Lululemon Pants Don't Work for Some Women: Founder

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Nov. 5 (Bloomberg) -- Whil co-founder Shannon Wilson and Lululemon founder Chip Wilson discuss their new form of meditation and Lululemon's sheer pants problem. They speak with Trish Regan on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Welcome to the show.

What exactly is it?

The idea is 60 seconds.

We really compare this form of medication to the hard drive of a computer.

When you are getting frustrated and your computer or smart phone is not working, you power it off, you wait a minute, you power it back on.

It is the same way with your brain.

In one minute, you can turn off, power down.

How often do you do it?

3-5 times a day.

The only time i had was when i went to washington.

It was like maximizing the time.

It really worked.

I did not know how busy my life was.

That was the only time that it actually had.

I found out that there was actually a science behind it.

It is basically the same thing as one hour of meditation.

Life is going so fast that we need to find quicker ways to power down.

When can you do it?

Anytime time.

Shannon does it in her car.

The design meetings, the office home.

We could do some right now.

This is like an eternity.

It is interesting.

You aren't the founder -- you are the former designer, you are the founder.

What is going on with the pants?

I think that this is possibly blown out.

The thing is that when you push technology, we are a technology company.

Something is going to happen every now and then.

You don't normally have the advantage of software being able to go over the internet and everything is ok.

There are a thousand things that could go wrong on a technical fabric.

When three of those things go wrong, something will happen.

It is almost impossible to build a quality control case for each one of those combinations.

It has continued to be a problem because there are complaints about the fabric.

Women will wear seatbelts that don't work or a seatbelt that does not work or -- or an outfit that don't work.

Sometimes this material does not work for certain people's bodies.

More likely that they will be see through on some women's bodies?

It is really about the rubbing through the thighs, how much pressure is there.

What is the use and what is it up against?

Are you sitting on the cement ground?

Not interesting.

Not everyone can wear this.

I don't think they can.

I think it is how you use it.

You're looking for a new new ceo.

How is it going?

If you want to find someone fast, people are not available.

And we have great people in place working the company.

There is no reason why we have to have anything less than the best.

This is from the retail space, the tech space.

We want some vertical retailing.

We appreciate it global.

Some of the global experiences are worth looking at.

Somebody that is the right cultural fit.

Really?

We have a great culture and we believe strongly in developing leaders.

Finding that fit is critical.

How are you dealing with all of this competition?

I was down in maryland.

They are working, they are strategizing to take more share in terms of women's athletic apparel.

You have competition from under her armor.

How do you make sure that you will be the one that wins?

We might not be so much of an athletic apparel company as we are a leadership company.

We are in the leadership developments.

We believe that is our differentiation, how we work with our people, how we treat our people.

This you founded the company.

Would you be considering going back?

What we have been missing from a management point of view and even on the board of directors side is the creative piece.

We probably shifted too far to one side.

Quite frankly, we might be too wealthy now and have many other things going on through charity and that.

It is our job to get these in place and mentor them.

Let's go back to will.

How do you make money with this?

We are lucky.

We have made our money and we were using this for our own lives as a tool.

We thought, let's open this up and have a conversation and throw it out and see if it resonates for other people.

What kind of reception are you getting?

A lot of good conversation is starting so far.

I think people are able to see the relevance for it in their lives.

So, this will not be a business opportunity, money- making opportunity?

What is the thought process on it?

How do you turn it into something more?

We are building a brand.

Right now, we have a brand that sells nothing.

We don't have to do anything.

Sometime in the future, something killer happens that we thought, we are going to use this as something common to take that out there.

We have zero plans.

Thank you for being here.

We will take a commercial break

This text has been automatically generated. It may not be 100% accurate.

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