Lululemon is escalating its dispute with founder and largest individual shareholder Chip Wilson ahead of its June 25 annual meeting. In a shareholder letter, the company accused Wilson of pushing “outdated perspectives” and “troubling conflicts of interest.” Wilson, who holds an 8.97% stake and left the board over a decade ago, has proposed three opposing nominees. Lululemon defended incoming CEO Heidi O’Neill, a former Nike executive, warning that backing Wilson’s slate would endorse his “misguided perspectives.” Settlement talks collapsed last week. Lululemon’s shares have fallen over 40% this year amid slowing demand.

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