Have you ever wondered how much the net worth of Chip Wilson is? If you want to get that information, you have to read this whole article. Here we will share the net worth of Chip Wilson and other information related to him.
Chip Wilson’s Net Worth
According to the research, Chip Wilson has a net worth of $2 billion dollars. Chip Wilson is a Canadian who was raised in San Diego, and lives in Vancouver (British Columbia). In the year of 1979 out of Vancouver, Chip Wilson started his first business: Westbeach Sports, a sportswear company which features surf, skate and snowboarding. Chip Wilson and his parents were sports enthusiasts. He spent his time between Canada and California. In the 1970s, Chip Wilson started bring up surf and skate clothing to Canada, where baggy skate and surf fashion was never seen and 1970s fashion was still a tighter fit. Chip Wilson got a job working on the Alaska pipeline when he was 19 years old and made $100k, that paid for his university education, a home and to start up his first business: Westbeach Sports.
Chip Wilson ran his first business: Westbeach Sports from 1979 until 1997 as a three way partnership, see success in Vancouver (British Columbia) and much stronger success in the Japanese market. Starting with the surf and skate, Westbeach Sports turned to the rising popularity of snowboarding in the 1990s, that contributed to their strong sales in Japan. In the year of 1997, Chip Wilson saw the trends fading that Westbeach Sports thrived on, thus he sold his part of the business.
The next year, while thinking of his next business, Chip Wilson started taking yoga classes. Chip Wilson was drawn to it for its mental and physical benefits, and also a great athletic activity for people as they age. Chip Wilson saw the growing popularity of yoga, and the fact that there was no specialized clothing for it. Chip Wilson started to make a line of clothing and fashion designed for yoga. In the year of 1998, he launched Lululemon Athletica in Kitsilano, a trendy beachside neighbourhood of Vancouver, in which yoga was picking up as a famous workout.
Now, Lululemon clothing is common for casual wear or exercise with its form-fitting spandex-like Luon or comfortable looser clothing. For your information, Luon is Lululemon’s signature fabric which is made from nylon and Lycra. It is presrunk and moisture wicking, with a version with anti micro-bacterial properties. In the year of 2005, Chip Wilson sold 48 percent of Lululemon to Advent International for 225 dollars, with Chip Wilson received 100 million dollars personally from the deal. Later, Lululemon made its initial public offering in May 2007. Sales, revenue and stocks have grown ever since, with revenues earning 452 million dollars in 2010. On the Nasdaq stock market, Lululemon’s shares were worth 4.50 dollars in early 2009 and as of July 2011, have grown immensely to 121.70 dolars. Lululemon operates 142 stores across the United States, Canada, and Australia.
Other wealth and investments
Chip Wilson is listed on the Forbes World Billionaires, currently ranked the 574th richest person in the world. Also, he is credited by Business Insider and Forbes as being the 8th richest person in Canada. Chip Wilson is a partner with Anta Sports, a sportswear company based in Jinjiang (China), with whom he purchased Amer Sports after looking to acquire Amer on his own. Chip Wilson acquired a 20.65 percent stake in the joint venture which acquired Amer, along with Anta and FountainVest Partners.
Career of Chip Wilson
In the year of 1979, Chip Wilson founded his first retail apparel company, Westbeach Snowboard Ltd, that sold apparel targeted at the surf, skate, and snowboard markets. In 1997, he sold Westbeach and in 1998 he founded Lululemon Athletica Inc. As of 2016, Wilson’s personal and business interests are maintained through Hold It All Inc.
Chip Wilson served as CEO of Lululemon until 2005, when he sold a 48 percent stake to private equity firms Advent International and Highland Capital Partners. In the year of 2007, an IPO was offered by Lululemon Athletica Inc. on Canadian and United States exchanges. In January 2012, Chip Wilson retired from his executive post as chief innovation and branding officer, however remained chairman of the board of directors. In December 2013, Chip Wilson stepped down from his role as non-executive chairman.
In June 2014, Chip Wilson raised concerns that the Lululemon board was not aligned with the core values of the product and innovation on which the company was built, and on which it thrived. Six months after the board’s reconstitution, the company’s share price rose from a June 2014 low of 36.26 dollars to 65.33 dollars, a change in market capitalization of over 4 billion dollars. In August 2014, Chip Wilson sold 13.85 percent of his ownership in Lululemon to Advent for approximately 845 million dollars.
In February 2015, Chip Wilson stepped down from Lululemon’s board of directors. He said that he has already achieved the goals he set when he came back, and after careful thought, he believe that now is the right time to step away from the board. He leave behind a new and talented management team and new board construct. In December 2015, in an interview with Bloomberg Business, Chip Wilson said that three years ago, when he was a chairman, and Lululemon was worth twice as much as Under Armour, he personally was thinking of purchasing Under Armour.
In June 2016, Chip Wilson published an open letter to shareholders of Lululemon stating that it had lost its way and also given up market share to Nike and Under Armour, once he was denied the chance to speak at the company’s annual meetings. In the year of 2016, Chip Wilson found Hold It All, a holding company which includes Wilson Capital, Wilson 5 Foundation, and Low Tide Properties, with a vision to make possibilities for people to live longer, healthier, more fun lives.