Billionaire Stephen Mandel’s Lone Pine Capital Initiates Stake in Lululemon Athletica Inc. (LULU)

lululemon
athletica inc.

Common
Stock, par value $0.005

550021109

January 15,
2016

NAME OF REPORTING PERSON

Lone Pine Capital LLC

(a) ¨

(b) ¨

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

SOLE VOTING POWER

0

SHARED VOTING POWER

6,446,607 shares of Common Stock.

SOLE DISPOSITIVE POWER

0

SHARED DISPOSITIVE POWER

6,446,607 shares of Common Stock.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

6,446,607 shares of Common Stock.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.0%

TYPE OF REPORTING PERSON

OO

NAME OF REPORTING PERSON

Stephen F. Mandel, Jr.

(a) ¨

(b) ¨

CITIZENSHIP OR PLACE OF ORGANIZATION

United States of America

SOLE VOTING POWER

0

SHARED VOTING POWER

6,446,607 shares of Common Stock.

SOLE DISPOSITIVE POWER

0

SHARED DISPOSITIVE POWER

6,446,607 shares of Common Stock.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

6,446,607 shares of Common Stock.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.0%

TYPE OF REPORTING PERSON

IN

1818 Cornwall Avenue

Vancouver, British Columbia V6J1C7

This statement is filed by:

Lone Pine Capital LLC, a Delaware limited liability
company (“Lone Pine Capital”), which serves as investment manager to Lone Spruce, L.P., a Delaware limited partnership
(“Lone Spruce”), Lone Cascade, L.P., a Delaware limited partnership (“Lone Cascade”), Lone Sierra, L.P.,
a Delaware limited partnership (“Lone Sierra”), Lone Tamarack, L.P., a Delaware limited partnership (“Lone Tamarack”),
Lone Cypress, Ltd., a Cayman Islands exempted company (“Lone Cypress”), Lone Kauri, Ltd., a Cayman Islands exempted
company (“Lone Kauri”), Lone Monterey Master Fund, Ltd., a Cayman Islands exempted company (“Lone Monterey Master
Fund”), and Lone Savin Master Fund, Ltd., a Cayman Islands exempted company (“Lone Savin Master Fund”, and together
with Lone Spruce, Lone Cascade, Lone Sierra, Lone Tamarack, Lone Cypress, Lone Kauri, Lone Monterey Master Fund and Lone Savin
Master Fund, the “Lone Pine Funds”), with respect to the Common Stock directly held by each of the Lone Pine Funds;
and

Stephen F. Mandel, Jr. (“Mr. Mandel”),
the managing member of Lone Pine Managing Member LLC, which is the Managing Member of Lone Pine Capital, with respect to the Common
Stock directly held by each of the Lone Pine Funds.

The foregoing persons are hereinafter sometimes collectively referred
to as the “Reporting Persons”. Any disclosures herein with respect to persons other than the Reporting Persons are
made on information and belief after making inquiry to the appropriate party.

Item 2(d).

TITLE OF CLASS OF SECURITIES

An employee benefit plan or endowment fund in
accordance with Rule 13d-1(b)(1)(ii)(F);

A savings association as defined in Section 3(b)
of the Federal Deposit Insurance Act;

A church plan that is excluded from the definition
of an investment company under Section 3(c)(14) of the Investment Company Act;

If filing as a non-U.S. institution in accordance
with Rule 13d-1(b)(1)(ii)(J), please specify the type of institution: ____________________

A. Lone Pine Capital LLC and Stephen F. Mandel,
Jr.

(a) Amount beneficially owned: 6,446,607 shares
of Common Stock

(b) Percent of class: 5.0%. The percentages set
forth in this Item 4 and in the rest of this Schedule 13G are based upon a total of 128,749,784shares of Common Stock reported to be outstanding by the Issuer as of December 3, 2015 in its Quarterly Report on Form 10-Q
for the quarterly period ended November 1, 2015 filed with the Securities and Exchange Commission on December
9, 2015.

(c)(i) Sole power to vote or direct the vote:
-0-

(ii) Shared power to vote or direct the vote:
6,446,607 shares of Common Stock

(iii) Sole power to dispose or direct the disposition:
-0-

(iv) Shared power to dispose or direct
the disposition: 6,446,607 shares of Common Stock

Not applicable.