Lululemon Athletica clashes with founder Chip Wilson, defends incoming CEO as proxy battle over board seats intensifies.

A very public spat between Lululemon and founder Chip Wilson has seen both parties fire salvoes in an increasingly acrimonious dispute over the future of the brand.

Lululemon responded publicly to founder Chip Wilson's campaign in a letter to shareholders, where it urged them to vote in its favor at its annual meeting.