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Lululemon Athletica Inc. founder Chip Wilson and his wife and longtime business partner, Shannon “Summer” Wilson, are reportedly divorcing after more than two decades of marriage.<\/p>\n
A family legal proceeding between the couple was filed in the Supreme Court of British Columbia in April, though the contents of the case are not publicly accessible, Bloomberg reported.<\/p>\n
Bloomberg, citing a person familiar with the matter, also reported that there is no prenuptial agreement between the couple, though it remains unclear how the divorce could affect the division of their assets.<\/p>\n
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Chip Wilson, founder of Lululemon Athletica, and his wife, Shannon “Summer” Wilson, attend a news conference in Vancouver, British Columbia, on Sept. 15, 2022. (Taehoon Kim\/Bloomberg via Getty Images)<\/p>\n
Lululemon and Chip Wilson could not immediately be reached by FOX Business for comment.<\/p>\n
Chip Wilson, 71, founded Vancouver-based Lululemon in 1998, according to Bloomberg.<\/p>\n
He is widely credited with helping pioneer the athleisure apparel market.<\/p>\n
According to the Bloomberg Billionaires Index, Chip Wilson has an estimated net worth of roughly $6.1 billion.<\/p>\n
Summer Wilson, 52, served as the company’s founding lead designer, according to her website. Chip Wilson has previously credited her with playing a key role in building the brand during its early years, Bloomberg reported.<\/p>\n
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Chip Wilson is widely credited with helping pioneer the athleisure apparel market. (Taehoon Kim\/Bloomberg via Getty Images)<\/p>\n
The couple married in 2002.<\/p>\n
Though both left the company more than a decade ago, Chip Wilson remains one of Lululemon’s largest shareholders and has continued to publicly weigh in on the retailer’s direction, Bloomberg reported.<\/p>\n
He owns roughly 8.6% of the company, a stake worth just under $1 billion, while Summer Wilson owns nearly 1%, valued at about $100 million, according to Bloomberg.<\/p>\n
Under British Columbia law, assets owned before a marriage generally remain excluded from division, while any increase in their value during the marriage is generally considered family property and is typically divided equally.<\/p>\n
“In British Columbia, the value of assets brought into the marriage is not shareable, but the gain is called family property and presumptively divided 50-50,” Lorne MacLean KC, founder of Vancouver-based MacLean Law, told The New York Post.<\/p>\n
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Chip Wilson remains one of Lululemon’s largest shareholders and has continued to publicly weigh in on the retailer’s direction.\u00a0 (Isabella Falsetti\/Bloomberg via Getty Images)<\/p>\n
The Wilsons’ reported split joins a number of high-profile billionaire divorces in recent years.<\/p>\n
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Amazon founder Jeff Bezos and MacKenzie Scott finalized their divorce in 2019. Scott received a roughly 4% stake in Amazon, then valued at about $36 billion, BBC News reported at the time.<\/p>\n
In 2021, Microsoft co-founder Bill Gates and Melinda French Gates divorced after 27 years. Following the announcement, Bill Gates transferred billions of dollars in stock to Melinda French Gates, according to Vanity Fair.<\/p>\n
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#Lululemon #founder #Chip #Wilson #wife #reportedly #split #prenup<\/p>\n","protected":false},"excerpt":{"rendered":"
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