Lululemon to buy a home fitness startup mirror for $ 500 million

Lululemon to buy a home fitness startup mirror for $ 500 million

The company said on Monday it had entered into an agreement to purchase a home-starting mirror for $ 500 million. startup It sells an immersive mirror through which clients can participate in fitness classes and personal training sessions.

Calvin MacDonald, CEO of Lululemon, said in a statement, that the company is looking to work with Mirror “to accelerate the growth of personal fitness at home”.

The mirror, which was launched in September 2018 and got $ 72 million from investors including Lululemon, is one of many companies that are changing Fitness landscape By making it easy for anyone to enroll in interactive or customized interactive exercise lessons from their comfortable home – at an exorbitant price. The mirror costs approximately $ 1500 before taxes and installation fees, plus an ongoing subscription fee of $ 39 per month (for up to six people in the family) to access her lessons on demand or live. Personal training sessions train an additional $ 40 per session.

While receiving lessons such as cardio, yoga, and boxing exercises, clients can see key metrics like per-minute heartbeats (or BPM) and calories burned. The device, which is controlled by an application on your phone, comes with fitness bands, holder and bluetooth heart rate monitor.

In a conversation shortly before Piloton brought home fitness to the public last fall, founder and CEO, Mirror Brin Brennam, told CNN Business that her company was taking a “different approach to competition”.

Putnam said she is building a product that can ring as trends change. And she said at the time that Mirror wanted to be the “third screen in your life.” In other words, it comes to being able to communicate with consumers in their homes more easily than a given application.

Putnam, a former New York City ballerina, opened a fitness studio in 2010 in a church in Manhattan. Called Method of Improvement, the studio exercises focused on full-body and high-intensity training. It was a space Putnam could afford, but had to install custom equipment that could be removed weekly for Sunday morning services and rebuild again shortly after.

Putnam came up with a mirror idea after she struggled to include exercise lessons on her schedule as a pregnant entrepreneur. At the same time, I noticed how customers liked the optimization method of working alongside mirrors. It sought to blend the two concepts.

Putnam told CNN Business last fall that the startup is expecting to expand into other aspects of life, including health, fashion and beauty. She said at the time: “Fitness is just one of many content experiences at home.”

The startup has continued to partner with Lululemon to start expanding its content. Together, the two companies brought meditation lessons to the platform after Lululemon invested in Starting last year.

Lululemon said that Mirror would act as a stand-alone company, with Putnam as CEO and informing McDonald of once the deal was completed.

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