Skip to main content
retail

Yogawear retailer Lululemon Athletica Inc's logo is pictured at its store in downtown Vancouver in this file photo.Ben Nelms/Reuters

Lululemon Athletic Inc. founder Dennis (Chip) Wilson is attempting to reset his sometimes troubled relationship with the fashion retailer though a charm offensive that includes everything from ideas on governance and operations to a Vancouver bus shelter campaign urging head office employees to meditate.

More than a year after leaving the Lululemon board of directors and making numerous critical statements on its strategy, Mr. Wilson said Monday that he is now happy with company's direction and "wants to be a thought leader" in helping the chain he launched in 1998 continue to expand.

Fresh from a hiking trip in Peru with his family, Mr. Wilson said Lululemon "can be worth double its current value," no small projection for a 11,000-employee company that has seen its stock price double in the past two years and has a $10-billion (U.S.) market capitalization.

Lululemon's founder remains a major shareholder, recently reporting a 14-per-cent stake in the company, but has struggled to define his role since stepping down as an executive in 2012. He said in an interview that he wants to continue to play a constructive role in bridging the gap between running a company for quarterly results and "serving the 100-year outlook of a committed and loving shareholder."

Mr. Wilson's suggestions include new blood on the 12-person Lululemon board of directors, which features several private equity veterans based in East Coast cities, to reflect the company's West Coast, yoga-studio roots. While making it clear that he has no interest in rejoining the board, Mr. Wilson said: "On the West Coast, we are years ahead of the East Coast in terms of how we think about the relationship between mind and body, and the way we approach lifestyle and athletics."

The kinder, gentler side of the founder was evident earlier this month, when Mr. Wilson's website Elevatelululemon.com ran an open letter to shareholders that highlighted suggestions on governance, but also praised management for recent product innovations. In the letter, Mr. Wilson said his past criticism of the company "was never about picking a fight with Lulu management. My remarks came from a constructive – if somewhat frustrated – place and were focused on several objectives."

Advertisements on the walls of the bus shelter outside Lululemon's Vancouver head office are also part of Mr. Wilson's new, low-key campaign for change. The ads, which went up last week, simply say "Free whil."

They are pushing Whil, a company backed by Mr. Wilson that offers "digital mindfulness, yoga and leadership training." Whil promises subscribers that a few minutes of online meditation each day, led by experienced yoga instructors and lifestyle coaches, will make them more effective and happier.

"I am trying to talk directly to Lululemon, in a fun way," Mr. Wilson said. "No group can make more happen through mindfulness than Lululemon employees."

Lululemon reports quarterly financial results on Thursday, and Mr. Wilson said he may update the bus shelter ads following the announcement. The company declined to comment Monday on Mr. Wilson's suggestions.

Mr. Wilson backed his wife, Shannon, and one of his sons in launching clothing chain Kit and Ace, which has national aspirations. Mr. Wilson said the retailer will remain an independent business, and his relationship with Lululemon has nothing to do with his investment in Kit and Ace.

Report an error

Editorial code of conduct

Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 18/03/24 4:00pm EDT.

SymbolName% changeLast
LULU-Q
Lululemon Athletica
-1.15%459.57

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe