Lululemon

Quick Take

Lululemon's own political footprint in the United States is small. Federal records show no corporate PAC money and no federal lobbying under its name; the federal giving tied to it comes from employees, about $42,000 in the 2024 election cycle, with about $29,000 of that going to Democrats.[6][7][8] Its values record shows up mostly in its workplace programs, along with climate group memberships and a 2022 statement backing abortion rights. In June 2020 the company said the Black Lives Matter movement had been a "powerful catalyst" and pledged $5 million a year to a diversity team.[9] Its March 2025 annual report had a section called "Inclusion for All" with workforce figures; its March 2026 report dropped that section and those figures while keeping inclusion language.[10][1] Wilson, meanwhile, has publicly criticized the company's "whole diversity and inclusion thing," and the company has said he does not speak for it.[11]

New Leaders, Shrinking Sales

Lululemon got a new chief executive in 2026. Calvin McDonald, CEO since 2018, stepped down on January 31, 2026.[12][1] The chief financial officer and the chief commercial officer then ran the company as interim co-CEOs, with plans to return to their old jobs once a new CEO started.[13] In April the board named Heidi O'Neill, a longtime Nike executive who most recently led Nike's consumer, product and brand group, as CEO starting September 8, 2026.[13][14]

Outside investors pushed for change too. In December 2025 the activist hedge fund Elliott Management was reported to have built a stake of more than $1 billion.[12]

The business is now getting smaller. In the quarter that ended August 2, 2026, revenue fell 4 percent to $2.4 billion and sales in the Americas fell 8 percent. The company cut its forecast and now expects full year revenue to fall 5 to 7 percent.[15]

The Founder Fight

The most public values dispute at Lululemon has been between the company and its founder. Wilson stepped down as CEO in 2005 and left the board in 2015.[2] In late 2011, Lululemon printed "Who is John Galt?", a line from Ayn Rand's novel Atlas Shrugged, on its shopping bags. A company blog post said Wilson read the book at 18 and that its ideas influenced the company's goal of moving people from mediocrity to greatness.[16] In 2013, Wilson said in an interview that the company's yoga pants did not work for some women's bodies, then apologized. About a month later, in December 2013, Lululemon announced he was stepping down as chairman.[17]

In a January 2024 interview with Forbes, he said the company was "trying to become like the Gap, everything to everybody," and added that a brand has to be clear "that you don't want certain customers coming in."[11] Fortune reported that he was criticizing the company's "whole diversity and inclusion thing." A Lululemon spokesperson replied that Wilson "does not speak for lululemon" and that the company remained committed to becoming "a more inclusive and diverse company."[11]

The fight turned formal at the end of 2025. On December 29, 2025, Wilson told the company he would nominate three directors. He also proposed that every director face election each year, rather than in staggered three year terms.[1] His nominees were Marc Maurer, a former co-CEO of the shoe brand On; Laura Gentile, a former ESPN marketing chief; and Eric Hirshberg, a former Activision Publishing CEO.[2] In April 2026 Wilson called the choice of O'Neill "reactive."[18]

On May 18, 2026, the board answered in a letter to shareholders. It said Wilson had left the board "as a result of several brand-damaging public controversies and his involvement in a competing business." It also said he held "outdated perspectives" and "troubling conflicts of interest."[2] The letter did not mention diversity or inclusion.

The two sides signed a cooperation agreement on May 26, 2026. Gentile and Maurer joined the board after the June 25 annual meeting, and the company backed Wilson's proposal for yearly director elections. Wilson agreed to a standstill and to stop criticizing the company publicly until shortly before the 2028 nomination deadline.[3] A third director with apparel experience, former Lululemon chief product officer Tara Poseley, joined on October 19, 2026, bringing the board to 13 members.[4] Instead of repaying Wilson's campaign costs, the company and Wilson agreed to a joint donation for athletics, art and landscaping at Vancouver's Kitsilano Beach, where Lululemon started.[4]

Wilson's 8.7 percent stake makes him the largest individual shareholder, but it is a minority stake. His comments are his own and are not company positions.[4][11]

Where the Money Actually Goes

Lululemon itself does not show up in federal records as a political giver or lobbyist. A PAC, or political action committee, is a fund a company can set up to collect voluntary donations from employees and give them to candidates. OpenSecrets, a nonprofit that tracks money in U.S. politics, records no PAC money tied to Lululemon in any election cycle. Every dollar it attributes to Lululemon came from individuals who listed the company as their employer.[6]

That employee giving is small, and its direction has shifted. These totals count donations of $200 or more, and older cycles are floors rather than exact counts.[6]

• In the 2012 cycle, employees gave $9,470, of which $7,720 went to Republicans.
• In 2016, they gave $11,371: $5,000 to Republicans and $3,621 to Democrats.
• In 2018, $3,209 of $3,865 went to Republicans.
• In 2020, the pattern flipped: $49,031 of $56,178 went to Democrats.
• In 2024, the most recent complete cycle, employees gave $42,398: $29,033 to Democrats and $12,296 to Republicans.

