Kit and Ace, the high-end fashion brand launched by Lululemon founder Chip Wilson, is drastically paring down its business. In September, it began closing a quarter of its 60 stores. Today, the Globe and Mail reported that the company is closing all remaining U.S., stores. Fast Company has also discovered that it is closing all Japan, New Zealand, Australia, and U.K. stores. It appears that the 10 Canada-based ones will stay open. Last fall it fired 20% of its 280 head office staff. This year, it let go of 35 more.
The brand is privately owned by Wilson, his wife, and his son. In a statement, Wilson said that Kit and Ace would focus on the digital side of the business.
by Elizabeth Segran
Source: Fast Company, April 2017
