lululemon athletica Files Post-Effective Amendment to Registration Statement for Outstanding Exchangeable Shares

VANCOUVER--(Business Wire)--
lululemon athletica inc. (NASDAQ:LULU; TSX:LLL) announced today that it filed a
post-effective amendment to its existing automatic shelf registration statement
with the Securities and Exchange Commission filed on July 31, 2008, which
existing automatic shelf registration statement covers the registration of the
currently unsold portion of the 20,935,041 shares of the Company`s Common Stock
that are represented by an equal number of shares of the Company`s Special
Voting Stock. Due to adverse equity market conditions and the decline in the
trading price of the Company`s Common Stock, the Company does not at this time
qualify as a "well-known seasoned issuer" (as defined in Rule 405 of the
Securities Act of 1933, as amended), and the post-effective amendment is being
filed solely to convert the existing automatic shelf registration statement into
a non-automatic shelf registration statement. The post-effective amendment to
the automatic shelf registration statement does not and will not affect the
number of shares of Common Stock deemed outstanding or otherwise affect earnings
per share or other share-based metrics. The Company has not and will not receive
any proceeds from issuances of Common Stock under the registration statement.

The Company is contractually obligated to maintain the registration of the
Common Stock pursuant to the terms of the Agreement and Plan of Reorganization,
dated April 26, 2007, that the Company entered into in connection with the
pre-IPO reorganization of the Company. The existing automatic shelf registration
statement registered the issuance of 20,935,041 shares of Common Stock, the
unsold portion of which may be issued from time to time upon the exchange,
retraction or redemption of currently-outstanding Exchangeable Shares of Lulu
Canadian Holding, Inc., a wholly-owned subsidiary of the Company, or upon the
liquidation, dissolution or winding up of Lulu Canadian Holding, Inc. The
Exchangeable Shares were issued to Canadian stockholders in connection with the
Company`s pre-IPO reorganization to defer payment of Canadian taxes, and the
Company has previously disclosed in its reports filed with the Securities and
Exchange Commission that 19,517,370 Exchangeable Shares and 19,517,370 shares of
Special Voting Stock are outstanding.

Upon the issuance of the registered shares of Common Stock upon such exchange,
retraction or redemption of outstanding Exchangeable Shares, the Company will
cancel an equal number of currently-outstanding Exchangeable Shares of Lulu
Canadian Holding, Inc. as well as an equal number of currently outstanding
shares of the Company`s Special Voting Stock, so there will be no change in the
number of shares of Common Stock deemed outstanding.

About lululemon athletica inc.

lululemon athletica (NASDAQ:LULU; TSX:LLL) is a yoga-inspired athletic apparel
company that creates components for people to live longer, healthier and more
fun lives. By producing products that help keep people active and stress free,
lululemon believes that the world will be a better place. Setting the bar in
technical fabrics and functional designs, lululemon works with yogis and
athletes in local communities for continuous research and product feedback. For
more information, please see http://www.lululemon.com.

Forward-Looking Statements:

This press release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 that involve risks, uncertainties and assumptions, such as
statements regarding our future financial condition. In many cases, you can
identify forward-looking statements by terms such as "may," "will," "should,"
"expects," "plans," "anticipates," "believes," "intends," "estimates,"
"predicts," "potential" or the negative of these terms or other comparable
terminology. These forward-looking statements are based on management's current
expectations but they involve a number of risks and uncertainties. Actual
results and the timing of events could differ materially from those anticipated
in the forward-looking statements as a result of risks and uncertainties, which
include, without limitation, those risk factors detailed in our filings with the
Securities and Exchange Commission, including risk factors contained in our
Annual Report on Form 10-K for our 2008 fiscal year, and other filings we make
with the SEC. Our filings with the SEC are available at
www.sec.govhttp://www.sec.gov. You are urged to consider these factors carefully
in evaluating the forward-looking statements herein and are cautioned not to
place undue reliance on such forward-looking statements, which are qualified in
their entirety by this cautionary statement. The forward-looking statements made
herein speak only as of the date of this press release and the company
undertakes no obligation to publicly update such forward-looking statements to
reflect subsequent events or circumstances.

Investors
ICR
Joseph Teklits, 203-682-8258
or
Media
FD
Evan Goetz, Diane Zappas
212-850-5600

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