Can I buy The Mirror in countries other than the US? The athleisure company’s first acquisition is a bet on the future of fitness and a way to further tie into the lives of its customers. “This isn’t just about getting guests to buy apparel,” Calvin McDonald, chief executive of Lululemon, said in an interview. Skip Navigation. Lululemon Athletica Inc. is buying at-home fitness company Mirror for $500 million, a deal that aims to capitalize on pandemic-fueled upheaval in the fitness and retail industries. Lululemon Athletica Inc. has agreed to acquire on-demand interactive workout platform Mirror for $500 million.. … For the retailer, there are no shortage of incentives. Lululemon today announced plans to acquire home exercise startup Mirror for $500 million. Ms. Putnam, who will remain chief executive of Mirror and report directly to Mr. McDonald, said that the interactive fitness company had “tens of thousands of subscribers” and had seen its business accelerate during the coronavirus pandemic. . slide 2 of 2.Explore the MIRROR. Classes like meditation that are taught by Lululemon’s “global ambassadors” are already available on the Mirror platform. My Account My Account. “The versatility of the platform completely aligns with how we view the versatility of our product,” he said. Women's What's New; Men's What's New; All Women's ; All Men's; All Accessories; slide 1 of 2.Shop Align. By purchasing Mirror, Lululemon ensures it’ll have income coming in from a separate business while also staying in the fitness space. Peloton, for instance, increased its revenue by 66 percent during the last quarter and gained new users through a free 90-day trial offer. It’s a coup for Mirror and its chief executive, Brynn Putnam, a former New York City Ballet dancer who introduced the product in 2018 and has raised $72 million from investors. 0. Buzzy exercise startup Mirror agreed to sell to Lululemon, the yoga clothing brand, for $500 million today. With gyms and fitness clubs closed due to the COVID-19 pandemic, shut-in Americans have increased purchases of home-workout equipment, boosting sales of companies such as Peloton Interactive Inc. … 3 charts reveal why Lululemon just dropped $500 million to buy Mirror Maybe Lululemon didn't overpay for Mirror, judging by the data. lululemon. Does Mirror Acquisition Make Lululemon Stock a Buy Again? The pandemic brought with it a reckoning for retailers — forcing shops to close their in-person locations for months and leading to widespread unemployment. Can I buy The Mirror on lululemon.com? Every type of workout—50+ genres—with new Live Classes … 55 in the 2020 Digital Commerce 360 Top 1000, agreed to buy Mirror, a maker of in-home fitness equipment, for $500 million, broadening a partnership that began last year as exercise increasingly moves away from traditional gyms. Last week, athletic apparel company Lululemon Athletica announced it would be buying the interactive home gym, Mirror, for a cool $500 million. Shop The Mirror. How much is it? The two companies began a relationship in mid-2019 when Lululemon presented Mirror with an initial investment, which included a content partnership and classes offered by Lululemon’s Global Ambassador Program. Lululemon has been hurt by the coronavirus pandemic, but nowhere near as badly as most other apparel chains. Lululemon to Buy Mirror, a Fitness Start-Up, for $500 Million. Mirror, which is backed by investors including Spark Capital, Point72 Ventures and Lululemon, has live classes, on-demand workouts, and personal training options. Still, one space that’s thriving during the pandemic is at-home fitness solutions. The company, which launched in 2018, is based in New York. I’ve got my Mirror—how do I take classes? Lululemon to buy home fitness start-up Mirror for $500M Back to video. Lululemon is buying exercise hardware startup Mirror for half a billion dollars, The deals are slow, but we got some exclusives for you, Plus, check out Samsung’s preorder perks for the Galaxy S21, WarnerMedia extends its 20 percent discount on HBO Max subscriptions, Saving you just over $3 per month, but you have to prepay for six months of service, Sign up for the Mirror Lululemon, the company behind trendy fitness apparel, is getting into the hardware business with Mirror. . Its classes include Pilates, barre, kickboxing and strength training. “Guests have accelerated their behavior and accelerated the adoption of in-home sweat.”. The purchase fits with Lululemon’s ambitions to become an experiential brand that helps customers live a “healthy and mindful lifestyle across multiple experiences,” as it said last year. While the relationship between Lululemon and Mirror has formally been in place since last year, it’s unclear when exactly the conversation about a sale began (both companies declined to talk to Marker about the deal). Ms. Putnam, a 37-year-old Harvard graduate, was once a Lululemon ambassador herself. Mirror will operate as a standalone company within Lululemon and retain its chief executive following completion of the deal, the companies said Monday in a statement. Shares. . To learn more or opt-out, read our Cookie Policy. Lululemon, which is based in Vancouver, British Columbia, said it would promote Mirror online and sell its exercise machine in “a number of locations.” Mirror has only two physical locations. Posted on June 30, 2020 July 2, 2020; 176 views; 3 minute read; Sapna Maheshwari; Image Courtesy of Vincent Tullo for The New York Times Credit: Vincent Tullo for The New York Times. Mirror charges customers $39 a month to stream its live or on-demand classes. The acquisition, expected to close during this quarter, will be paid in cash, with $50 million held back and paid out over two years, the company said. Lululemon to Buy Mirror. The nearly invisible home gym that transforms less than two feet of wall space into a cardio class, a yoga studio, a boxing ring, and so much more. Please also read our Privacy Notice and Terms of Use, which became effective December 20, 2019. The athleisure company’s first acquisition is a bet on the future of fitness and a way to further tie into the lives of its customers. Maybe Lululemon didn't overpay for Mirror, judging by the data. Try refreshing your browser, or tap here to see other videos from our team. Lululemon said that while the pandemic was not the “trigger” for the purchase, it bolstered the case. lululemon athletica noted its plans to buy MIRROR