Athleisure brand lululemon athletica has entered into a definitive agreement to acquire MIRROR, an in-home fitness concept, for $500 million. MIRROR has created an interactive workout platform that features live and on-demand classes.
With its best-in-class content and versatile platform, MIRROR positions lululemon to accelerate its vision and build upon an ecosystem that will fuel the company’s ‘Power of Three’ growth plan, which includes driving the business through omni guest experiences. MIRROR will bolster the lululemon’s digital offerings with immersive and personalised in-home fitness and mindfulness solutions.
“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. 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 personalised in-home fitness,” said Calvin McDonald, CEO, lululemon.
MIRROR offers weekly live classes and thousands of on-demand workouts as well as immersive one-on-one personal training. MIRROR has seen rapid growth and strong engagement since it launched in 2018 as demand for in-home fitness offerings continue to increase significantly.
This transaction builds on a successful partnership between the two companies, which began in mid-2019 with an initial investment in MIRROR by lululemon, and also includes a content partnership which brought sweat and meditation classes to the MIRROR platform by lululemon’s global ambassadors. This acquisition will further expand the content creation partnership between the two brands and will help lululemon, MIRROR and lululemon Ambassadors reach new guests.
“We are thrilled to officially become a part of the lululemon family. As part of lululemon, MIRROR can further strengthen its position and accelerate its growth by leveraging lululemon’s deep relationships with its guests, ambassadors and communities, as well as the company’s infrastructure, including its store network and e-commerce channels, to acquire new users,” added Brynn Putnam, founder & CEO, MIRROR, and a former lululemon ambassador.
Following the completion of the acquisition, MIRROR will operate as a standalone company within lululemon and Putnam will continue as MIRROR’s CEO.