Lululemon Athletica Inc. (LULU  ) founder Chip Wilson's divorce from Shannon Gray could put his roughly $930 million stake in the company under scrutiny, though a recent report says it remains unclear whether he would need to sell any shares. Divorce Puts Wilson's Holdings Under Scrutiny

Wilson and Gray are divorcing after nearly 25 years of marriage and do not have a prenuptial agreement, according to a report on Monday by the Wall Street Journal, which estimates Wilson's fortune at about $6 billion. Lululemon's May cooperation agreement says Wilson and affiliated entities beneficially owned about 8.7% of the company.

British Columbia's Family Law Act generally gives separating spouses equal interests in family property. Property owned before a relationship is usually excluded, but the increase in its value during the relationship is generally divisible, according to the provincial government. Couples can also reach their own property-division agreement.

That leaves Wilson's Lululemon holding in question rather than automatically headed for sale. The Journal reported that high-net-worth couples can structure settlements using other assets to reduce the need for stock sales and related capital-gains taxes. Wilson also owns about 17% of Amer Sports Inc. (AS  ), which the Journal valued at roughly $2.8 billion.

Proxy Settlement Keeps Founder Influence Alive

Any reduction in Wilson's Lululemon position could matter because he recently used his ownership to press for changes at the retailer. In May, Lululemon ended a proxy fight with Wilson by agreeing to appoint Laura Gentile and Marc Maurer to its board and add another apparel-focused director by Oct. 1. Wilson agreed to an 18-month standstill and limits on public criticism.

The settlement followed months of friction. Wilson argued that Lululemon had lost focus on product and brand, while the company accused him of holding "outdated perspectives". He remains the company's largest non-institutional shareholder.

Weaker Sales Raise Stakes For Lululemon

The company is also navigating weaker operating results. Lululemon said second-quarter revenue fell 4% to $2.4 billion, Americas revenue declined 8%, and Americas comparable sales dropped 12%. Former Nike executive Heidi O'Neill started as CEO this month.

Price Action: LULU shares were up 0.05% in after-hours trading on Monday, according to Benzinga Pro data.

Benzinga Edge Rankings indicate Lululemon's stock has a Momentum score in the 5th percentile and a Growth score in the 72nd percentile.