Lululemon Athletica Inc. founder Chip Wilson has filed plans with the Securities and Exchange Commission to eventually sell his remaining stake in the company.
The shelf registration indicated that about 20.1 million shares, or a 14.1 percent stake, are to be sold. The shares are owned by Wilson and his wife. He is currently helping his wife and son build a new apparel line, Kit & Ace.
A spokesman for Wilson stressed the filing doesn’t mean that he has immediate plans to sell, but it means he would be able to do so in future if he decides to.
Shares of Lululemon finished the day at $66.07, down 70 cents or 1.1 percent.
Wilson initially sold half of his stake, or 13.9 percent, to Advent International Corp. last year for $845 million. Advent invested in the yoga firm in 2005, and exited its original investment in 2009.
Wilson at the time of the sale of his half stake in Lululeon was embroiled in a dispute with the yoga company in connection with his involvement in Kit & Ace. He has since resolved that dispute with Lululemon. He also had been disenchanted with the direction of the company after he resigned as chairman in December 2013.