Lululemon founder Chip Wilson may sell entire stake in company

Thu Jun 11, 2015 9:00am EDT
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By Euan Rocha

TORONTO, June 11 (Reuters) - Chip Wilson, who founded Lululemon Athletica Inc and left the company's board earlier this year after disagreements with fellow board members, is now looking to potentially sell his entire stake in the yoga apparel maker.

Lululemon, which disclosed the news in a regulatory filing on Thursday, said Wilson, his wife and other entities that they control may look to sell more than 20 million shares in the company.

The couple's stake in the company was worth $1.34 billion, based on Wednesday's closing price on the Nasdaq.

"The prospectus supplement filed by Lululemon simply enables Chip Wilson to sell his shares in the future, if he chooses to do so, on the same basis as any other stockholder," a spokesman for Wilson said in an email to Reuters.

Shares in Lululemon were down more than 3 percent at $64.46 after the regulatory disclosure and ahead of the opening of trading on the Nasdaq on Thursday. (Reporting by Euan Rocha; Editing by Paul Simao)