Fitness apparel brand Lululemon agreed on Monday to pay $500m to buy one of its portfolio companies, US-based fitness video subscription service Mirror.
Mirror has developed an interactive home gym setup that consists of a wall-mounted, partially reflective viewing screen that broadcasts live and on-demand fitness classes as well as hosting one-on-one sessions. The device can also be connected to wearables such as the Apple Watch to monitor a user’s heart rate.
Lululemon intends the acquisition to help drive a product ecosystem based on fitness. Mirror will gain access to additional content created by athletes who signed up to be brand ambassadors for Lululemon.
Mirror will meanwhile continue to operate as a standalone business with Brynn Putnam remaining as chief executive. Putnam said: “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.”
Lululemon contributed to a $34m series B-1 round for Mirror in November 2019 that was led by venture capital firm Point72 Ventures and also backed by LionTree, Spark Capital, Lerer Hippeau and assorted private investors, bringing its overall funding to $72m.
Spark Capital had provided $25m in series B funding for the company in September 2018, after leading a $13m round seven months earlier, with contributions from Lerer Hippeau, First Round, BoxGroup, Primary Venture Partners and Brainchild Holdings.
Photo courtesy of Mirror.
