Lululemon posted a 15 per cent rise in revenue and 11 per cent rise in profit in the year ending Jan. 31, 2016, compared with the previous year. Founder Chip Wilson blasted Lululemon's management Wednesday, saying that the yoga clothing company "has lost its way" and that "a call to action is needed." Wilson founded Lululemon in 1998 and the Vancouver-based company became well-known for its stretchy yoga pants. Lululemon said in a statement that it has "the right" board members and leadership in place. He also said he wants board members to be elected by shareholders every year"Management competence is uninspiring at best," he said.

Source: CBC News June 01, 2016 20:48 UTC