Lululemon Acquires At-Home Fitness Brand Mirror for $500 Million
Lululemon is kicking off the holiday week with some big news: It’s acquiring at-home fitness company Mirror.
The deal marks the first major acquisition for athletic apparel brand Lululemon. Mirror provides on-demand and live classes and personal training sessions that are broadcasted on a wall-mounted device, a mirror that doubles as a screen, which will run consumers $1,495.
“In 2019, we detailed our vision to be the experiential brand that ignites a community of people living the sweatlife through sweat, grow and connect. 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 sweatlife.”
Lululemon and Mirror already had a relationship; Lululemon invested in Mirror last year and had a content partnership. It’s Lululemon’s first major acquisition and points to a desire for the brand to broach beyond the apparel space. Last April, Lululemon outlined a “strategic plan to accelerate growth,” stating the company’s desire to create “omni-guest experiences” and embrace “market expansion.”
“We are thrilled to officially become a part of the Lululemon family,” said Brynn Putnam, Mirror’s founder and CEO. “As part of Lululemon, Mirror can further strengthen its position and accelerate its growth by leveraging Lululemon’s deep relationships with its guests, ambassadors and communities, as well as the company’s infrastructure, including its store network and ecommerce channels, to acquire new users.”
The deal is a sign of faith in the at-home fitness space, which was already seeing a rise in popularity prepandemic, thanks to companies like Mirror and competitor Peloton. Of course, Covid-19 has only provided a boost to such brands, like Obé Fitness, which saw 70% month-over-month growth from March to April.
According to the New York Times, Mirror expects to bring in $100 million in revenue this year.
Mirror will still operate as a separate company under the Lululemon umbrella, and Putnam will remain at the helm of Mirror.
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