Lululemon founder reduces his stake in the company
22/02/2018
The sales took place between February 12 and 14 and generated around $211 million, according to a regulatory filing.
This is the first time Mr Wilson has sold Lululemon shares since September 2014. It came just under a week after the company’s chief executive, Laurent Potdevin, resigned following allegations of misconduct.
In a statement to Bloomberg, Mr Wilson said his decision to sell some of his shares in Lululemon was planned “well in advance” of the news of Mr Potdevin’s departure. He added that it was motivated by a desire to free up capital for other business ventures.
“This transaction is not an indication of my new confidence in Lululemon to hire a cultural leader,” he insisted. “I remain a significant shareholder in Lululemon, and I am deeply invested in the success of the brand and its people.”
Mr Wilson founded Lululemon in 1998. He stepped down as chairman in 2013 and has since been a vocal commentator about the company’s activities.
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