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Globe says Wilson takes on new tack with Lululemon

2016-08-30 06:46 ET - In the News

The Globe and Mail reports in its Tuesday edition that founder Dennis (Chip) Wilson is trying to reboot his relationship with Lululemon athletica through a charm offensive. The Globe's Andrew Willis writes that Mr. Wilson said Monday he is now happy with company's direction and "wants to be a thought leader" in helping the chain continue to expand. Mr. Wilson said Lululemon "can be worth double its current value." He remains a major shareholder, recently reporting a 14-per-cent interest in the company. He has struggled to define his role since stepping down as an executive in 2012. He said 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. He wants to see more West Coast directors on the board. 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." Lululemon reports quarterly financial results on Thursday.

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