You might be living in the dark ages if you’ve never heard of Lululemon and their famous little black stretchy pants.
Lululemon is an athleisure apparel retailer, founded in 1998.
Founder of Lululemon Chip Wilson wrote his first book, Little Black Stretchy Pants, published 16 October 2018. Wilson goes through his experiences; even though Wilson is best known for Lululemon it was not his first business.
Wilson learned first-hand how to run a business. He also knows your first business likely will not be your last.
Wilson launched his first business in 1979. Westbeach Snowboard Ltd. is an athletic apparel company geared toward surfers and snowboarders. Wilson sold it in 1997.
The next year he launched Lululemon Athletica, which was originally based in Vancouver, Canada, now sold internationally.
Wilson says, “Don’t think it’s going to be your only business. Think more like you’re going to have two or three businesses in your life, and that first one is just kindergarten.”
In his book Little Black Stretchy Pants, he opens up about his lessons.
He not only provides advice for those looking to create a successful business but also how he made some tough decisions about his business.
He talks about taking risks such as selling 48% of his company shares in 2005. This strategic move affected the direction of the company.
Wilson said, “I made a conscious choice to sell half my shares to a private equity firm to change up the board of directors. It seemed like the best way to do that was not only to sell half my shares to make that happen but to come off of the board so I could talk about the company publicly. Inside of the board, I didn’t really have that ability.”
Once he sold his shares, Wilson also stepped down as CEO. Even though Lululemon did go through some turbulent waters, replacing himself as CEO did have the desired effect.
With the board change and a different CEO, Wilson said, “I think there’s a great future.”
Wilson talks about being an entrepreneur, pushing towards that ideal future in your mind and taking action towards it.
As an entrepreneur or aspiring entrepreneur, what is your desired future?
Sonia Rina Landry is a passionate entrepreneur, speaker, author, and personal development coach. She is an outspoken advocate of the free market economy and has helped countless clients identify their core values, envision and realize goals that resonate with those values. She oversees several businesses online and offline.