See what you click on FoxBusiness.com. Lululemon Athletica Inc. founder Chip Wilson and his wife and longtime business partner, Shannon “Summer” Wilson, are divorcing after more than two decades of marriage. A family legal proceeding between the couple was filed in the British Columbia Supreme Court in April, although the contents of the case are not publicly accessible, Bloomberg reported. Bloomberg, citing a person familiar with the matter, also reported that there is no prenuptial agreement between the couple, although it is not yet clear how the divorce could affect the division of their assets. LAUREN SANCHEZ PLAYS MAJOR ROLE IN IMPLEMENTING BEZOS’ COMPREHENSIVE $10 BILLION CLIMATE FUND BY END OF DECADE: REPORT Lululemon Athletica founder Chip Wilson and his wife, Shannon “Summer” Wilson, attend a press conference in Vancouver, British Columbia, on September 15, 2022. (Taehoon Kim/Bloomberg via Getty Images) Lululemon and Chip Wilson could not immediately be reached by FOX Business for comment. Chip Wilson, 71, founded Vancouver-based Lululemon in 1998, according to Bloomberg. He is widely credited with helping pioneer the sportswear market. According to the Bloomberg Billionaires Index, Chip Wilson has an estimated net worth of approximately $6.1 billion. Summer Wilson, 52, was the company’s founding lead designer, according to its website. Chip Wilson has previously credited him with playing a key role in building the brand during its early years, Bloomberg reported. LULULEMON STOPS ONLINE SALES OF NEW LEGGINGS AFTER ‘SHEARING’ CLAIMS Chip Wilson is widely credited with helping pioneer the activewear market. (Taehoon Kim/Bloomberg via Getty Images) The couple married in 2002. Although they both left the company more than a decade ago, Chip Wilson remains one of Lululemon’s largest shareholders and has continued to publicly influence the retailer’s direction, Bloomberg reported. He owns about 8.6% of the company, a stake valued at just under $1 billion, while Summer Wilson owns nearly 1%, valued at about $100 million, according to Bloomberg. Under Columbia law, assets owned before the marriage are generally excluded from division, while any increase in their value during the marriage is generally considered family property and is usually divided equally. “In British Columbia, the value of assets brought into the marriage is not shareable, but the gain is called family property and is presumably split 50-50,” Lorne MacLean KC, founder of Vancouver-based MacLean Law, told the New York Post. STATES Chip Wilson remains one of Lululemon’s largest shareholders and has continued to publicly weigh in on the retailer’s direction. (Isabella Falsetti/Bloomberg via Getty Images) The Wilsons’ reported split adds to a string of high-profile billionaire divorces in recent years. Gates and Melinda French Gates divorced after 27 years. Following the announcement, Bill Gates transferred billions of dollars in stock to Melinda French Gates, according to Vanity Fair.
