Chip Wilson will no longer be able to nominate one of the directors of the athleisure company he started. He owns 9.4 per cent of the firm. Lululemon said Wilson had failed to abide by the terms of his shareholder support agreement, but did not specify how. In October 2018, Wilson suggested he was considering a return to the company’s board this year, after leaving it in 2015.(Bloomberg)
Talking point: Wilson has been in a public—and largely one-sided—feud with the company ever since he resigned as chairman in 2013. He has consistently claimed the firm has no real growth strategy, going as far as to buy a street sign ad outside Lululemon’s Vancouver headquarters in February 2017, urging it to acquire competitor Under Armour. In 2018, Wilson released a memoir that complained of “five years of missed opportunity.” But under CEO Calvin McDonald, Lululemon’s stock is up 43 per cent this year. And, Wilson had trouble growing his next project after Lululemon. His family sold Kit & Ace—a more upmarket athleisure brand founded by his wife and son—to its executives last year. None of that is likely to make Lululemon want Wilson back any time soon.