Lululemon has announced that it has acquired Mirror, a start-up that specializes in the production of smart fitness mirrors.
This became known from the official press release. Lululemon. The fitness apparel company hopes to close the deal by the end of this year's second fiscal quarter. Mirror was valued at $500 million.
The deal comes against the backdrop of the coronavirus pandemic, which has seen more people focus on solutions that can provide a comfortable workout at home due to the difficulty in going to fitness centers. And the problem is not only in closed rooms. Even after their full opening, many will simply be afraid to visit places with a large crowd of people. It can be assumed that this situation will continue for a long time, which means that Mirror fitness mirrors will be a very popular product, even despite their rather high price of $1495.
Lululemon has been interested in the startup for quite some time now. So, at the end of last year, the company invested in Mirror $34 million. So the purchase looks like a logical step. Lululemon CEO Calvin McDonald said the acquisition of Mirror will expand the brand's digital and interactive capabilities.
The history of Mirror began at the end of 2018. The company specializes in the production of special mirrored displays with a diagonal of 40 inches, arranged vertically and designed specifically for fitness. In the off state, the device can be used as a normal mirror. At the moment, the startup is the most famous among those working on "smart" solutions for sports.