Victoria, B.C. - Chip Wilson, founder of yoga-wear giant Lululemon Athletica and one of Canada’s most valuable public companies, has been named the 2012 Distinguished Entrepreneur of the Year by the University if Victoria’s Gustavson School of Business .

Wilson’s vision and entrepreneurial accomplishments will be celebrated at the annual entrepreneur gala on June 7 in Victoria.

Wilson left his post as chief innovation and branding officer for the Vancouver-based chain on Jan. 29, but has stayed on as chairman of the board.

Last year, Wilson climbed to No. 15 from 49 on Canadian Business magazine's list of wealthiest Canadians.

The magazine said his worth increased by 128 per cent to $2.85 billion. In 2009, Wilson was ranked at No. 78.

“Chip Wilson exemplifies the values of a visionary entrepreneur,” Peter Gustavson, founder and chair of the Distinguished Entrepreneur of the Year Award committee, said in a statement Monday. “He turned a passion for health and fitness into a world-wide movement and has inspired countless others through his unique outlook and commitment to quality. His values permeate everything he does.”

Ali Dastmalchian, dean of the business school, said Wilson is “an excellent role model” for students.

“We tell our students to do something they are passionate about,” said Dastmalchian. “He’s built an enormously successful organization doing what he loves.”

Wilson founded Lululemon in 1998 and opened its first store in Kitsilano in 2000. The company now has 151 stores and showrooms across Canada and the United States as well as in Australia, China, and New Zealand. Before creating Lululemon, he founded Westbeach Snowboard Ltd., a Vancouver-based surf, skate and snowboard retailer. Prior to that he worked in Alberta’s oil and gas industry.

Wilson, who says he lives and breathes the athletic clothing business, also gives back to community. He established the annual Chip’s Not Dead Yet Memorial Mile run to raise funds for the B.C. Children’s Hospital and the imagine1day charity that works to provide every child in Ethiopia a quality education.

Wilson studied at the University of Alberta and the University of Calgary where he graduated with a BA in economics; his wife Shannon graduated from UVic’s Fine Arts program.

He is the ninth DEYA recipient and joins a select circle of distinguished entrepreneurs.

Tickets for the gala, which is always a sellout at the Victoria Conference Centre, can be reserved at 250-721-7406 or atannas@uvic.ca.

DISTINGUISHED ENTREPRENEURS

Previous winners of the University of Victoria's Distinguished Entrepreneur of the Year Award:

2012: Chip Wilson, founder and president, Lululemon Athletica

2011: JR Shaw, president Shaw Communications

2010: Alex Campbell, co-founder of Thrifty Foods

2009: Sir Terence Matthews, technology entrepreneur

2008: Clive Beddoe, executive chairman WestJet

2007: David Black, founder of Black Press, Canada's largest privately-owned newspaper firm

2006: Gwyn Morgan, established EnCana Corp., Canada's largest energy firm

2005: Dave Ritchie, chairman of Ritchie Bros. Auctioneers

2004: Jeff Mallett, former president and chief operating officer of Yahoo, Inc.