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MARKETS LIVE BLOG:

STOCK FUTURES TAKE BREATHER AS DISNEY EARNINGS LAND

Disney's surprise streaming entertainment profit offset by weaker TV business

Kit and Ace: A new streetwear venture from the founding family of Lululemon

  • Kit and Ace owners J.J. Wilson and Shannon Wilson pose in their flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION LOGO)
    1/13

    Kit and Ace owners J.J. Wilson and Shannon Wilson pose in their flagship store in Vancouver

    Kit and Ace owners J.J. Wilson and Shannon Wilson pose in their flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION LOGO)
    REUTERS
  • A designer works at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
    2/13

    A designer works at the Kit and Ace flagship store in Vancouver

    A designer works at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
    REUTERS
  • Products are displayed at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
    3/13

    Products are displayed at the Kit and Ace flagship store in Vancouver

    Products are displayed at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
    REUTERS
  • The design studio in the back of the Kit and Ace flagship store is pictured in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
    4/13

    The design studio in the back of the Kit and Ace flagship store is pictured in Vancouver

    The design studio in the back of the Kit and Ace flagship store is pictured in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
    REUTERS
  • Products are displayed at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
    5/13

    Products are displayed at the Kit and Ace flagship store in Vancouver

    Products are displayed at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
    REUTERS
  • Kit and Ace owners J.J. Wilson and Shannon Wilson pose in their flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION LOGO)
    6/13

    Kit and Ace owners J.J. Wilson and Shannon Wilson pose in their flagship store in Vancouver

    Kit and Ace owners J.J. Wilson and Shannon Wilson pose in their flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION LOGO)
    REUTERS
  • A sign hangs outside the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION LOGO)
    7/13

    A sign hangs outside the Kit and Ace flagship store in Vancouver

    A sign hangs outside the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION LOGO)
    REUTERS
  • Products are displayed at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
    8/13

    Products are displayed at the Kit and Ace flagship store in Vancouver

    Products are displayed at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
    REUTERS
  • Kit and Ace owners J.J. Wilson and Shannon Wilson are pictured in their flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION LOGO)
    9/13

    Kit and Ace owners J.J. Wilson and Shannon Wilson are pictured in their flagship store in Vancouver

    Kit and Ace owners J.J. Wilson and Shannon Wilson are pictured in their flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION LOGO)
    REUTERS
  • A designer works at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
    10/13

    A designer works at the Kit and Ace flagship store in Vancouver

    A designer works at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
    REUTERS
  • Products are displayed at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
    11/13

    Products are displayed at the Kit and Ace flagship store in Vancouver

    Products are displayed at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
    REUTERS
  • A designer works at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
    12/13

    A designer works at the Kit and Ace flagship store in Vancouver

    A designer works at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
    REUTERS
  • A designer works at the back of the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: FASHION BUSINESS)
    13/13

    A designer works at the back of the Kit and Ace flagship store in Vancouver

    A designer works at the back of the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: FASHION BUSINESS)
    REUTERS
Kit and Ace owners J.J. Wilson and Shannon Wilson pose in their flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION LOGO)
A designer works at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
Products are displayed at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
The design studio in the back of the Kit and Ace flagship store is pictured in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
Products are displayed at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
Kit and Ace owners J.J. Wilson and Shannon Wilson pose in their flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION LOGO)
A sign hangs outside the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION LOGO)
Products are displayed at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
Kit and Ace owners J.J. Wilson and Shannon Wilson are pictured in their flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION LOGO)
A designer works at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
Products are displayed at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
A designer works at the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: BUSINESS FASHION)
A designer works at the back of the Kit and Ace flagship store in Vancouver, British Columbia October 17, 2014. Kit and Ace is the brainchild of billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J. Backed entirely by Wilson family money, Kit and Ace has started with one store in the heart of Vancouver's artsy Gastown neighborhood. The shop specializes in "technical" luxury: cashmere-blend casual wear that is pre-shrunk, washable and durable. Picture taken October 17, 2014. REUTERS/Ben Nelms (CANADA - Tags: FASHION BUSINESS)

Kit and Ace is the brainchild of Lululemon billionaire Chip Wilson's wife, former Lululemon lead designer Shannon Wilson, who started the new streetwear venture with his son J.J.