Lululemon founder files to sell $1.2bn stake
Lululemon said Wilson and his family could sell their 20.1m shares
Lululemon founder Chip Wilson has filed a prospectus supplement with the US Securities and Exchange Commission that could see him sell his stake in the yoga wear firm.
In a filing yesterday (10 June), Lululemon said Wilson and his family could sell their 20.1m shares, a 14% stake in the company, valued at around US$1.2bn.
A spokesperson for Chip Wilson, however, said: "The prospectus supplement filed by Lululemon simply enables Chip Wilson to sell his shares in the future, if he chooses to do so, on the same basis as any other stockholder."
It is understood Wilson might invest money from the sale of his stake in the family’s latest venture – Kit and Ace – a Canadian apparel start-up.
Wilson stood down from the Lululemon board in February after it failed to move forward on governance reforms he had pushed for last year. He had stepped down as chief executive in 2005 but stayed on as chairman until last May.
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