Dennis J. “Chip” Wilson (born 1956) is a Canadian businessman and philanthropist who has founded several retail apparel companies, most notably yoga-inspired athletic apparel company Lululemon Athletica Inc. (TSX: LLL, NASDAQ: LULU). Chip Wilson is widely considered to be the original creator of the athleisure trend. In 2016 he organized his personal and business interests into the holding company Hold It All inc.
Business career
In 1979, Wilson founded his first retail apparel company, Westbeach Snowboard Ltd., which sold apparel targeted at the surf, skate, and snowboard markets. Wilson went on to sell Westbeach in 1997 and founded Lululemon Athletica Inc. in 1998. As of 2016, his personal and business interests are maintained through Hold It All Inc.
Wilson served as CEO of lululemon until 2005, when he sold a 48% minority stake in lululemon to private equity firms Advent International and Highland Capital Partners. In 2007 an IPO was offered by Lululemon Athletica Inc. on Canadian and US exchanges. In January 2012, Wilson retired from his executive post as chief innovation and branding officer, but remained chairman of the board of directors. In December 2013, Wilson stepped down from his role as non-executive chairman.
On June 11, 2014, Wilson raised his concerns that the Lululemon Board was not aligned with the core values of product and innovation on which lululemon was founded, and on which the company thrived. Six months after the board reconstitution the company’s share price boosted from a June 2014 low of $36.26 to $65.33 — a change in market capitalization of over $4 billion.
On August 7, 2014, Wilson sold 13.85% of his ownership in Lululemon inc to Advent’s for approximately $845 million.
In October 2014, Wilson participated in TEDxVancouver where he discussed “Building Legacy in the Digital Age”.
In February 2015, Wilson stepped down from the Lululemon Board of Directors saying, “I have achieved the goals I set when I came back, and after careful thought, I believe that now is the right time to step away from the board. I leave behind a new and talented management team and new board construct.”
In December 2015, in an interview with Bloomberg Business, Wilson stated, “Three years ago, when I was chairman and Lululemon was worth twice as much as Under Armour, I personally was thinking of buying Under Armour.”
In June 2016, Wilson published an open letter to shareholders of Lululemon stating that Lululemon has “lost its way” and given up market share to Nike and Under Armour, after he was denied the opportunity to speak at the company’s annual meetings.
| Chip Wilson | |
|---|---|
| Born | Dennis J. Wilson 1956 (age 60–61) North Vancouver, British Columbia, Canada |
| Residence | Vancouver, British Columbia, Canada |
| Nationality | Canadian |
| Alma mater | University of Calgary (B.A.) |
| Occupation | Founder of Lululemon Athletica |
| Spouse(s) | Shannon Wilson |
- Chip Wilson, the founder and former CEO of Lululemon, opened Lululemon’s first store in Vancouver in 2000.
- He took the firm public in 2007 but resigned as chairman in 2013 and removed himself from the business completely in 2015.
- In 2013, Wilson blamed Lululemon’s too-sheer pants on women’s body types, causing an uproar among fans.
- Although Wilson has no management role in Lululemon, he remains its biggest individual shareholder.
- Wilson is currently involved in Hold It All, which has businesses in apparel, real estate and private equity.
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