Lululemon buys interactive home gym startup Mirror for $500 million
Lululemon is best-known for gym clothes, but the gym isn’t an option in areas hard-hit by the pandemic — so it’s finding a way to foster workouts at home. The company has bought home fitness startup Mirror for $500 million to “accelerate the growth of personalized in-home fitness.” While Lululemon didn’t say how the technology would evolve, it said Mirror would operate as a standalone company with Brynn Putnam remaining as CEO.
Sales of Mirror’s connected exercise display could keep demand for apparel going regardless of how long gyms remain closed. As TechCrunch observes, though, this also gives Lululemon a convenient opportunity to compete against Peloton, Tonal and others making smart home fitness equipment. Don’t be surprised if Mirror steps up development of its signature product and makes it more widely available.