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Former CEO Chip Wilson May Sell His Remaining Stake in Lululemon

Photo: Getty Images

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Lululemon just filed to allow the yoga brand's founder Chip Wilson to sell his entire stake in the company, the Wall Street Journal reports. Wilson and his family can now sell their 20.1 million shares or a 14% stake in the company, if "he chooses to do so," as Wilson's spokesperson said.

Wilson's been focusing on building Kit + Ace, the new brand founded by Wilson's wife and 26-year-old son, which could be seen as a Lululemon competitor. He resigned from Lululemon's board this February, citing conflict between the two brands.