Lululemon (NASDAQ:LULU) founder Chip Wilson is looking to potentially sell his $1.3 billion stake in the company. Wilson, who left the board earlier this year after disagreements with other executives, would then be freed monetarily to contribute to his family's latest venture, Kit and Ace.
The family's potential sale was reported in a filing that would enable Wilson to sell his shares similar to any stockholder, Reuters reported. The company filed a 20.1 million share offering with the U.S. Securities and Exchange Commission, allowing Wilson and his wife to exit their 14 percent stake, according to Bloomberg.
The Wilson family's Canadian startup is set to expand into Australia, Britain and Japan this year. Sources have speculated that Wilson is expected to invest as much as $300 million to fund the expansion of Kit & Ace, based on a Reuters report.
Wilson left the board earlier this year after the group failed to move on reforms that he had pushed for last year. And Lululemon averted a proxy war last year when Wilson agreed to sell half his stake in the company to private equity firm Advent International.
Wilson founded the company in 1998 and left day-to-day management in 2012. Moving forward, he complained that the apparel brand had lots its way.
-See this Reuters article
-See this Bloomberg article
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