Lululemon has agreed to acquire exercise tech startup Mirror for $500 million, the company announced on Monday.
Lululemon had already invested in the company last year, and has a content partnership with the firm.
Mirror sells a $1,495 device of the same name for participating in fitness classes at home.
The acquisition comes as demand for streaming at-home workout classes has grown, particularly during the coronavirus pandemic.
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Workout apparel brand Lululemon has agreed to acquire the at-home exercise startup Mirror for $500 million, the company announced on Monday.
Lululemon Athletica Inc. said in a press release that the deal will help the apparel maker boost its “digital and interactive capabilities.” It also comes after Lululemon had already invested in Mirror last October as part of a $34 million funding round led by Steve Cohen’s hedge fund Point72.
Brynn Putnam, Mirror’s founder and CEO, will stay on as the company’s CEO, and Mirror will operate as a standalone company within Lululemon. The transaction is expected to close in the second fiscal quarter of 2020.
In addition to the investment, Lululemon has also worked with Mirror through a content partnership that included sweat and meditation classes from the apparel company’s global ambassadors being offered on Mirror’s platform.
Mirror, as its name implies, sells a $1,495 high-tech mirror that’s meant to serve a sleek gym alternative for working out at home. The product doubles as both a mirror for keeping track of your form during exercises and a screen for following interactive workout classes.
The mirror can be controlled via a smartphone app, and users can see exercise stats on the mirror’s screen. The company also expanded into personal training last October.
The deal comes as the demand for streaming workouts and specialized equipment meant to replicate the experience of …read more
Source:: Business Insider