TORONTO (Reuters) - Lululemon Athletica Inc
Wilson, who founded Lululemon in 1998 and is its largest voting shareholder, stands to gain some $220 million from the sale, based on the July 3 closing price of $64.50.
Lululemon carved out a lucrative niche with its high-end, fashionable yogawear, but has faced hurdles in recent months, including a brand-damaging recall of excessively see-through pants and tepid sales growth forecasts.
The company is looking for a replacement for Chief Executive Christine Day, who built the brand into an international powerhouse but surprised the market last month with her departure plans.
(Reporting by Julie Gordon; Editing by Janet Guttsman and Gerald E. McCormick)