Chip Wilson is selling his family’s remaining stake in lululemon, the yoga apparel retailer he founded 17 years ago in Kitsilano neighbourhood.
According to Bloomberg, there is a filing in the U.S. Securities and Exchange Commission to sell Wilson’s 20.1 million shares or about 14 per cent of the stake in the company. Each share is being sold for US$60.95, which means the transaction will result in a windfall of approximately US$1.225 billion for the Vancouver resident.
Wilson sold the first half of his shares – worth US$845 million – to a private equity firm in August 2014.
Wilson left the company’s leadership two years ago following a feud – a proxy battle against the company’s governance and management over differences in vision and leadership. He resigned from the position of the company’s chairman in December 2013.
Earlier this year, he announced that he would be stepping down from the lululemon’s Board of Directors.