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Lululemon founder sells 50% of his stake in maker of yoga wear
Lululemon founder sells 50% of his stake in maker of yoga wear

Lululemon Athletica founder Chip Wilson is selling 50% of his stake in the yoga wear company to a private equity firm for a hefty $845 million. The deal will give Advent International control of nearly 14% of outstanding shares in Lululemon, the Vancouver, Canada, retailer said in a statement Thursday. Lululemon will also add Advent partners David Mussafer and Steven Collins as new directors, expanding its board to 12. The sale concludes a very public spat between Wilson and the board, and caps a dramatic year and a half for the retailer. Wilson, who founded the company in 1998, resigned as chairman in December after Lululemon was forced to recall thousands of black yoga pants...

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