08:39 AM EST, 01/20/2026 (MT Newswires) -- Lululemon Athletica's ( LULU ) founder-turned-activist Chip Wilson is trying to excise private equity firm Advent from the apparel company's board amid an ongoing proxy fight, Semafor said Tuesday, citing people familiar with Wilson's thinking.

Wilson, who had quit the Lululemon's board in 2015, remains its second-biggest shareholder and had started a proxy war late last year in a bid to remake the company's board while it looked for a new chief executive officer, the report said.

While Wilson does not want a board seat for himself, he has maintained that he will not consider any settlement with the company unless two legacy Advent-linked directors, including David Mussafer, resign, Semafor said.

Lululemon Athletica ( LULU ) did not immediately respond to MT Newswires' request for comment.

Shares of the company were down 2% in recent Tuesday premarket activity.

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