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Wilson has been a controversial figure at times, but helped build the yogawear retailer based in Canada into an international success story. He said stepping down from the board would allow him to put more focus on casual wear company Kit and Ace that his wife and son started last year.
A spokesperson for Wilson told reporters that he did not have immediate plans to lower his 13.75% stake in Lululemon.
In a prepared statement, Wilson said he knows the business has returned to its core values that made it such a great success.
Kit and Ace is planning to open 100 stores or more throughout North America before 2019.
Shares of Lululemon have soared close to 75% since its low in June after disappointing results and boardroom battles. On Monday, it was 1.3% down in afternoon trading.
Wilson, who was the founder in 1998 of Lululemon, withdrew from his management day to day in 2012. In December of 2013, he announced he was stepping down as chairman, but remained as a director.
Wilson returned in early 2013 and took more of an active role in operations, after Lululemon issued a recall of yoga pants following many complaints that they were too shear and were see through.
That recall led to top executives departing the company and a huge headache in public relations. In December of 2013, Lululemon named Laurent Potdevin as its new CEO.
Problems became worse when Wilson said that fabric in the yoga pants was not wearing well because some women’s bodies do not work for the Lululemon clothing. Later Wilson said he was sad for all the repercussions that resulted due to his actions.
Tension however remained and Wilson lashed out this past June saying that another director as well as the new chairman was putting too much focus on short-term growth.
Wilson avoided a proxy war when he agreed to sell 50% of his 27% stake to Advent International a private equity company for $845 million.