The largest 2024 recipients were Kamala Harris's presidential campaign ($17,748), the Democratic National Committee ($7,403), Nikki Haley's presidential campaign ($6,775), the National Republican Senatorial Committee ($3,500) and Donald Trump's campaign ($1,890).[19]

Lululemon reports no federal lobbying. OpenSecrets says the company has not reported lobbying the federal government in records going back to 1998.[7] A search of the Senate's lobbying disclosure database for "lululemon," as a client or as a registrant, returned no filings (accessed October 25, 2026).[8] These are findings about federal records only. They do not cover state lobbying, trade association dues, or Canada.

Canada works differently. Lululemon's headquarters is in Vancouver, but Canadian federal law allows only citizens and permanent residents to donate to parties and candidates, so corporations cannot give.[20] Canada's federal lobbyist registry blocked automated searches during this research, so Lululemon's Canadian lobbying record was not examined.

Caught in the Tariff Fight

Most of Lululemon's online orders from U.S. shoppers ship from warehouses in Canada. That put the company directly in the path of Washington's 2025 trade changes.[1] Many of those packages used to qualify for the "de minimis" exemption, a rule that let low-value shipments enter the U.S. without duties. The U.S. ended the exemption for some shipments on May 2, 2025, and extended that worldwide on August 29, 2025. Lululemon says this, along with higher tariffs on the countries where its clothes are made, raised its costs.[1]

On February 20, 2026, the U.S. Supreme Court struck down tariffs imposed under the International Emergency Economic Powers Act, a law that gives the president emergency powers over trade.[1] In the quarter that ended August 2, 2026, Lululemon received $134.5 million in refunds of those tariffs, plus $4.1 million in interest.[15] The ruling did not end tariffs on its goods. The administration put new tariffs in place under other laws, and the company says legislation will end the de minimis exemption by July 1, 2027.[1]

Diversity Commitments, Then and Now

Lululemon built a formal diversity program in 2020 and has since changed how it describes that work in its annual report. On June 24, 2020, the company said Black Lives Matter had been "a powerful catalyst" inside the company.[9] It committed to hire a head of diversity, equity and inclusion, spend $5 million a year on its "Inclusion, Diversity, Equity and Action" team, and require diverse pools of candidates for every role. It also added $3 million, for a total of $7 million in 2020, for groups focused on civil rights and social justice.[9] That month it also announced a $100,000 donation to the Minnesota Freedom Fund, a group that pays bail for people who cannot afford it.[21]

The annual reports show a shift in wording. The report filed March 27, 2025 had a section titled "Inclusion for All." It said diverse perspectives drive innovation, reported that about 55 percent of board members, 60 percent of its senior executive leadership team and 45 percent of vice presidents and above were women, and set a goal of a workforce informed by "the diversity of the communities we serve."[10]

The report filed March 17, 2026 dropped that heading and those figures. It moved the topic under "Employee Wellbeing," which speaks of "a fair and inclusive workplace" and "inclusion-focused education." It reports gender pay equity worldwide and full pay equity in the U.S., which it defines as covering gender and race. Its Human Capital section does not use the word "diversity."[1] As of October 25, 2026, the company's corporate website still links to a page titled "Inclusion, Diversity, Equity & Action."[22]

The 2026 report also added a new warning. It says political polarization in the U.S. has led to "brand boycotts," and that the company could face harm "whether or not we take public positions on social or political issues."[1] The 2025 report did not include that language.[10]

Some shareholders have pressed the company on its giving. At the June 11, 2025 annual meeting, shareholders voted on a proposal asking for a yearly report on whether Lululemon's charitable partners create risks of discrimination over speech or religion.[23] It was filed by the Oklahoma Tobacco Settlement Endowment Trust with help from Bowyer Research, and Alliance Defending Freedom supported it.[24] Its backers said Lululemon had funded groups including Black Lives Matter and Reclaim the Block.[24] The proposal got 351,583 votes for and 99,567,168 against.[23]

Climate Groups and Other Causes

Lululemon belongs to several clean energy and climate groups. They include the Asia Clean Energy Coalition, which describes its work as helping to "strategically shift policy" toward renewable power in Asian markets, and the Clean Energy Buyers Association. The company has also signed the Fashion Industry Charter for Climate Action, which commits signers to net zero emissions by 2050, and joined RE100, a group of companies committed to 100 percent renewable electricity.[22] Its 2026 annual report says it met its goal of investing $75 million to "advance equity in wellbeing."[1]

