Athleisure company Lululemon has agreed to buy connected fitness startup Mirror for $500 million, the companies announced this week.
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When the acquisition is completed, Mirror will operate as a standalone company within Lululemon, and Mirror CEO Brynn Putnam will continue working as the fitness startup’s chief executive, according to a statement from the company.
Mirror, which is backed by investors including Spark Capital, Point72 Ventures and Lululemon, has live classes, on-demand workouts, and personal training options. The company, which launched in 2018, is based in New York.
“In 2019, we detailed our vision to be the experiential brand that ignites a community of people living the sweatlife through sweat, grow and connect,” Lululemon CEO Calvin McDonald said in a statement. “The acquisition of MIRROR is an exciting opportunity to build upon that vision, enhance our digital and interactive capabilities, and deepen our roots in the sweatlife. We look forward to learning from and working with Brynn Putnam and the team at MIRROR to accelerate the growth of personalized in-home fitness.”
Connected fitness has certainly become a popular sector for startup investments, as we’ve written about before. Additionally, there’s been an increase in demand for at-home fitness companies like Mirror and Peloton since the outbreak of the COVID-19 pandemic. Sales for at-home fitness equipment has soared, and gyms have also started renting out their spin bikes and other equipment to bring in revenue while they’ve remained closed. And with many people staying home, it’s not a far stretch to say there’s also likely been more people in athleisure or comfort-wear, like what Lululemon offers.
Mirror last raised money with its $34 million Series B in October 2019. Point72 Ventures led the round, and Lululemon participated as an investor.
Illustration: Dom Guzman
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