- Lululemon has consented to get the exercise-tech startup Mirror for $500 million, the business revealed on Monday.
- The athletic-apparel business purchased the start-up in 2015 and has a content collaboration with the it.
- Mirror offers a $1,500 device of the very same name that allows customers to participate in physical fitness classes in the house.
- The acquisition comes as need for streaming at-home exercise classes has grown, particularly during the coronavirus pandemic.
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Brynn Putnam, Mirror’s creator and CEO, will stay on as the business’s primary executive, and Mirror will run as a standalone company within Lululemon.
In addition to the financial investment, Lululemon has actually likewise worked with Mirror through a content collaboration that included sweat and meditation classes from the garments company’s international ambassadors on Mirror’s platform.
Mirror, as its name implies, offers a $1,500 high-tech mirror that’s implied to serve a streamlined fitness center option for exercising in your home. The item helps clients track their kind throughout exercises and doubles as a screen for interactive exercise classes.
The deal comes as the demand for streaming workouts and specialized devices implied to replicate the experience of participating in a boutique physical fitness class in your home has actually risen in recent years, following the appeal of brand names like Peloton.
For Lululemon, the acquisition might help the company further expand into digital physical fitness as the company faces heightened competitors in athleisure from competitors like Nike
Putnam stated her dissatisfaction with other at-home exercise platforms led her to create Mirror, which launched in 2018.
It’s uncertain how numerous systems Mirror has sold, however Putnam informed Company Expert last year that the business had sold Mirrors in every state in the United States within a couple of months of its launch.