Sec Form 4 Filing - Tattersfield Michael J. @ lululemon athletica inc. - 2007-07-26

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP 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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1. Name and Address of Reporting Person Tattersfield Michael J. 2. Issuer Name and Ticker or Trading Symbol lululemon athletica inc. [ LULU] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Chief Operating Officer (Last) (First) (Middle) C/O LULULEMON ATHLETICA, 2285 CLARK DRIVE 3. Date of Earliest Transaction (MM/DD/YY) 07/26/2007 (Street) VANCOUVER, A1V5N 3G9 4. If Amendment, Date Original Filed (MM/DD/YY) 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 Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 07/26/2007 P 10,000 A $ 18 10,000 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock Option (Right to Buy) $ 0.49 07/26/2007 J( 1 ) 75,055 ( 2 ) 01/26/2016 Common Stock 75,055 $ 0 0 D Stock Option (Right to Buy) $ 0.49 07/26/2007 J( 3 ) 75,055 ( 2 ) 01/26/2016 Common Stock 75,055 $ 0 75,055 D Stock Option (Right to Buy) $ 0.6 07/26/2007 J( 4 ) 341,836 ( 2 ) 01/26/2016 Common Stock 341,836 $ 0 0 D Stock Option (Right to Buy) $ 0.6 07/26/2007 J( 5 ) 341,836 ( 2 ) 01/26/2016 Common Stock 341,836 $ 0 341,836 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Tattersfield Michael J. C/O LULULEMON ATHLETICA 2285 CLARK DRIVE VANCOUVER, A1V5N 3G9 Chief Operating Officer Signatures /s/ Michael J. Tattersfield 07/26/2007 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Mr. Tattersfield held stock options to purchase 175,000 shares of common stock of Lululemon Athletica USA, Inc., a subsidiary of the Issuer, at $0.21 per share. These options were exchanged in a corporate reorganization of the Issuer in a transaction exempt from Section 16(b) under Rules 16b-7 and 16b-3, for stock options to purchase the number of shares of the Issuer's common stock shown in the table, at the exercise price shown in the table. ( 2 )These options will vest 25% per year on each of December 27, 2007, December 27, 2008, December 27, 2009 and December 27, 2010. ( 3 )These stock options to purchase shares of common stock of the Issuer were issued in exchange for stock options to purchase shares of common stock of Lululemon Athletica USA, Inc. in connection with a corporate reorganization of the Issuer in a transaction exempt from Section 16(b) under Rules 16b-7 and 16b-3. ( 4 )Mr. Tattersfield held stock options to purchase 175,000 shares of common stock of Lululemon Athletica, Inc., a subsidiary of the Issuer, at $1.18 per share. These options were exchanged in a corporate reorganization of the Issuer in a transaction exempt from Section 16(b) under Rules 16b-7 and 16b-3, for stock options to purchase the number of shares of the Issuer's common stock shown in the table, at the exercise price shown in the table. ( 5 )These stock options to purchase shares of common stock of the Issuer were issued in exchange for stock options to purchase shares of common stock of Lululemon Athletica, Inc. in connection with a corporate reorganization of the Issuer in a transaction exempt from Section 16(b) under Rules 16b-7 and 16b-3.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(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).

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