Edgar Filing: lululemon athletica inc.

Ownership Submission

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Â Pitcher Rhoda M.

2. Date of Event Requiring Statement (Month/Day/Year)
07/26/2007

3. Issuer Name and Ticker or Trading Symbol
lululemon athletica inc. [LULU]

(Last)

(First)

(Middle)

860 NE 23RD PLACE

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	_____ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

5. If Amendment, Date Original Filed(Month/Day/Year)

(Street)

CLYDE HILL,Â WAÂ 98004

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security
(Instr. 4)

2. Amount of Securities Beneficially Owned
(Instr. 4)

3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)

4. Nature of Indirect Beneficial Ownership
(Instr. 5)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Series A Preferred Stock ⁽¹⁾	Â ⁽²⁾	Â ⁽³⁾	Common Stock	69,361	$ ⁽¹⁾	D	Â
Stock Option (Right to Buy)	Â ⁽⁴⁾	01/26/2016	Common Stock	10,078 ⁽⁵⁾	$ 0.49 ⁽⁵⁾	D	Â
Stock Option (Right to Buy)	Â ⁽⁴⁾	01/26/2016	Common Stock	45,903 ⁽⁶⁾	$ 0.6 ⁽⁶⁾	D	Â

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Pitcher Rhoda M. 860 NE 23RD PLACE CLYDE HILL,Â WAÂ 98004	Â X	Â	Â	Â

Signatures

/s/ Rhoda M. Pitcher		07/26/2007
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	These securities will be exchanged for common stock of the Issuer on the effective date of the Issuer's initial public offering in a corporate reorganization.
(2)	Immediately exercisable.
(3)	No expiration date.
(4)	These options are 25% vested as of the date hereof and will vest 25% per year on each of January 27, 2008, January 27, 2009 and January 27, 2010.
(5)	Ms. Pitcher has an option to purchase 23,500 shares of common stock of the Issuer's subsidiary, Lululemon Athletica USA Inc., at an exercise price of $0.21 per share. The option will be exchanged in the Issuer's corporate reorganization for an option to purchase the number of shares of the Issuer's common stock shown in the table, at the exercise price shown in the table.
(6)	Ms. Pitcher has an option to purchase 23,500 shares of common stock of the Issuer's subsidiary, Lululemon Athletica, Inc., at an exercise price of $1.18 per share. The option will be exchanged in the Issuer's corporate reorganization for an option to purchase the number of shares of the Issuer's common stock shown in the table, at the exercise price shown in the table.

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