Lululemon Athletica, a manufacturer of yoga pants and related sportswear, was founded by Wilson. The Vancouver-based business generated $6.2 billion in revenue during the year that ended on January 31, 2022. Wilson resigned from the board of directors in 2015 after selling half of his stake to the private equity firm Advent International in 2014.
Chip Wilson Net Worth In 2023
Wilson is currently ranked as the 14th richest person in Canada and the 509th richest person overall. Wilson is the founder of several retail apparel businesses. Forbes Magazine estimates Wilson’s net worth to be $5.7 billion In 2023.
Chip Wilson Biography
Dennis J. Wilson, better known by his stage name Chip Wilson, was born in Vancouver, British Columbia, on January 1, 1956. He is an entrepreneur and philanthropist best known for founding the athletic apparel company Lululemon and is widely recognized for having established the “athleisure” retail segment.
Chip Wilson is a successful businessman, how rich is he? According to sources, as of early 2017, Wilson’s net worth was over $2.3 billion. Among his possessions are a Bombardier Global Express jet and four homes, including the most expensive house in British Columbia at $54 million and 30,000 square feet, a custom-built Vancouver residence. His involvement with Lululemon is largely responsible for his wealth.
Chip Wilson Career
Wilson established his first retail clothing business, Westbeach Snowboard Ltd, in 1979. This business sold clothing meant for the snowboard, skate, and surf markets. In 1997, he sold Westbeach, and in 1998, he started Lululemon Athletica Inc. His personal and professional interests are currently maintained through Hold It All Inc. as of 2016.
Before selling a 48% stake to private equity firms Advent International and Highland Capital Partners in 2005, Wilson was the CEO of Lululemon. Lululemon Athletica Inc. offered an initial public offering (IPO) on Canadian and US exchanges in 2007.
Wilson remained chairman of the board of directors despite leaving his executive position as chief innovation and branding officer in January 2012. He left his position as non-executive chairman in December 2013.
Wilson expressed concern in June 2014 that the Lululemon board did not share the company’s founding principles of product and innovation, which were the foundation of its success. The company’s share price increased from a low of $36.26 in June 2014 to $65.33 six months after the board was reconstituted, representing an increase in market capitalization of over $4 billion.
Wilson sold Advent 13.85% of his Lululemon stock in August 2014 for about $845 million. Wilson left the board of directors of Lululemon in February 2015, stating, “I have achieved the goals I set when I came back, and after careful consideration, I believe that the time is right to step away from the board. A new, talented management team and board structure are what I leave behind.
Wilson stated, “Three years ago, when I was chairman and Lululemon was worth twice as much as Under Armour, I personally was thinking of buying Under Armour,” in a December 2015 interview with Bloomberg Business.
After being denied the chance to speak at the company’s annual meetings, Wilson wrote an open letter to Lululemon shareholders in June 2016 in which he claimed the company had “lost its way” and lost market share to Nike and Under Armour.
With the goal of “creating possibilities for people to live longer, healthier, more enjoyable lives,” Wilson founded Hold It All in 2016. This holding company consists of Wilson Capital, Wilson 5 Foundation, and Low Tide Properties.
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Awards and Achievements
The Gustavson School of Business at the University of Victoria honored Wilson as the “Distinguished Entrepreneur of the Year” in 2012, saying that Wilson “exemplifies the values of a visionary entrepreneur…We tell our students to do something they are passionate about. As someone who has built a hugely successful organization while doing what he loves, Chip is a fantastic role model for them.
Wilson and Shannon Wilson were awarded honorary doctorates by Emily Carr University of Art and Design in 2014. They were awarded honorary doctorates by Kwantlen Polytechnic University a year later. Wilson was honored by being admitted to the Business Laureates of British Columbia Hall of Fame in 2018.
Chip Wilson Personal Life
Chip Wilson has had two marriages. Nancy was the woman he first wed, and they were blessed with two boys. He later wed Shannon Wilson, with whom he had three boys. One of Lululemon’s initial designers is Shannon. She and JJ Wilson, Chip’s son, founded Kit and Ace together.
Wilson lives in Vancouver, British Columbia, with his family.
Chip Wilson Real Estate
Chip Wilson’s waterfront mansion is a two-story, custom-built home that is a huge 15,694 square feet. It is on West Point Grey Road in Kitsilano.
The home of the founder of Lululemon is not only the most expensive, but it is also the most expensive house in all of British Columbia, which is full of expensive homes. This waterfront mansion in Vancouver has a crazy price tag of $78.8 million.