Lululemon buys at-home exercise startup for US$500 million
|CTVnews 29 Jun 2020 at 19:59|
NEW YORK -- Athletic apparel maker Lululemon Athletica Inc. said Monday it s acquiring at-home exercise startup Mirror for US$500 million.
The deal is part of Lululemon s plan to expand beyond just selling yoga tights and other workout clothing.
"The acquisition of Mirror is an exciting opportunity to build upon that vision, enhance our digital and interactive capabilities, and deepen our roots in the sweat life," Lululemon CEO Calvin McDonald said in a statement.
The move also comes as Americans have been forced by gym closures to work out at home during the pandemic. And even as some gyms have reopened with new safety protocols, many customers are still not willing to go back because of worries about catching the virus.
Mirror, which launched in 2018, sells a $1,500 interactive mirror that streams workout classes, offers weekly live classes and thousands of on-demand workouts, as well as immersive one-on-one personal training.
The deal builds on a partnership between the two companies that began in mid-2019 when Lululemon made an initial investment in Mirror.
It also marks Lululemon s first acquisition. Once the deal closes, Mirror will operate as a standalone company within Lululemon, which is based in Vancouver, British Columbia.