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Kit and Ace, Lululemon founder's new venture, fires 10 pct of HQ staff

Published 2016-02-22, 12:34 a/m
© Reuters. Kit and Ace, Lululemon founder's new venture, fires 10 pct of HQ staff
LULU
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By Julie Gordon
VANCOUVER, Feb 21 (Reuters) - Kit and Ace, the retail
start-up launched by Lululemon Athletica Inc LULU.O founder
Chip Wilson's family, has laid off roughly 10 percent of staff
at its Vancouver headquarters, as the closely-held company slows
its rapid pace of expansion.
The layoffs, which impact about 35 people, come as the
luxury casual wear-maker shifts focus from opening dozens of new
stores to brand building and expanding its product lines.
"Like other tech start-ups, we are in a constant pursuit of
learning, improving and adjusting our strategy," chief executive
Paul Wilson said in an emailed statement on Sunday.
Launched by Chip Wilson's wife and son in 2014, Kit and Ace
went from a single shop in Vancouver to 61 locations across the
globe in less than two years. But its rapid pace of growth is
set to slow this year, with plans for just 10 new shops.
The company, backed by the billionaire's vast fortune, has
said it expects to turn a profit by 2018.
Known for its wash-and-wear cashmere blend dubbed 'technical
cashmere,' Kit and Ace has gone to great lengths to distance
itself from Wilson's last company, yoga wear-maker Lululemon,
though the two retailers do compete in the casual wear segment.
Wilson left Lululemon in early 2015, roughly a year after
stepping down as Chairman while under fire for comments he made
blaming overly sheer yoga pants on women's bodies, and is now
actively involved in the family's newest business.
Prior to the layoffs, Kit and Ace employed some 600 people,
most of them in Vancouver. There are still multiple jobs listed
on its website, including positions in Canada for designers and
e-commerce staff.

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