Lululemon (NASDAQ: LULU) Founder Chip Wilson has blasted the company's management Wednesday, saying that the yoga clothing company "has lost its way" and that "a call to action is needed."

The Vancouver-based company has become well-known for its stretchy yoga pants. Wilson, who founded the company in 1998, resigned from the company's board last year. He said in the letter that he has a 14.2% stake in Lululemon.

Wilson said in a letter Wednesday that other companies, such as Under Armour and Nike, are stealing Lululemon's market share as they boost their selection of yoga pants, leggings and other athletic wear.

He said Lululemon's management and board needs to come up with a clear strategy to grow, and added he wants board members to be elected by shareholders every year.

Lululemon posted a 15% rise in revenue and 11% rise in profit in the year ending Jan. 31, 2016, over the previous year. It will report financial results for its fiscal first quarter next week.

The company's stock gained 24 cents in Thursday morning trade to $66.43 U.S., in the upper end of a 52-week trading range of $43.14 to $69.73 U.S.