Lululemon Athletica (LULU): what its 10-K says it depends on

Suppliers

Top five manufacturing vendors

depends on · Approximately 47% of our productsnamed as a risk

Approximately 47% of our products were manufactured by our top five vendors, the largest of which produced approximately 15% of our products; andRisk factors (Item 1A)

Top five fabric suppliers

depends on · Approximately 48% of our fabricsnamed as a risk

Approximately 48% of our fabrics were produced by our top five fabric suppliers, the largest of which produced approximately 20% of fabric used.Risk factors (Item 1A)

Partners and platforms

WeChat

earns from

We also serve our guests via our WeChat store and on third-party online marketplaces.Business (Item 1)

Other companies

Dennis J. "Chip" Wilson

named as a risk

Responding to the proxy contest and any related actions by Mr. Wilson or other stockholders may disrupt our business, cause us to incur substantial costs, and divert the attention of our board of directors, management, and employees from the pursuit of our business strategies.Risk factors (Item 1A)

Places

Taiwan

depends on · 34% of our fabricsnamed as a risk

Our concentration of fabric sourcing in Taiwan exposes us to geopolitical risks, including the possibility of military conflict, trade restrictions, or disruptions affecting that region.Risk factors (Item 1A)

Also named by AAOI, AAPL, AB, ADI, AEHR, ALAB, AMAT, AMD and 50 more

Vietnam

depends on · 40% of our productsnamed as a risk

Approximately 40% of our products were manufactured in Vietnam, 18% in Cambodia, 11% in Sri Lanka, 11% in Indonesia, and 7% in Bangladesh, and the remainder in other regions; andRisk factors (Item 1A)

Also named by AAPL, AMKR, ANET, ASO, BBW, CGNX, CIEN, CROX and 16 more

South Korea

depends on · 10% of our fabricsnamed as a risk

Approximately 34% of the fabric used in our products originated from Taiwan, 29% from China Mainland, 10% from South Korea, 10% from Vietnam, and the remainder from other regions.Risk factors (Item 1A)

Also named by AAPL, ALAB, AMAT, BE, BWA, CPNG, CROX, ENTG and 11 more

Indonesia

depends on · 11%named as a risk

Approximately 40% of our products were manufactured in Vietnam, 18% in Cambodia, 11% in Sri Lanka, 11% in Indonesia, and 7% in Bangladesh, and the remainder in other regions; andRisk factors (Item 1A)

Also named by CGNX, DECK, FCX, HRL, NKE, PATK

Cambodia

depends on · 18%named as a risk

Approximately 40% of our products were manufactured in Vietnam, 18% in Cambodia, 11% in Sri Lanka, 11% in Indonesia, and 7% in Bangladesh, and the remainder in other regions; andRisk factors (Item 1A)

Also named by ASO, NKE, RL, TPR

Bangladesh

depends on · 7%named as a risk

Approximately 40% of our products were manufactured in Vietnam, 18% in Cambodia, 11% in Sri Lanka, 11% in Indonesia, and 7% in Bangladesh, and the remainder in other regions; andRisk factors (Item 1A)

Also named by ASO, TGT, TPR

Sri Lanka

depends on · 11%named as a risk

Approximately 40% of our products were manufactured in Vietnam, 18% in Cambodia, 11% in Sri Lanka, 11% in Indonesia, and 7% in Bangladesh, and the remainder in other regions; andRisk factors (Item 1A)

China Mainland

depends on · 29% of our fabricsnamed as a risk

Approximately 34% of the fabric used in our products originated from Taiwan, 29% from China Mainland, 10% from South Korea, 10% from Vietnam, and the remainder from other regions.Risk factors (Item 1A)

Americas

earns from · 71% of our total net revenue

In 2025, the net revenue we generated in the Americas represented 71% of our total net revenue.Business (Item 1)

Also named by BLK, CYRX, DELL, EMR, FDS, FICO, GGG, GS and 6 more

China Mainland

earns from · 16% of our total net revenue

In 2025, the net revenue we generated in China Mainland represented 16% of our total net revenue.Business (Item 1)

Canada

operates innamed as a risk

Further, the majority of our sales to U.S. e-commerce guests are currently fulfilled from distribution centers in Canada, and historically a significant proportion of these orders qualified for the de minimis exemption.Risk factors (Item 1A)

Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more

South and South East Asia

depends onnamed as a risk

A significant portion of our products are produced in South and South East Asia and increases in the costs of labor and other costs of doing business in the countries in this region could significantly increase our costs to produce our products and could have a negative impact on our operations and earnings.Risk factors (Item 1A)

