The Canadian founder of Lululemon is trying to sell what’s left of his shares in the yoga apparel company, sending the company’s stock down in the early stages of trading Thursday.
The details of the offering are laid out in a filing with the Securities and Exchange Commission that revealed Thursday that founder Chip Wilson, his wife Shannon and their holding company were selling over 20,100,000 shares in the company.
The 20 million shares account for roughly 14 per cent of the company, which Wilson founded in 1998, and are worth approximately $1.3 billion.
The yoga apparel company’s stock slipped as word of Wilson’s offering began to spread with the price dropping roughly 2 per cent to $65.25 by 11 a.m. ET Thursday.
This stock offering is the last step in Wilson’s extended and sometimes acrimonious departure from the B.C-based company. He sold 50 per cent of his shares in August, 2014 and resigned from the board of the company in February.
He also caused controversy in 2013 when he suggested Lululemon’s yoga pants don’t work for some women’s bodies.
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