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

A new 13G filing with the US Securities and Exchange Commission revealed billionaire Stephen Mandel‘s Lone Pine Capital holding 6.45 million shares of the athletic apparel designer and seller Lululemon Athletica inc. (NASDAQ:LULU). The stake is passive by nature and amasses 5% of Lululemon’s common stock. Lone Pine did not report holding shares of Lululemon in its last 13F filing.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Lone Pine Capital LLC 0 6,446,607 0 6,446,607 6,446,607 5.0%
Stephen F. Mandel, Jr. 0 6,446,607 0 6,446,607 6,446,607 5.0%

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Page 1 of 8 SEC Filing

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.[__])*

lululemon
athletica inc.

(Name of Issuer)

Common
Stock, par value $0.005

(Title of Class of Securities)

550021109

(CUSIP Number)

January 15,
2016

(Date of Event Which Requires Filing of This Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
¨ Rule 13d-1(b)
X Rule 13d-1(c)
¨ Rule 13d-1(d)
(Page 1 of 8 Pages)

______________________________

*The remainder of this cover page shall
be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall
not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).

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Page 2 of 8 SEC Filing

1

NAME OF REPORTING PERSON

Lone Pine Capital LLC

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
5

SOLE VOTING POWER

0

6

SHARED VOTING POWER

6,446,607 shares of Common Stock.

7

SOLE DISPOSITIVE POWER

0

8

SHARED DISPOSITIVE POWER

6,446,607 shares of Common Stock.

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

6,446,607 shares of Common Stock.

10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ¨
11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.0%

12

TYPE OF REPORTING PERSON

OO

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Page 3 of 8 SEC Filing

1

NAME OF REPORTING PERSON

Stephen F. Mandel, Jr.

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

CITIZENSHIP OR PLACE OF ORGANIZATION

United States of America

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
5

SOLE VOTING POWER

0

6

SHARED VOTING POWER

6,446,607 shares of Common Stock.

7

SOLE DISPOSITIVE POWER

0

8

SHARED DISPOSITIVE POWER

6,446,607 shares of Common Stock.

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

6,446,607 shares of Common Stock.

10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ¨
11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.0%

12

TYPE OF REPORTING PERSON

IN

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Page 4 of 8 SEC Filing

Item 1(a). NAME OF ISSUER
lululemon athletica inc. (the “Issuer”)
Item 1(b). ADDRESS OF ISSUER’S PRINCIPAL EXECUTIVE OFFICES

1818 Cornwall Avenue

Vancouver, British Columbia V6J1C7

Item 2(a). NAME OF PERSON FILING

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(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
The address of the business office of each of the Reporting Persons is Two Greenwich Plaza, Greenwich, Connecticut 06830.
Item 2(c). CITIZENSHIP
Lone Pine Capital is a limited liability company organized under the laws of the State of Delaware.  Mr. Mandel is a United States citizen.

Item 2(d).

TITLE OF CLASS OF SECURITIES

Common Stock, par value $0.005 (the “Common Stock”)
Item 2(e). CUSIP NUMBER
550021109

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Page 5 of 8 SEC Filing

Item 3. IF THIS STATEMENT IS FILED PURSUANT TO Rules 13d-1(b), OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:
(a) ¨ Broker or dealer registered under Section 15 of the Act;
(b) ¨ Bank as defined in Section 3(a)(6) of the Act;
(c) ¨ Insurance company as defined in Section 3(a)(19) of the Act;
(d) ¨ Investment company registered under Section 8 of the Investment Company Act of 1940;
(e) ¨ An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f) ¨

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

(g) ¨ A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);
(h) ¨

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

(i) ¨

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

(j) ¨ A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J);
(k) ¨ Group, in accordance with Rule 13d-1(b)(1)(ii)(K).

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

Item 4. OWNERSHIP

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

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Page 6 of 8 SEC Filing

Item 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not applicable.
Item 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

Not applicable.

Item 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL PERSON
Not applicable
Item 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Not applicable
Item 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable
Item 10. CERTIFICATION
Each of the Reporting Persons hereby makes the following certification:
By signing below each Reporting Person certifies that, to the best of his or its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

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Page 7 of 8 SEC Filing

SIGNATURES

After reasonable
inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in
this statement is true, complete and correct.

DATE: January 25, 2016

By:  /s/ Stephen F. Mandel, Jr.
Stephen F. Mandel, Jr., individually and as
Managing Member of Lone Pine Managing Member LLC,  as Managing Member of Lone Pine Capital LLC

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Page 8 of 8 SEC Filing

EXHIBIT 1

JOINT FILING AGREEMENT
PURSUANT TO RULE 13d-1(k)

The undersigned
acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent
amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing
additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments,
and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible
for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason
to believe that such information is inaccurate.

DATE: January 25, 2016

By:  /s/ Stephen F. Mandel, Jr.
Stephen F. Mandel, Jr., individually and as
Managing Member of Lone Pine Managing Member LLC,  as Managing Member of Lone Pine Capital LLC

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