Groveport, Ohio distribution center

operates in

We operate and distribute finished products from our distribution facilities in the United States, Canada, and Australia, where we own our distribution center in Groveport, Ohio, and lease other distribution facilities.Business (Item 1)

Also named by BBW

Hazards

West coast of North America natural disasters

concentrated innamed as a risk

The concentration of our primary offices, several of our distribution centers, and a number of our stores along the west coast of North America could amplify the impact of a natural disaster occurring in that area to our business.Risk factors (Item 1A)

Commodities and inputs

Canadian dollar

exposed to its price · $120.4 millionnamed as a risk

A significant portion of our net assets are held by our Canadian dollar subsidiary.Market risk (Item 7A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

Cotton

exposed to its pricenamed as a risk

Increases in the cost of raw materials, including petroleum or the prices we pay for silver and our cotton yarn and cotton-based textiles, could have a material adverse effect on our cost of goods sold, results of operations, financial condition, and cash flows.Risk factors (Item 1A)

Also named by CAH, CROX, FPI, NKE, PVH, RL, SNEX, TSCO and 2 more

Silver

exposed to its pricenamed as a risk

Increases in the cost of raw materials, including petroleum or the prices we pay for silver and our cotton yarn and cotton-based textiles, could have a material adverse effect on our cost of goods sold, results of operations, financial condition, and cash flows.Risk factors (Item 1A)

Also named by CDE, DC, EZPW, HL, LECO, LFUS, NEM, RGLD and 2 more

Petroleum

exposed to its pricenamed as a risk

Increases in the cost of raw materials, including petroleum or the prices we pay for silver and our cotton yarn and cotton-based textiles, could have a material adverse effect on our cost of goods sold, results of operations, financial condition, and cash flows.Risk factors (Item 1A)

Also named by BBW, PCAR, TSCO

Regulators

Internal Revenue Service (IRS)

subject tonamed as a risk

Our bilateral Advance Pricing Arrangement ("APA") with the Internal Revenue Service ("IRS") and Canada Revenue Agency ("CRA") expired at the end of 2020.Risk factors (Item 1A)

Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more

Canada Revenue Agency (CRA)

subject tonamed as a risk

During 2020, we entered into bilateral negotiations with the IRS and CRA to renew the APA, and in October 2025, the CRA withdrew from bilateral APA negotiations.Risk factors (Item 1A)

Also named by BAM, HRB, PAA, QSR, RBA

China State Taxation Administration

subject tonamed as a risk

We are also negotiating an APA with China Mainland's State Tax Administration, the outcome of which could impact our effective tax rate.Risk factors (Item 1A)

State Administration for Market Regulation of the PRC

subject tonamed as a risk

These include federal agencies such as the Federal Trade Commission, Consumer Product Safety Commission and state attorneys general in the United States, the Competition Bureau and Health Canada in Canada, the State Administration for Market Regulation of the PRC, General Administration of Customs of the PRC, as well as other federal, state, provincial, local, and international regulatory authorities in the countries in which our products are distributed or sold.Risk factors (Item 1A)

Laws and programs

U.S. tariffs

subject tonamed as a risk

As a result of the increased tariffs since April 2025, the cost of inventory in the United States has increased.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

One Big Beautiful Bill Act (OBBBA)

subject tonamed as a risk

We are currently evaluating the impact of these tax law changes on our financial statements and they may impact our income tax expense, profitability, and capital allocation decisions.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

International Emergency Economic Powers Act (IEEPA) tariffs

subject tonamed as a risk

On February 20, 2026, the U.S. Supreme Court invalidated tariffs imposed under the International Emergency Economic Power Act and immediately after, the U.S. Administration initiated new tariffs at different rates under alternative legislative powers, which increases the uncertainty around tariffs.Risk factors (Item 1A)

Also named by AAOI, ANET, ARW, COHR, CSW, DECK, FIVE, IBP and 8 more

Uyghur Forced Labor Prevention Act

subject tonamed as a risk

Legislation such as the Uyghur Forced Labor Prevention Act, and similar measures in other jurisdictions, increases compliance obligations, supply chain due diligence requirements, and the risk of shipment delays or detentions.Risk factors (Item 1A)

Also named by AMRC, ANET, ASO, CROX, DDS, FND, FSLR, MPWR and 7 more

U.S. de minimis duty exemption elimination

subject tonamed as a risk

The removal of this exemption increases the cost of fulfilling those orders.Risk factors (Item 1A)

Canadian withholding taxes

subject tonamed as a risk

Since 2022, we have recognized Canadian withholding taxes on accumulated earnings which are not indefinitely reinvested and cannot be repatriated free of withholding tax.Risk factors (Item 1A)