Lululemon has acquired augmented reality (AR) home fitness giant Mirror for $500 million as it seeks to capitalise on the lockdown driven home-fitness boom.
Mirror, which was founded four years ago, sells $1500 smart mirrors in which users can see both themselves and a digital instructor, allowing them to stream unlimited classes ranging from boxing to yoga to their living rooms.
The pair hope to close the sale by the end of their second fiscal quarter this year, by which time Lululemon will be selling Mirror’s equipment through its site.
Lululemon and Mirror first started working together back in November 2019, when the athleisure giant helped Mirror raise $34 million in a Series B funding round.
At the time it announced a partnership with Mirror which would see it provide content for its interactive sessions, including meditation classes hosted by Lululemon ambassadors.
“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’s chief executive Calvin McDonald said.
“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.”
It comes amid a dramatic rise in demand for home workout equipment as large swathes of the globe remain in lockdown, seeing Lululemon’s share price more than double since March.