Lululemon founder Chip Wilson has announced he will resign from the company’s board to work with his wife and son on their new casualwear company Kit and Ace.
Wilson founded the Canadian yogawear retailer in 1998 and stepped back from day-to-day management in 2012. He stepped down as chairman at the end of 2013, but stayed on as a director.
In December 2013, the company appointed Laurent Potdevin as chief executive, replacing Christine Day, who held the role from 2008.
Potdevin was previously president of footwear brand Toms.
Kit and Ace, which is headed by Chip Wilson’s son JJ Wilson, is poised to open two or three Kit and Ace stores in London this year.
It has already opened seven stores in the US and Canada, in cities including New York, San Francisco and Vancouver, and plans to launch another 50 shops this year in London, Japan and Australia.
Lululemon, meanwhile, opened a store on King’s Road at the end of January.