Lululemon founder Chip Wilson’s $6.1 billion fortune could take a big hit in his no-prenup divorce
Wilson, 71, and Shannon “Summer” Wilson, 52, got hitched in 2002 and are now embroiled in a divorce proceeding in British Columbia.
A family-law case involving the couple was opened in April in the province’s Supreme Court, though the the contents are not publicly available, according to Bloomberg News.
Still, it seems clear that the athleisure mogul could have a painful payout in store.
“In British Columbia, the value of assets brought into the marriage is not shareable, but the gain is called family property and presumptively divided 50-50,” Lorne MacLean KC, founder of Vancouver-based MacLean Law, told The Post on Monday.
Vancouver divorce attorney and arbitrator Georgialee Lang separately told The Post that the absence of a prenup could have major consequences for how the couple’s property is divided.
“Without a prenup, his wife is entitled to 50% of family property. Family property is defined as all property owned by a spouse,” Lang told The Post.
“However, if he can prove that he brought certain assets into the marriage or their initial cohabitation, if any, Chip will be able to retain the value of the pre-owned assets at the date he brought them it into the relationship at that date’s value,” she added.
“The increase in value from the time he brought the property into the relationship is shared equally by the parties based on current values.”
That distinction could loom large for Wilson, who founded Lululemon in 1998 — four years before he and Summer tied the knot.
Forbes currently places his fortune at $4.9 billion, while the Bloomberg Billionaires Index puts it at $6.1 billion.
The eventual division of the Wilsons’ property remains unknown, and the sealed proceeding makes it impossible to determine which assets either spouse is claiming as family property or what valuations they may put on them.
Chip’s sprawling holdings include a nearly $3 billion position in Amer Sports, whose portfolio includes Arc’teryx, Salomon and tennis equipment company Wilson, along with a major interest in Lululemon and extensive real-estate investments.
The 71-year-old billionaire is one of Lululemon’s biggest shareholders more than a decade after leaving the company.
Follow Us on Facebook – @LadunLiadi; Instagram – @LadunLiadi; Twitter – @LadunLiadi; Youtube – @LadunLiadiTV for updates
