Nov. 6 (Bloomberg) ¿- On today¿s ¿Weird Wall Street,¿ Trish Regan and Matt Miller break down the interview with Lululemon Athletica Founder Chip Wilson. They speak on Bloomberg Television¿s ¿Street Smart.¿ (Source: Bloomberg)
The founder of Lululemon said women's bodies may have caused the sheerness problems that plagued its high-priced yoga pants earlier this year.
"Frankly, some women's bodies just don't actually work [for the yoga pants]," Chip Wilson said Tuesday in an interview on Bloomberg TV.
"It's about the rubbing through the thighs ... how much pressure is there," he said.
Lululemon has long been known for making athletic clothing that could withstand many years of wear and washes.
But trouble surfaced in March when the Vancouver, British Columbia-based company recalled its top-selling item, women's black yoga pants containing its proprietary Luon fabric, after determining the pants were too sheer.
Less than three months later, Lululemon on June 10 announced the departure of Chief Executive Christine Day. Its shares fell 17.5 percent the next day, wiping out $1.62 billion of market value, Reuters data and a regulatory filing show.
Two lawsuits filed in Manhattan blamed the defective pants on cost-cutting, and accused Lululemon, Day and Chairman Dennis "Chip" Wilson of hiding the defects, using deep discounting to boost market share, and concealing plans to replace Day.
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