A logo is displayed outside a Lululemon outlet retail store at Bicester Village in Oxfordshire, Britain, August 21, 2024. REUTERS
(Reuters) – Lululemon founder Chip Wilson is trying to excise private equity firm Advent from the apparel maker’s board as part of an ongoing proxy fight, Semafor reported on Monday, citing people familiar with the matter.
Wilson had launched a proxy fight in late December by nominating three independent directors to the company’s board.
Wilson is one of Lululemon’s largest independent shareholders, with a 4.27% stake as of December 2025, according to data compiled by LSEG.
While Wilson has said he does not want a board seat, he is making it clear that he will not consider any settlement with Lululemon unless two legacy directors, including chair David Mussafer, resign, Semafor reported.
The yogawear maker founder’s frustrations have been compounded by Advent’s spotty record in the consumer space, according to the Semafor report.
Lululemon also faces activist pressure from Elliott Management, which took a $1 billion stake in the company earlier in December and has been working closely with former Ralph Lauren executive Jane Nielsen for a potential CEO role.
Reuters could not immediately verify the report. Lululemon and Advent did not immediately respond to requests for comment.
Reporting by Chandni Shah in Bengaluru; Editing by Subhranshu Sahu and Rashmi Aich
