Chip Wilson, the founder of women’s sportswear brand Lululemon, has acquired a 0.6-per-cent stake in Chinese sportswear company Anta Sports Products, in a deal worth $100m.
Forbes reports that Anta said the deal “represents a valuable opportunity for the company to bring in a renowned investor with strong financial resources and an extensive business network.”
Wilson founded Lululemon in 1998 and has built it into a business that turned over $2.7bn in 2017, amassing a personal fortune of $4bn. Anta is one of China’s biggest sportswear brands, turning over $3.5bn in 2018.
Wilson and Anta worked together earlier this year when, along with Chinese conglomerate Tencent and Chinese private equity firm FountainVest Partners, they jointly acquired Scandinavian winter sports equipment maker Amer for $5.2bn.