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lululemon athletica inc.

LULU

Consumer Discretionary

2

exclusion reasons

2 themes

Fossil Fuels (1) Labor Rights (1)
LULU Consumer Discretionary Current as of March 2026

This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.

Coal Operations
Since Mar 8, 2026

Supply chain heavily relies on fossil fuels; coal accounts for significant portion of energy in manufacturing.

Anti-Union Activity
Since Mar 8, 2026

lululemon’s supply chain has been linked to multiple, independent incidents of anti-union activity at supplier facilities. In February 2025, a remediation report documented illegal firings of workers at a Lululemon supplier factory in Indonesia. The report noted management installed purple flags by the machines of workers suspected of union organizing, creating an atmosphere of surveillance and intimidation.

Separately, an independent investigation in October 2020, conducted by a Fair Labor Association-affiliated firm, identified freedom of association violations at a Lululemon supplier. While the full findings are not public, the investigation was prompted by worker complaints regarding organizing rights.

These incidents in the supply chain, occurring in different years and countries, indicate a pattern where facilities producing Lululemon goods have actively interfered with workers' right to organize. The company’s reliance on local laws to address forced labor, as noted in a 2023 report, further suggests a systemic approach that may fail to proactively protect organizing rights.

Research Sources 9 organizations

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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.

This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.

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