Bike wear firm Kit and Ace splits amicably with Wilsons

Luxury bike wear company Kit and Ace is steering itself in a new direction without its co-founders.

The Vancouver-based brand said that Shannon and J.J. Wilson — the wife and son of Lululemon Athletica Inc. founder Chip Wilson — are no longer involved in the company they created in 2014.

The duo has been replaced by members of the Kit and Ace management team that acquired the company for an undisclosed amount and will now be led by chief executive George Tsogas.

Tsogas said changes to the brand have been in the works for several months and that the Wilsons’ departure was amiable.

“They’re moving on. They are doing philanthropy and just enjoying their time now,” Tsogas said.

Tsogas noted that he remains close with Chip Wilson, who he called a “mentor.” The two have known each other for 17 years, since Tsogas joined Lululemon in 2002 when the brand had only four stores.

“Having him by my side and developing me and mentoring me has enabled me to get this opportunity to get Kit and Ace to this point where it’s profitable and to be able to buy it,” he said.

“They have known about (my vision) since the beginning and that I wanted to buy the company. It has been my goal.”

Since Tsogas took the company ’s helm in April 2017, he’s been trying to transition the company away from its luxury roots and turn it into a brand that’s more focused on giving modern commuters hightech gear.

The shift has been driven by consumer demand and feelings that the products Kit and Ace sell were too expensive, Tsogas said.

He has since dramatically dropped prices on some products.

Kit and Ace has a handful of stores in Ontario, B.C. and Alberta.