Lululemon Athletica Inc. (LULU:US), under pressure from founder Dennis “Chip” Wilson to look beyond short-term results, is working to create value for shareholders in part by improving the product line.
The yoga-clothing maker’s board and managers are “focused on further strengthening the company’s product engine and relentlessly innovating to drive global expansion and create value for Lululemon shareholders,” a Lululemon spokesman said in a statement yesterday.
Wilson, who at the time owned 27 percent of the Vancouver-based company, said on June 11 he voted unsuccessfully against the re-election of Michael Casey, his successor as chairman. Wilson is working with Goldman Sachs Group Inc. on plans that may include shaking up the board, selling his stake or working with private equity firms on a buyout, the Wall Street Journal reported yesterday, citing people it didn’t name. Continue reading >>