Dive Brief:
- Lululemon Athletica founder Chip Wilson announced Monday that he will resign from the yoga apparel retailer's board of directors.
- Wilson founded the Vancouver company in 1998, and served as Lululemon CEO from 1998 to 2005
- Wilson last year voted against Lululemon's current board chairman Michael Casey, saying that he was overly concerned with the company's short-term growth rather than long-term goals. In August, Wilson sold half his stake in the company
Dive Insight:
Chip Wilson is largely credited with building the yoga brand to what it is today; popular among yogis, sportsmen and women, and those who want to lounge around in trendy athletic clothing both at home and on-the-go.
But his legacy has been tarnished somewhat by his comments saying that Lululemon's pants weren't meant to work for all body types, and a 2013 manufacturing mistake that left some of the company's pants see-through. The company has also been seeing a rising tide of competition in the athleticwear sector, as Gap, Urban Outfitters, and Under Armor step up their campaigns marketing functional yet fashionable sportswear.
"I have achieved the goals I set when I came back [from sabbatical in Australia], and after careful thought, I believe that now is the right time to step away from the board," Wilson said in a statement. He also said that he will be focusing on growing "technical luxury" retailer Kit & Ace, a new business founded by Wilson's wife and son.
