Chip Wilson leaves Lululemon board of directors
Posted February 2, 2015 9:55 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – Chip Wilson, founder of Lululemon Athletica Inc., has resigned from the yoga apparel company’s board.
Wilson established the Vancouver-based company in 1998. It has grown to more than 250 stores.
“I am happy to say that I now believe the company has returned to the core values that made it great,” says Wilson.
Lululemon has recently had its share of challenges. Last year the company dealt with complaints from customers that some of its yoga pants were too sheer. And Wilson upset some customers later in 2014 when he said some of the pants problems were related to customers’ body types. Following that incident, he agreed to step down as chairman but had remained a board member.
Wilson’s resignation from the board of directors is no surprise, according to retail strategist David Ian Gray.
He points out Wilson has started a growing new business, focusing on technically enhanced cashmere, and it has become a conflict. “I don’t think this concept is targeting Lululemon head-on, but I think he is highly motivated to have another big win. I have no doubt about that.”
Wilson already has new stores in New York, San Francisco, and other cities.
“If Lululemon people go over to join him…. real estate, other resources are all up for grabs… that’s where the conflict lies,” says Gray.
Lindsey Rupp with Bloomberg News agrees Wilson is an entrepreneur looking for a new challenge. “The company has gotten a lot bigger, it’s more mature now. It doesn’t have the same needs that it did when it was a startup and he has a very entrepreneurial mind. He might not have been the right person to be addressing those issues.”
Wilson wants a $1 billion-plus company.
Wilson said in a statement Monday that it was the right time to step down from the board. He plans to help his wife and son with their new business, Kit & Ace.
Lululemon shares slipped in premarket trading.
