Lululemon to buy home fitness starter mirror for $ 500 million

The company said on Monday that it has signed a home exercise initial Mirror purchase agreement for $ 500 million. Start It sells an immersive mirror where customers can attend fitness classes and personal workouts.

Lululemon CEO Calvin McDonald said in a statement, the company is looking forward to working with Mirror to “accelerate the growth of personalized home fitness”.

Launched in September 2018, Mirror raised $ 72 million from investors, including Lululemon, fitness landscape making it easy for everyone to participate in live or optional interactive exercise classes from the comfort of their homes – with an important price tag. Mirror has ongoing subscription fees of about $ 1,500 before taxes and setup fees, plus $ 39 per month (up to six people in a household) to access optional or live classes. Each of the personal training sessions charge an additional $ 40 surcharge.

While taking classes like cardio workouts, yoga, and boxing, customers can see key metrics such as heartbeats per minute (or BPM) and calories burned. Controlled by an app on your phone, the device comes with fitness bands, a stand and a Bluetooth heart rate monitor.

In a speech shortly before the home fitness company Peloton went public last fall, Mirror founder and CEO Brynn Putnam told CNN Business that his company is using a “different approach from competition”.

Putnam has announced that it is building a product that can flex as trends change. Mirror wants to be “the third screen of his life” at that time. In other words, it is about the ability to connect with consumers in their homes more easily than private practice.

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Putnam, former dancer of New York City Ballet, opened a boutique fitness studio in a church in Manhattan in 2010. The workshop was called exercise method focusing on full body, high intensity interval training. There was an area that Putnam could afford, but it had to install custom-made equipment that could be removed weekly for Sunday morning services and rebuilding soon.

Putnam came up with the idea of ​​Mirror after struggling to fit exercise classes into his program as a pregnant entrepreneur. At the same time, he realized how much customers in the Refine Method love working with mirrors. He tried to combine the two concepts.

Putnam told CNN Business last fall that the initiative expects to expand to other aspects of life, including health, fashion and beauty. “Fitness is just one of the many content experiences at home,” he said.

The startup partnered with Lululemon to start expanding its content. The two companies brought meditation classes to the platform after Lululemon’s investment. begins last year.

Lululemon said that Mirror will work as an independent company, Putnam will work as CEO, and will report to McDonald when the transaction is complete.

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About the Author: Abbott Hopkins

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