Lululemon expanding into home fitness
High-end yogawear brand Lululemon Athletica has announced it will buy home fitness company Mirror for $500 million. The move capitalises on the recent growth in the home workout market that’s taken place because of coronavirus lockdowns.
Compared with other apparel brands, Lululemon has maintained a relatively strong position, according to Reuters, as consumers have purchased more comfortable clothing for indoor workouts. At the same time, locked-down Americans spent more on home workout equipment and subscriptions.
As a result, the New York-based Mirror company, which launched in 2018, is on track to hit more than $100 million in revenue this year from sales of its $1,500 video monitors and monthly workout classes subscriptions.
The move reflects a growing number of sportswear companies expanding their reach into experience-based offerings. In a piece by Forbes covering the Lululemon acquisition, author Dave Knox was quoted likening the deal to Under Armour’s acquisition of MapMyFitness and Endomondo.
Mirror’s founder Brynn Putnam will stay on as CEO, as the brand will operate as a standalone unit.
