Lululemon Athletica, the fitness apparel company, is all set to acquire home exercise startup Mirror for $500 million. The deal comes when at-home workout solutions are in great demand due to closure of gyms and workout options curtailed due to COVID-19 pandemic.
Mirror, a New York-based developer of an interactive workout platform that offers weekly live classes and has developed thousands of on-demand workouts as well as one-on-one personal training.
As per the company press release, Mirror will help accelerate and fulfill Lululemon’s vision to create and build the Company’s Power of Three growth plan, which includes driving the business through omni guest experiences.
The deal builds on a business relationship that began in mid-2019, when Lululemon made an initial investment of $34 million in Mirror, valuing the startup at around $300 million.