The company has also taken a public side on abortion. In May 2022, Lululemon was one of more than 60 beauty and wellness brands that signed a statement from Don't Ban Equality, a business coalition supporting abortion rights.[25] The 2025 shareholder proposal described above cited that membership, saying the coalition describes its purpose as making "the case that abortion access is a workforce and economic issue."[26]

Products and Reach

Lululemon opened its first retail space in 1998, inside a yoga studio in Vancouver's Kitsilano neighborhood. It opened its first U.S. store in Santa Monica, California, in 2003 and went public on the Nasdaq in 2007.[27]

Lululemon makes athletic clothing, shoes and accessories for yoga, running, training, golf and tennis. Women's products made up 63 percent of fiscal 2025 revenue and men's 24 percent.[1] On February 1, 2026, it ran 811 company stores, including 379 in the United States, plus 45 stores run by partners. China Mainland made up 16 percent of revenue. Most of its products are made in Vietnam, Cambodia, Sri Lanka, Indonesia and Bangladesh.[1] It does not own or operate any factories. In 2025 it worked with about 51 manufacturers and 65 fabric suppliers; five manufacturers made 47 percent of its products, and the largest made 15 percent.[1]

Lululemon once tried selling fitness hardware. In 2020 it paid $500 million for MIRROR, a home fitness company.[28] It renamed the business lululemon Studio, stopped selling the hardware in 2023, and made Peloton the exclusive digital fitness content provider for lululemon.[1][29]

Where to Find Them

Lululemon sells through lululemon.com, its app, and company stores in about 30 countries, along with a small number of wholesale partners such as fitness studios and campus stores.[1]

Footnotes

[1] lululemon athletica inc., U.S. Securities and Exchange Commission, "Form 10-K, Annual Report for the fiscal year ended February 1, 2026," March 17, 2026. https://www.sec.gov/Archives/edgar/data/1397187/000139718726000020/lulu-20260201.htm

[2] lululemon athletica inc., lululemon Newsroom, "lululemon Highlights Strength of its Refreshed Board, with the Right Expertise to Drive the Company's Next Phase of Growth and Enhanced Shareholder Value," May 18, 2026. https://corporate.lululemon.com/newsroom/press-releases/2026/05-18-2026-123025131

[3] lululemon athletica inc., U.S. Securities and Exchange Commission, "Proxy Supplement: Supplemental Information Regarding the 2026 Annual Meeting of Stockholders," June 5, 2026. https://www.sec.gov/Archives/edgar/data/1397187/000121390026065492/ea0281698-13.htm

[4] SGB Media, SGB Media Online, "Lululemon Appoints Former Chief Product Officer to Board," October 22, 2026. https://sgbonline.com/lululemon-appoints-former-chief-product-officer-to-board/

[5] lululemon athletica inc., U.S. Securities and Exchange Commission, "lululemon athletica inc. Announces Fourth Quarter and Full Year Fiscal 2025 Results" (Form 8-K, Exhibit 99.1), March 17, 2026. https://www.sec.gov/Archives/edgar/data/1397187/000139718726000019/lulu-20260201xex991.htm

[6] OpenSecrets, OpenSecrets, "Lululemon Athletica Profile: Totals," all cycles, accessed October 25, 2026. https://www.opensecrets.org/orgs/lululemon-athletica/totals?cycle=A&id=D000071087

[7] OpenSecrets, OpenSecrets, "Lululemon Athletica Profile: Lobbying," accessed October 25, 2026. https://www.opensecrets.org/orgs/lululemon-athletica/lobbying?id=D000071087

[8] U.S. Senate Office of Public Records, LDA.gov, "Filing List: client_name=lululemon" and "Registrant List: registrant_name=lululemon," accessed October 25, 2026. https://lda.gov/api/v1/filings/?client_name=lululemon

[9] lululemon athletica inc., lululemon Newsroom, "lululemon Commits to Inclusion, Diversity, Equity, and Action," June 24, 2020. https://corporate.lululemon.com/newsroom/our-stories/2020/lululemon-commits-idea

[10] lululemon athletica inc., U.S. Securities and Exchange Commission, "Form 10-K, Annual Report for the fiscal year ended February 2, 2025," March 27, 2025. https://www.sec.gov/Archives/edgar/data/1397187/000139718725000013/lulu-20250202.htm

[11] Orianna Rosa Royle, Fortune, "Lululemon's billionaire founder slams the company's diversity and inclusion efforts: 'You've got to be clear that you don't want certain customers coming in'," January 3, 2024. https://fortune.com/2024/01/03/lululemons-founder-chip-wilson-diversity-and-inclusion/

[12] Reuters and The Canadian Press, BNN Bloomberg, "Lululemon shares up after reports of Elliott Management buying stake," December 18, 2025. https://www.bnnbloomberg.ca/business/2025/12/18/lululemon-surges-on-elliotts-us1-billion-bet-ahead-of-leadership-change/

