Lululemon acquires home fitness startup Mirror for $500 million

Lululemon acquires home fitness startup Mirror for $500 million

The company said on Monday that it has reached an agreement to acquire Mirror, a home fitness startup, for $500 million. Start-up companies Sell ​​immersive mirrors, which customers can use to participate in fitness classes and personal training courses.

Calvin McDonald, CEO of Lululemon, said in a statement that the company hopes to work with Mirror to “accelerate the development of personalized home fitness.”

Launched in September 2018, Mirror has raised $72 million from investors including Lululemon, and is one of several companies that changed this situation Fitness landscape By enabling anyone to comfortably and easily conduct real-time or on-demand interactive exercise classes at home at a price. The cost of Mirror is close to $1,500 (excluding taxes and installation fees), plus a monthly subscription fee of $39 (up to six people in a family) to access its on-demand or live classes. An additional $40 is charged for each individual training course.

When conducting aerobic, yoga and boxing courses, customers can see key indicators such as heartbeats per minute (or BPM) and calories burned. The device is controlled by the app on the phone, equipped with a fitness bracelet, stand and Bluetooth heart rate monitor.

In a conversation shortly before the home fitness company Peloton went public last fall, Mirror founder and CEO Brynn Putnam told CNN Business that her company was taking a “different approach from its competitors”.

Putnam explained that she is developing a product that can change as trends change. At the time she said that the mirror wanted to be “the third screen in your life.” In other words, it is not so much related to specific applications as it is the ability to easily connect with consumers in the family.

Putnam is a former dancer of the New York Ballet and opened a boutique fitness studio in a church in Manhattan in 2010. The studio is called the “optimization method”, and its focus is on high-intensity interval training throughout the body. Putnam can afford this space, but she must install custom equipment, which needs to be dismantled every week for Sunday morning service and rebuilt again soon.

Putnam put forward the idea of ​​”mirror” after trying to adapt the fitness program to his schedule as a pregnant woman. At the same time, she noticed that Refine Method customers like to work with mirrors. She tried to merge these two concepts.

Putnam told CNN Business last fall that the startup is expected to expand to other aspects of life, including health, fashion and beauty. At the time she said: “Fitness is just one of the many entertainment experiences in the family.”

The startup continues to work with Lululemon to start expanding its content. After Lululemon invested in meditation courses, the two companies jointly brought meditation courses to the platform Launched last year.

Lululemon stated that Mirror will operate as an independent company and Putnam will serve as the CEO and report to McDonald’s after the transaction is completed.

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