Lululemon unveils fabric development as Wilson lays bare board feud
Canadian sportswear brand Lululemon has launched its first sweat-concealing technology, ShowZero, developed in collaboration with US tennis player Frances Tiafoe.
ShowZero is a yarn technology that changes how light interacts with the fabric and eliminates the absorption of light when wet. The technology also offers enhanced comfort with its lightweight feel, breathability and advanced wicking, said the company.
Last week, company founder and board member Chip Wilson published a press release in which he claimed the company had lost nearly half of its value over the past five years, costing shareholders roughly $20 billion. “The heart of the issue is a disconnect between the company's creative engine and the board's strategic oversight of how nonquantifiable power of brand and product translates to brand strength, margin durability and long-term shareholder value,” he said, insisting his nominees be added to the board.
The board responded in its own statement days later saying it had repeatedly requested the opportunity to interview Mr Wilson’s director nominees. “It is unfortunate that Mr. Wilson has been unwilling to have a constructive dialogue toward a reasonable resolution,” it said.
The feud between Mr Wilson and the board has been running for well over a decade. In 2014, Mr Wilson sold 50% of his stake to private equity firm Advent in a deal worth $845 million.
Image: Frances Tiafoe wears lululemon’s new sweat-concealing ShowZero technology, which he will introduce at the BNP Paribas Open.
