needs.

a. The Board must examine the marketing spend budget, how it is being allocated, and why it is meaningfully below peers. Does the business not have conviction in a future product, market, demographic, etc.?

4. A culture that prioritizes experimentation and innovation. Taking safe bets is the biggest risk for a company. Boards need to allow for the freedom for experimentation, iteration and leaving things on the cutting room floor. Eric’s experience leading Activision Publishing, Inc. (“Activision”) is defined by working with creative storytellers and engineers to take big swings without fear of failure.

a. The Board must focus on how creative development is encouraged inside the business. What are the causes behind Lululemon’s 18-24-month product development timeline, when the industry standard is eight months? How is the company using AI to expedite that timeline?

5. A Board that prioritizes and inspires creativity. The Board ultimately sets the tone on what is valued. The best corporate boards are those that don’t just value creativity, but know how creativity, focus and obsessive attention to detail drive shareholder value. Marc, Laura and Eric all keenly understand how a Board supports or suffocates the creative environment. As outsiders, they bring a spark of change that will help the whole Board build confidence and momentum in the turnaround of the business.

a. The Board must focus on how talent is developed internally. Why were 7 of 10 most recently hired named executive officers brought in from the outside? What is being done to shift the internal development pipeline?

As the Founder and the largest active investor in Lululemon, I care deeply about the brand and believe that it can return to success. The ingredients are there for Lululemon to return to relevance and regain its cool.

When I approached each of Marc, Laura and Eric separately to join my slate as independent candidates, I knew quickly that their fresh perspectives, through collaborative work with the Board, would help restore confidence, support the next CEO’s turnaround efforts and stop the current pattern of value destruction.

Accomplishing all of that will center on putting creativity first – inspiring the core customer, prioritizing experimentation and delivering a premium technical product once again. Marc, Laura and Eric are all experts in those fields and know what it takes to deliver long-term shareholder value. Restoring the cool to Lululemon starts with their election to the Board.

Please vote “FOR” only the Wilson Group’s three independent, highly qualified nominees on the GOLD Universal Proxy Card to be elected to the Board at the Annual Meeting.

To learn more and find regular updates on our campaign for change, please continue to visit: www.CreativityFirstlulu.com.

Sincerely,
Dennis J. “Chip” Wilson
Founder of Lululemon Athletica Inc.

Image courtesy Lululemon