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There’s some pretty big new news today, which can be summed up as: Founder Chip Wilson is rich. If he wasn’t already. Here’s the news via the New York Times:
Under the terms of the deal reached Thursday, Mr. Wilson, known as Chip, will sell half of his roughly 27 percent stake in the company to Advent International, a private equity firm, for $845 million. The retailer will also give Advent — which had previously invested in the company — two director seats, expanding the board to 12 members.
One of those new directors, an Advent managing partner, David Mussafer, will become co-chairman alongside the company’s current chairman, Michael Casey.
In return, Advent and Mr. Wilson have agreed not to wage a proxy fight for two years.
Pretty similar take is here from the LA Times.
Is anybody still buying Lululemon products?
Posted by Steve