Lululemon founder Chip Wilson has announced his decision to step down from the board of directors.

In January 2012, Wilson left his position as chief innovation and branding officer but returned in the spring of 2013 to aid the company, which was facing a crisis regarding the pulling of a line of black Luon trousers from its stores after the fabric was found to be see through.

Wilson aimed to position the company towards longer-term corporate objectives and today said: "I am happy that I now believe the company has returned to the core values that made it great – product, brand and culture – and is back on track.

"I leave behind a new and talented management team and new board construct."

The impact of Wilson's return can be seen in the increase in Lululemon's share price from USD$36.26 in June 2014 to its current share price; a change in market capitalisation of over $4bn.

Of his announcement, Wilson said he will now have more time to work with his wife and son as they grow their new business, Kit & Ace.