Lululemon’s Dennis Wilson Teams with Goldman Sachs for Control of Brand
Posted Tuesday June 24, 2014 8:30 AM GMT
Back in December 2013 he stepped down as non-executive chairman after making derogatory remarks about how ‘some women’ shouldn’t wear Lululemon’s yoga pants, but now Dennis Wilson thinks it’s time for him to rejoin the team.
According to The Hollywood Reporter, Wilson is disappointed “with the strategic direction set by the board” that has led to a 4% decrease in sales and a 4-cent drop in Lululemon’s stock value.
Therefore, Dennis wants a new board after he "found a palpable imbalance in Board representation, which is heavily weighted towards short-term results at the expense of product, culture and brand and longer-term corporate goals."
And he’s rumored to be working with Goldman Sachs to increase his own presence in the company’s ownership. "The founder could launch a proxy fight to win additional board seats or partner with a private-equity firm in a buyout, another person familiar with the matter said. So far, Mr. Wilson hasn't made any decisions on further steps, said a different person familiar with his thinking who wouldn't elaborate on what is under consideration,” reported the Wall Street Journal.