Net Worth & Profile
Chip Wilson Biography and Net Worth
Chip Wilson is an American-Canadian billionaire who is also a generous philanthropist. He is most known for launching several retail garment firms, the most renowned of which is Lululemon Athletica Inc.
Who is Chip Wilson?
Chip Wilson is an American-Canadian billionaire who is also a generous philanthropist. He is most known for launching several retail garment firms, the most renowned of which is Lululemon Athletica Inc., which specializes in yoga-inspired athletic wear.
Bio Data
| Name | Chip Wilson |
| Gender | Female |
| Date of Birth | 1955 |
| Age | 68 years old |
| Place of Birth | Canada |
| Profession | Businessperson |
| Nationality | Canadian |
| Net worth | $7 Billion |
Biography
Dennis Chip Wilson was born in 1955 in San Diego, California, and grew up in Canada with a mind for business. At just 19, he secured a job on the Alaska pipeline, earning $100,000 to cover his education costs.
In 1979, Wilson launched his first business, a snowboard shop named WestBeach. It gained fame for its cutting-edge snowboarding gear, paving the way for Wilson’s later achievements. In 1997, Chip made a significant move by selling WestBeach for an impressive $15 million.
Career
Chip Wilson founded Westbeach Snowboard Ltd. in 1979, specializing in surf, skate, and snowboard wear. In 1998, he sold it and founded Lululemon Athletica Inc. Hold It All Inc. currently controls his personal and business interests.
Wilson was the CEO of Lululemon until 2005 when he sold a major interest. The company went public in 2007. He retired from his executive position in January 2012 but remained chairman. However, he resigned from his post as non-executive chairman in December 2013.
Wilson expressed reservations about the company’s trajectory in June 2014, prompting board changes. The share price increased dramatically, resulting in a $4 billion gain in market capitalization.
He later sold a significant portion of his Lululemon stake to Advent at around $845 million in August 2014. He departed the board in February 2015, claiming to have met his objectives.
Wilson disclosed in December 2015 that he had explored purchasing Under Armour a few years before. He voiced dissatisfaction with Lululemon’s market performance and competition with Nike and Under Armour in June 2016.
Wilson established Hold It All in 2016, with the goal of improving people’s lives. During a market surge in 2019, he decreased his position in Lululemon even further.
Net Worth
Chip Wilson is a multibillionaire entrepreneur with an estimated net worth of $7 billion. He acquired his fortune by starting Lululemon Athletica, a Vancouver-based corporation with an annual revenue of more than $8 billion.
Notably, Chip made $100 million in 2005 when he sold a piece of his Lululemon ownership to private equity company Advent International. Chip currently owns around 8% of Lululemon, a publicly traded company.
Personal Life
Wilson is a dad with five children. He was married to Nancy before and they had two kids together. Now, he’s happily married to Shannon Wilson, who co-founded Kit and Ace and designed for Lululemon. They have a son named JJ Wilson.
When Wilson was 32, he was diagnosed with facioscapulohumeral muscular dystrophy. He generously gave $100 million for research on this condition.
In 2004, Wilson got a big award from Ernst & Young. They named him Canadian Entrepreneur of the Year because of his groundbreaking work in innovation and marketing.
FAQs
Q: Who is Chip Wilson?
A: Chip Wilson, also known as Dennis J. Wilson, is a successful entrepreneur known for founding the popular athletic apparel company Lululemon Athletica.
Q: What is Chip Wilson’s net worth?
A: Chip Wilson’s net worth is approximately $7 billion, primarily from his ventures, notably Lululemon.
Q: Notable Achievements
A: Wilson founded WestBeach, a prominent snowboard shop, in 1979. Later, he revolutionized athletic wear with Lululemon, showcasing his entrepreneurial flair and innovative thinking.