News

Lululemon buys in-home fitness company Mirror in $500-million deal

The deal is valued at $500 million and will see the Vancouver-based athleticwear brand take over New York-based Mirror, which runs an interactive workout platform that features live and on-demand fitness classes.

Lululemon says the purchase will be covered by the company’s primary sources of liquidity, which includes more than $800 million in cash, its existing $400 million revolving credit facility, and a new one-year, $300 million revolving credit facility.

Lululemon believes Mirror will help position the company to drive the business through virtual and in-person experiences and bolster the company’s digital offerings.

Following completion of the transaction, Mirror will operate as a standalone company within Lululemon and Mirror’s founder Brynn Putnam will continue as its CEO.
Read more on Toronto Star
News Topics :
Similar Articles :
Business
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...
Business
Lululemon Athletica Inc. founder Chip Wilson now ranks among the 500 richest people on the planet as the company’s shares have surged 15 per cent since the yoga wear maker reported...
Business
The Toronto based company says it has signed a definitive agreement to acquire the mattress in a box firm, a Canadian start up that launched in 2015. Sleep Country Canada will pay $88.7 million, with...
Business
VANCOUVER—Lululemon Athletica Inc. says it earned $94.4 million in its third quarter, up from the $72.3 million it made the year before. The Vancouver based apparel company says its earnings per...
Business
Lululemon s lawsuit, filed Monday, claims the counterfeit websites have virtually identical layouts and share similar irregularities, including the same incorrect grammar and misspellings.    Dreamstime    By Robert ChannickChicago Tribune Wed., Feb....