Lululemon Is Into An Agreement To Buy Home-Exercise Startup Company “Mirror” For $500 Million

by Chhavi Madaan | 2020-06-30

Undoubtedly, pandemic has compelled people to workout at their homes. And many of the fitness clubs have even initiated their home-based workout programs online. An athletic apparel company, Lululemon is also planning to dive into the benefits that can be opt-in with home-based fitness plans. Read on to know the complete details.

Lululemon is one of the best-known companies for gym clothes. It was founded in 1998 in Vancouver.

The brand Lululemon confirmed on Monday that, we are into an agreement to buy home exercise startup mirror for $500 million.

The CEO of Lululemon Galvin McDonald said, “we are looking forward to working with the startup company “Mirror” to increase the growth of home-based fitness programs.”

About The Company Mirror

Mirror was started in 2018 with an initial investment of $72 million raised from several investors including Lululemon. It was started with all those companies helping to change the landscape of the fitness industry. And providing the comfort and easiest ways to the people even when working out from homes. It costs around $1500 excluding taxes and installation fees. Additionally, $39 per month for an ongoing subscription to access its on-demand or live sessions. This amount is chargeable for up to 6 members of a household. $40 will be charged for a personal session each.

What Mirror Is Planning To Deliver Their Customers Shortly

The technology is used to provide the metrics updates. Customers can see their burned calories and heartbeats per-minute while doing a workout, yoga, and boxing. All the updates can be seen in an app on your phone, connectable with a fitness band, and a Bluetooth hand-rate monitoring system.

The Company’s founder Peloton and CEO Brynn Putnam told CNN that “Our company is going forward to a different approach than the competition.”

Putnam further explained that “We’re building a new product where technology is playing a vital role, that product will flex as per the changes in trends. She continued saying that we as the company want to be, “the third screen in your life.”

Putnam is the only one who started an idea for Mirror after struggling a lot to fit workout classes into her schedule as a pregnant entrepreneur. In the meantime, she noticed that people love working out either alongside or in front of the mirror.

According to CNN and Putnam’s statement, the company “Mirror” will be going to deal in other aspects of life as well including health, beauty, and fashion.

And the partnership with Lululemon is being done to expanding its content. She continued saying.

And then Lululemon said, the company will be operated as a standalone firm and Putnam will work as CEO and reporting into McDonald after the completion of legal formalities.

Stay Happy. Stay Healthy. Stay Tuned.

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