Lululemon today announced plans purchase home exercise startup Mirror, for $ 500 million. The fitness apparel company announced its plans in a press release, noting that it hopes to close the sale by the end of the second fiscal quarter of this year.
The deal comes at a time when homework solutions are in high demand. The COVID-19 pandemic has very limited training opportunities for many around the world, and the ongoing closure of sports halls exacerbates the problem. Even when they begin to open in different regions, many are likely to be careful with returning to a confined space with a potentially high risk if the virus continues to spread.
“In 2019, we detailed our vision of a brand based on the experience that sparks a community of people who live in sweat through sweat, growth, and communication,” CEO Calvin McDonald said in a news release. “The acquisition of MIRROR is a great opportunity to develop this vision, expand our digital and interactive capabilities and deepen our roots in sweat life. We look forward to learning from and working with Brynn Putnam and the Mirror team to accelerate the growth of personalized fitness at home. ”
The two companies have a relationship dating back to the end of last year, when Lululemon became an investor in Mirror. The $ 34 million B-1 series brought $ 34 million for a $ 1,495 New York startup reflex training simulator, valued at $ 300 million. The company raised $ 74.8 million from investors, including Point72 Ventures, Spark Capital, First Round Capital, Lerer Hippeau and BoxGroup. Carly Kloss and Creative Agency founder Kevin Houvein are also investors.
The mirror is seen by many as an alternative to the insanely popular Peloton computers. There is fierce competition in the category of wall-mounted simulators, including Tonal and Tempo, but Mirror continues to be the band’s biggest name. The company stepped out of stealth on the TechCrunch Disrupt stage in 2018.