Lululemon founder says athleisure is over - now it's all about 'streetnic'

Lululemon founder Chip Wilson thinks athleisure is over.

In fact, he says it's been gone for awhile.

"I think that there's been a collapse of what someone would call the 'athleisure market,' which is what some fashion magazine in New York would have done that ten years ago, ten years behind," Wilson said in a phone interview with Business Insider.

"We call it 'streetnic' - technical, stretch, street ... It's not fashion people trying to make this stuff look athletic. [The] Lululemon business is athletic wear that's made technical and just because [it] works so well technically, people wear it onto the street."

So what would make something "streetnic?" It would arguably the sort of apparel that puts technicality - like sweat-wicking, odor-killing attributes, all components to Lululemon's signature apparel -  first, versus simply trying to appeal to a trend.

Wilson pointed to a few examples of brands with strong 'technical' aspects. One of them was Rapha, a cycling brand.

He also said that Nike is "pushing technology," specifically for their Olympic apparel. Nike famously innovates with technology, from self-lacing shoes to moisture adaptive apparel.

 Wilson also pointed to Under Armour. Under Armour has been catching up to Nike with its very own apparel with "cooling" technology.

Additionally, Under Armour started out as a brand known for apparel that kept you warm or cool, depending on the weather. Under Armour, however, has also recently announced that it would be launching a more fashion-centric line called Under Armour Sportswear.

 "If Lululemon thinks its in the athleisure business -  that would be its biggest mistake," he said.