Athleisure's power couple is back in the spotlight, as Lululemon's founder abruptly filed for divorce from his wife after 20 years.

Chip Wilson, whose net worth is valued at $6.1 billion, and his wife Shannon 'Summer' Wilson are two of the masterminds behind the controversial company, which burst onto the fashion space in 1998.   

But Lululemon wasn't the couple's only 'family' business venture. 

While Chip acted as Lululemon's CEO, Summer was one of its first hires, appearing as its founding lead designer and helping create the now-iconic branding. 

Her work centered on technical apparel - a concept she reshaped into a rival clothing brand with her stepson in the 2010s. 

After taking a step back from Lululemon, Summer and JJ Wilson created Kit and Ace - a Canada-based luxury apparel company that still focuses on 'timeless, technical' fashion and accessories. 

The new company was built around Qemir, a machine-washable cashmere blend that Summer and JJ reportedly first presented to Lululemon - but the company passed. 

Kit and Ace opened its first store in Vancouver’s Gastown neighborhood in July 2014. Within a year, they pushed expansion into the United States and overseas - at its peak employing more than 700 people.

But the relationship between the Wilson family and Lululemon became more complicated after Kit and Ace launched. 

In February 2015, Chip resigned from Lululemon's board after the company determined that Kit and Ace was actively competing with the brand. 

Chip said in a Securities and Exchange Commission filing that stepping down would give him 'more opportunity to work with my wife and son' as they grew Kit and Ace.

That same year, Kit and Ace started incorporating cafes into its stores, pushing a similar retail-and-design model that helped make Lululemon successful - at least temporarily.

The company found itself at the center of controversy in November 2015 for using animal fur from an Asiatic raccoon on one of its products, the Berkeley toque. The company said it was built on 'integrity - in people and in product' at the time, according to CBC. 

Additionally, because Kit and Ace positioned itself between luxury and performance wear, it was actively competing in a growing market of similar clothing.  

Kit and Ace responded by narrowing its focus, closing stores in the US, UK and Australia and concentrating on Canada and its online business. 

In 2018, the company was officially acquired from the Wilson family - but it continues to sell 'polished' machine-washable cashmere today.

Now, Summer's business is once again in the spotlight after her billionaire husband, Lululemon founder Chip Wilson, filed for divorce.

Because a judge sealed the court file from the public and the media, almost nothing is known about how they plan to divide their property or if they have reached a settlement. Neither Chip nor Summer has spoken publicly about the proceedings.

However, Bloomberg reports that the couple did not sign a prenuptial agreement, potentially adding another layer to how the couple's assets are divided.

Chip still owns roughly 8.6 percent of Lululemon, a stake valued at around $1 billion, while Summer is reported to hold about 1 percent of the company. 

Both Wilsons have since stepped away from the business, but their fortunes remain closely tied to the company - making their divorce particularly notable as the retailer struggles to regain its footing.

Sales fell 4 percent to $2.4 billion in the second quarter, while sales at stores open for at least a year fell 9 percent. The drop was even bigger in the United States, where sales fell eight percent and sales at established stores were down 12 percent.

Lululemon now expects to make between $10.35 billion and $10.5 billion in sales in 2026, which would be 5 to 7 percent lower than previously expected. Despite the slowdown, the company is still growing its store count, opening nine new locations during the quarter and bringing its total number worldwide to 825.

The results also arrive on the heels of a leadership change, with incoming CEO Heidi O’Neill expected to take over soon as the company attempts to reignite growth.