by way of a press release, noting that it hopes to close the sale by the end of the second fiscal quarter of this year. The Mirror purchase transforms Lululemon from a traditional retailer into a subscription-based firm with strong recurring revenues. Lululemon, the purveyor of expensive athleisure and activewear, is betting on the future of personalized remote exercise as a way to reach customers by acquiring Mirror, a home fitness start-up that sells a $1,495 wall-mounted machine for streaming workout classes. . The acquisition will also expand a “content creation partnership” between Mirror and Lululemon. Following Lululemon’s first $1 million investment in Mirror in mid-2019, the $500 million purchase is the firm’s first acquisition betting the future of personalized in-home … Mr. McDonald suggested that it would not be surprising to see instructors on Mirror clad in Lululemon gear in the future. Instructors could wear Lululemon clothing, too, tying the businesses together and combining hardware, software, and retail. John covers consumer goods and technology companies for Fool.com. The Mirror deal fits in with Lululemon’s expansion into experiences, and continues the company’s long-time marketing playbook that promotes the brand by giving product to “global ambassadors” — usually local athletes and yoga instructors. 0. Lululemon, the purveyor of expensive athleisure and activewear, is betting on the future of personalized remote exercise as a way to reach customers by acquiring Mirror, a home fitness start-up that sells a $1,495 wall-mounted machine for streaming workout classes. Lululemon, the company behind trendy fitness apparel, is getting into the hardware business with Mirror. newsletter. “This is about strengthening our community and our loyalty and our relationship with our guests and memberships, and it’s going to be its own revenue stream model, which we’re excited about.”. Is The Mirror available at lululemon stores? The company recently reported that its net sales for the quarter that ended May 3 tumbled 17 percent to $652 million, but in that period, its direct-to-consumer sales jumped nearly 70 percent. 1. Find real-time motivation and thousands of ways to sweat with MIRROR, from weight training … The fitness lifestyle company announced on Monday it would spend $500 million to acquire the startup, which sells a $1,495 reflective display so subscribers can exercise while simultaneously streaming workouts and watching themselves. Theoretically, the $500 million purchase of Mirror will allow Lululemon to leverage cross-sell opportunities and create a brand new revenue stream. Although McDonald told the paper the COVID-19 pandemic didn’t “trigger” the purchase, the timing doesn’t feel coincidental. We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. “It definitely has helped us learn and see quicker into the future now,” Mr. McDonald said. (Bloomberg)— Yoga-pants retailer Lululemon Athletica Inc., No. Home fitness products like Peloton and streaming classes have boomed during the pandemic. Watch Video. ... Can I buy The Mirror on lululemon.com? Mirror founder Brynn Putnam was a Lululemon ambassador. Stay strong all year with MIRROR. Lululemon is now a tech company with their purchase of Mirror, plan is to operate as independent companies. Mirror, which is based in New York, expects to bring in over $100 million in revenue this year and either break even or be slightly profitable in 2021, Mr. McDonald said. I still have questions. Women; Men; Accessories; Community; Mirror; Sign In; 0; Meet MIRROR. For a monthly premium membership of, say, US$100 a month, you could get discount on Lululemon gear, streaming video lessons, discounted mirror and other hardware, membership to its exclusive experiential stores with meditation and yoga studios, juice bars … It has built a popular following online, including among celebrities like Reese Witherspoon, Alicia Keys and Ellen DeGeneres. The $500 million purchase, which Lululemon announced on Monday, is the company’s first acquisition and … Feels like you. (A key part of Lululemon’s marketing strategy has long been to team up with people like athletes and yogis to promote its brand.). Total. By choosing I Accept, you consent to our use of cookies and other tracking technologies. It said on Monday that its liquidity included more than $800 million in cash, a $400 million revolving credit line and a new one-year $300 million revolving credit line. Get that next-to-nothing feeling from head to toe in new, matching diamond dye Align (yes, that means the tank, too). The Times says Mirror expects to bring in over $100 million in revenue this year and to break even or be profitable in 2021. See also: Lululemon’s new Vancouver headquarters continues to move forward; Microsoft Store to close all of its brick-and-mortar retail locations; Lululemon quietly shutters … Lululemon to Buy Mirror, a Fitness Start-Up, for $500 Million. Gyms and fitness studios are largely closed, and many customers are nervous to return to those that have reopened. The $500 million purchase, which Lululemon announced on Monday, is the company’s first acquisition and follows its $1 million investment in Mirror last year. 1. Lululemon Athletica just spent half a billion dollars to buy at-home workout startup Mirror, and its shares are climbing. Brynn Putnam, the chief executive of the exercise start-up Mirror. My Shop Preferences. Mirror will operate as a standalone company within Lululemon and retain its chief executive following … You can now shop the smart mirror everyone has been talking about at lululemon. Matt McCall and the InvestorPlace Research Staff 7/2/2020 U.S. must reverse Trump course, make human rights central - HRW We apologize, but this video has failed to load. Built on the premise of community, Lululemon can now assemble that community virtually — perhaps emulating Nike’s … What’s the relationship between lululemon and MIRROR? The apparel company’s CEO Calvin McDonald tells The New York Times the purchase is about “strengthening our community and our loyalty and our relationship with our guests and memberships.” He also noted that Mirror comes with its own revenue model, which he and the team are “excited about.”. The $500 million purchase, which Lululemon announced on Monday, is the company’s first acquisition and follows its $1 million investment in Mirror last year. . 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