Wilson founded Lululemon in 1998 and helped it build the company to more than 250 stores. However, his time there was also peppered with controversy.
Back in 2013, the firm was subjected to backlash from consumers, who reported its marquee black luon pants could pill and become sheer. Making matters worse, Wilson later said in a TV interview that "Frankly some women's bodies just don't actually work for [the pants]."
Read MoreBrand new shoes: One company tiptoes into yoga
He stepped down as chairman of the board in December 2013, but made headlines again a few months later when he said certain board members were too focused on the firm's short-term results.
"Having him around was great and terrible all at the same time," Sterne Agee analyst Sam Poser said. "I think there's good and bad [from his resignation]…but it probably pushes slightly more to the good."
Lululemon's sales slowed significantly following its controversies, despite the fact that sales growth in the athletic wear market has significantly outpaced that of the overall apparel market. It also faced external pressures from new competitors like Gap's Athleta.
Lululemon had been consistently posting same-store sales growth in the double digits at its peak in popularity. Still, it hasn't done so at a constant exchange rate in a single quarter since 2012.
Read MoreDeckers learns to not take Uggs for granted
Last month, however, analysts became more bullish on the company when it raised its fourth-quarter forecast on strong holiday sales in both men's and women's products. Lululemon now expects revenue between $595 million and $600 million, driven by comparable-store sales growth between 6 percent and 7 percent on a constant dollar basis. That compares to its previous guidance of sales in the range of $570 million to $585 million, based on same-store sales growth in the low-single digit range.