Lululemon Billionaire Pledges Shares to Goldman for Margin Loan [BNN Bloomberg (Canada)]
Goldman Sachs Group, Inc. (The) (GS)
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Source: BNN Bloomberg
An investment firm for the Canadian billionaire pledged 1.8 million Lululemon shares — almost 20% of his holding — this month as collateral for a $200 million margin loan facility from the US bank, according to a regulatory filing. The stake is valued at about $660 million, based on Tuesday's closing price. Lululemon stock has slumped 25% since late March, when it reported a slowdown in its US business and gave a disappointing sales outlook. Representatives for Lululemon and Wilson – who has a net worth of $6.8 billion, according to the Bloomberg Billionaires Index – didn't respond to a request for comment. A Goldman Sachs spokeswoman declined to comment. The transaction offers a glimpse at how the rich can leverage their public holdings for huge sums of liquidity and comes as Wilson, who stepped back from day-to-day management of Lululemon more than a decade ago, expands his investments outside the company. The 69-year-old boosted his stake in Amer Sports Inc. earlier this y
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