August 7, 2014 4:11 pm
Updated: August 7, 2014 4:19 pm

Lululemon founder sells 50 per cent of his shares

About 185,000 of the tops were sold in Canada and 133,000 were sold in the U.S. between January 2008 and December 2014. The items were sold under a variety of names, colours and styles, and they cost $75 to $260.


VANCOUVER – Founder Chip Wilson has sold half his stake in Lululemon Athletica to private equity firm Advent International for US$845 million.

The Vancouver-based yoga-wear company said the sale represents 13.85 per cent of Lululemon’s outstanding shares, and the move is fully supported by its board of directors.

Once the deal is finalized, Wilson will own 20.1 million Lululemon shares, with Advent owning the other 20.1 million shares.

The stock purchase is expected to close within 30 to 60 days.

Wilson has been at odds with the Lululemon board during the past year. In June, he voted against two directors who were returning to the board, arguing that they didn’t align with the company’s “core values of product and innovation.”

Global News

© The Canadian Press, 2014

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