Home / Knowledge / News / Apparel/Garments / lululemon athletic founder sells 50% stake to Advent Intl
lululemon athletic founder sells 50% stake to Advent Intl
14
Aug '14
Dennis Wilson, founder and board member of NASDAQ-listed lululemon athletica Inc has sold his 13.85% stake to Advent International, a global private equity investor.

The deal has been signed for $845 million and Advent will be acquiring 50% of the stake held by Dennis Wilson in lululemon athletic.

Advent previously invested in lululemon in 2005, and helped it expand from a regionally focused retailer to a globally recognized premium apparel brand. Advent exited from the original investment in June 2009.

Advent Managing Partner David Mussafer and Managing Director Steven Collins will be appointed to lululemon's Board of Directors, which will effectively expand the it from 10 to 12 members.

David Mussafer also will be appointed Co-Chairman of the lululemon Board, serving alongside Mr. Casey, and will serve on the Board's Nominating and Corporate Governance Committee.

Steven Collins will serve on the Board's Compensation Committee. David Mussafer and Steve Collins had previously served as director on lululemon's board.

Dennis Wilson currently beneficially owns 40.2 million shares of lululemon common stock or approximately 27.7% of the outstanding shares.

Once the stock sale agreement is completed, Advent and Dennis Wilson will each beneficially own approximately 20.1 million shares of lululemon common stock, or approximately 13.85% of the outstanding shares.

The stock purchase agreement is subject to applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary conditions.

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: Fancycrave.com from Pexels

Apparel/Garments | On 22nd Jun 2018

EU's retaliatory duty on US apparel takes effect

As part of the three-pronged response outlined by the European...

NCC applauds House passage of farm legislation

Textiles | On 22nd Jun 2018

NCC applauds House passage of farm legislation

The National Cotton Council (NCC) of the US has welcomed the passage...

Courtesy: Roman Pohorecki from Pexels

Apparel/Garments | On 22nd Jun 2018

UK launches inquiry on sustainability of fashion industry

The Environmental Audit Committee of the UK Parliament has launched...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Top executives
Textile industry

The foremost issue is bridging the skill gap

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search