What’s happening with Lululemon? Its founder is getting rich(er?)

If you don’t recall all the happenings with Lululemon, click here for on ongoing, occasionally reluctant coverage.

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

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Two Ashtangis write about their practice and their teachers.

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