Dive Brief:
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Dennis (Chip) Wilson, founder and former chairman of Lululemon Athletica, is selling half his stake, the company said Thursday.
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Private equity firm Advent International, an early backer of the retailer, will buy 20.1 million of his shares for $845 million, lowering his stake from almost 28% to less than 14%.
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In June, Wilson voted against two of the company’s board members and criticized them for shortsightedness and poor management.
Dive Insight:
This is brash, bold Chip Wilson, who has been outspoken in his criticism of his company’s board members and his customers at times, crying “uncle.” Wilson’s sell-off ends the idea of a proxy fight, but that doesn’t mean there’s no change in store for the activewear retailer, which has lost its way in the increasingly heated apparel sector.