Lulelmon, the fitness apparel company, has announced that it planned to acquire the home fitness startup Mirror for $500 million. The company announced that it plans to end the sale by the second quarter of the year.
This deal has come at a time when the home workout solutions are in great demand. The COVID-19 pandemic has affected the workout options for millions around the world. Moreover, the closing of gyms has increased this problem. Even when they reopen in different localities, there will always be a risk due to the COVID-19.
This is a bold step taken by Lulelmon due to the COVID-19 pandemic, which has affected everyone.
“Back in 2019, we became an experimental brand that connects people from different communities,” stated the CEO, Kalvin McDonald. “By acquiring Mirror, we will have an awesome opportunity to build on the vision and enhance our skills. We are looking forward to work alongside Brynn Putnam and the team at Mirror.”
The two companies have had a long term relationship, which dates back to the previous year. Back then, Lulelmon became an investor in Mirror. The company raised around $34 million, which valued it at $300 million.
Moreover, it has around 1,495 workable machines. The company has also raised around $75 million from several investors, like Spark Capital, First round capital, Point72 Ventures, Karlie Kloss, and Box Group.
Many people view Mirror as an alternative to Pelton’s connected machines. Some people also consider it a better option than Pelton. However, there is still heavy competition in the category of fitness slabs, including Tempi and Tonal; however, Mirror is the biggest name in the group. The company came out of stealth in 2018, and it has been progressing ever since. The CEO states that he will use the acquisition for expansion of the company into multiple cities.
Have a tip we should know? email@example.com