Lululemon right now announced plans to amass house train startup Mirror for $500 million. The health attire firm famous its plans by the use of a press launch, noting that it hopes to shut the sale by the top of the second fiscal quarter of this yr.
The deal comes at a time when house exercise options are in excessive demand. The COVID-19 pandemic has severely restricted exercise choices for a lot of the world over, and the continued closure of gyms has extended the issue. Even after they start to reopen in numerous locales, it appears many shall be cautious of returning to a probably high-risk enclosed house, as long as the virus continues to unfold.
“In 2019, we detailed our imaginative and prescient to be the experiential model that ignites a group of individuals dwelling the sweatlife by way of sweat, develop and join,” CEO Calvin McDonald mentioned in a press launch tied to the information. “The acquisition of MIRROR is an thrilling alternative to construct upon that imaginative and prescient, improve our digital and interactive capabilities, and deepen our roots within the sweatlife. We look ahead to studying from and dealing with Brynn Putnam and the crew at Mirror to speed up the expansion of personalised in-home health.”
The 2 firms have a relationship relationship again to late final yr, when Lululemon turn into an investor in Mirror. The $34 million Collection B-1 introduced in $34 million for the New York startup’s $1,495 reflective guided exercise machine, valuing the startup at round $300 million. The corporate has raised a complete of $74.eight million from traders, together with Level72 Ventures, Spark Capital, First Spherical Capital, Lerer Hippeau and BoxGroup. Karlie Kloss and Artistic Company founder Kevin Huvane are additionally traders.
Mirror has been considered by many as an alternative choice to Peloton’s wildly common linked machines. There’s stiff competitors within the class of linked health slabs, together with Tonal and Tempo, however Mirror continues to the largest identify of the bunch. The corporate got here out of stealth onstage at TechCrunch Disrupt in 2018.