[13] Retail TouchPoints, Retail TouchPoints, "Lululemon Names Nike Veteran Heidi O'Neill as New CEO," April 23, 2026. https://www.retailtouchpoints.com/?p=619078

[14] lululemon athletica inc., U.S. Securities and Exchange Commission, "lululemon Names Proven Brand Builder Heidi O'Neill as Chief Executive Officer" (Form DEFA14A, Exhibit 99.1), April 22, 2026. https://www.sec.gov/Archives/edgar/data/0001397187/000139718726000071/lulu-20260421xex991defa14a.htm

[15] lululemon athletica inc., U.S. Securities and Exchange Commission, "lululemon athletica inc. Announces Second Quarter Fiscal 2026 Results" (Form 8-K, Exhibit 99.1), September 3, 2026. https://www.sec.gov/Archives/edgar/data/1397187/000139718726000126/lulu-20260802xex991.htm

[16] HuffPost Canada, HuffPost Canada, "Lululemon's Tote Bags Evoke Fictional Hero Championed By Tea Party," November 16, 2011. https://www.huffingtonpost.ca/2011/11/16/lululemon-ayn-rand-john-galt-tote-bags_n_1097615.html

[17] Retail Customer Experience, Retail Customer Experience, "Lululemon chairman Chip Wilson resigns," December 10, 2013. https://www.retailcustomerexperience.com/news/lululemon-chairman-chip-wilson-resigns/

[18] Aleksandra Sagan, The Logic, "Chip Wilson unhappy with new Lululemon CEO choice," April 29, 2026. https://thelogic.co/briefing/chip-wilson-unhappy-with-new-lululemon-ceo-choice/

[19] OpenSecrets, OpenSecrets, "Lululemon Athletica Profile: Recipients," 2024 cycle, accessed October 25, 2026. https://www.opensecrets.org/orgs/lululemon-athletica/recipients?id=D000071087&cycle=2024

[20] Government of Canada, Justice Laws Website, "Canada Elections Act (S.C. 2000, c. 9), section 363," current to September 30, 2026, accessed October 27, 2026. https://laws-lois.justice.gc.ca/eng/acts/E-2.01/section-363.html

[21] SGB Media, SGB Media Online, "Active Industry Steps Up With Donations To Racial Justice Causes," June 8, 2020. https://sgbonline.com/active-industry-steps-up-with-donations-to-racial-justice-causes/

[22] lululemon athletica inc., lululemon corporate website, "Partnerships & Memberships," accessed October 25, 2026. https://corporate.lululemon.com/our-impact/reporting-and-governance/partnerships-and-memberships

[23] lululemon athletica inc., U.S. Securities and Exchange Commission, "Form 8-K, Item 5.07: Submission of Matters to a Vote of Security Holders (2025 Annual Meeting)," June 17, 2025. https://www.sec.gov/Archives/edgar/data/1397187/000139718725000029/lulu-20250611.htm

[24] Alliance Defending Freedom, ADF Media, "Okla. treasurer, ADF to speak at press conference following Lululemon annual meeting," June 10, 2025. https://adfmedia.org/press-release/okla-treasurer-adf-to-speak-at-press-conference-following-lululemon-annual-meeting

[25] Steph Saltzman, Fashionista, "Must Read: Beauty and Wellness Brands Join Together in Support of Abortion Rights, Etro Hires Marco De Vincenzo," May 25, 2022. https://fashionista.com/2022/05/beauty-industry-dont-ban-equality-abortion-rights

[26] U.S. Securities and Exchange Commission, Division of Corporation Finance, SEC.gov, "lululemon athletica inc." (Rule 14a-8 no-action response, with the shareholder proposal as Exhibit A), April 22, 2025. https://www.sec.gov/files/corpfin/no-action/14a-8/oklululemon42225-14a8.pdf

[27] lululemon athletica inc., lululemon corporate website, "our history," accessed October 27, 2026. https://corporate.lululemon.com/about-us/our-history

[28] lululemon athletica inc., U.S. Securities and Exchange Commission, "lululemon athletica inc. to Acquire Home Fitness Innovator MIRROR" (Form 8-K, Exhibit 99.1), June 29, 2020. https://www.sec.gov/Archives/edgar/data/1397187/000139718720000034/lulu-20200626xex991.htm

[29] lululemon athletica inc. and Peloton Interactive, Inc., joint press release (PDF), "lululemon and Peloton Announce Five-Year Strategic Global Partnership," September 27, 2023. https://s24.q4cdn.com/622300748/files/doc_news/lululemon-and-Peloton-Announce-Five-Year-Strategic-Global-Partnership-2023.pdf