BURST
Chip Wilson, founder of Lululemon, and his spouse of 20 years, Shannon “Summer” Wilson, are divorcing, and do not have a pre-nuptial agreement, according to a report by Bloomberg.
The article states a family legal proceeding between the couple was filed in the Supreme Court of B.C. in April.
Although there is no pre-nup, it is unknown whether the couple have a post-nuptial agreement governing division of their estimated $6.1 billion in assets.
A contested divorce between Chip and Summer Wilson could impact Lululemon’s share value if it leads to an equal division of assets, says the report. According to Bloomberg, recent stock market filings show Chip Wilson, 71, owns about 8.6 per cent of Lululemon’s shares, a stake worth a little less than $1 billion, while Summer Wilson, 52, owns a one per cent stake.
Wilson also owns roughly 18 per cent of Amer Sports, the Finnish owner of brands including Arc’teryx. That holding is worth almost $3 billion. His wealth also includes an extensive real estate portfolio, including one of B.C.’s most valuable homes and several properties on West 4th Avenue.
On her website, Summer Wilson describes herself as “founding lead designer” at Lululemon, as well as an entrepreneur, athlete, philanthropist, and mom whose passion is “Vancouver.” Wilson has designed some of Lululemon’s “most successful products,” including the “groove pant,” a highrise flared yoga pant. She was also founder of Kit and Ace, a luxury athleisure brand, which was sold in 2018.
Since founding Lululemon in 1998, Chip Wilson has courted controversy, some of which has affected stock value.
In 2013, he was forced to step down as chairman after controversial body-shaming comments when a run of the company’s athletic leggings was too sheer. Although the company blamed the problem on production issues and moved to correct it, Wilson made public comments stating “some women’s bodies just don’t work for it.”
“It’s really about the rubbing through the thighs, how much pressure is there,” he told Bloomberg News.
Also in 2013, he upset local beach lovers and Vancouver City Council by commissioning a local graffiti artist to spray paint a mural on the seaside retaining wall of his Point Grey Road property without the requisite permits. The billionaire responded by painting it over, after which the words “The City of Vancouver: Consistently opposing the arts,” appeared on the wall, although it was unknown who wrote that.
In 2015, Wilson upset some neighbours on the Sunshine Coast by building a large dock on his waterfront property.
Chip and Shannon Wilson share three biological children, Duke, Tag and Tor. Chip Wilson has two son’s from a previous marriage, Brett and J.J. Wilson.
The couple, and their five children, are founders of the Wilson 5 Foundation, which has donated $134 million in total to the B.C. Parks Foundation for the protection of high-priority conservation lands, in partnership with other British Columbians.
Wilson has donated $100 million to fund research into facioscapulohumeral muscular dystrophy, of which he suffers.
Shares of Lululemon tumbled 19.5 per cent in New York on Friday to their lowest level since May 2018.