Chip Wilson

Sewing machines hum inside a spacious clothing boutique where the wife and son of lululemon athletica's founder hope to capture the retail magic that turned the yogawear maker into a stock market darling. Meet Kit and Ace, the brainchild of billionaire Chip Wilson's wife, former lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood.

Lululemon Athletica Inc. founder Chip Wilson will sell half his stake in the yogawear company to private equity firm Advent International for about $845 million. Wilson and Advent agreed to name David Mussafer and Steve Collins to the board of directors, effective as of the closing of the transaction, expanding the board to 12 members from 10, Lululemon said

lululemon athletica's founder Dennis "Chip" Wilson is sniffing around options to take the company private, people with knowledge of the matter said last week. Wilson has met with private equity firms, including Leonard Green & Partners, to explore his options, although no deal is currently in the offering, according to a report in The Wall Street Journal.

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