‘Mirror’ Bought For Half-Billion Dollars By Lululemon
Smart mirror maker, Mirror, has been acquired for US$500 million by women’s fitness apparel behemoth, Lululemon, as demand for at-home workout streaming soars amidst the coronavirus pandemic.
Mirror sells ~US$1,500 smart mirrors which allow users to stream and participate in workout classes from the comfort of home within its intuitive touch screen.
The company will operate as a standalone organisation within Lululemon, with the apparel maker saying the acquisition seeks to boost its “digital and interactive capabilities.”
The smart mirrors are positioned as an option to traditional gyms, with its interactive screen playing workouts, tracking personal progress, and offering the opportunity to monitor form.
The news follows a content partnership between the two companies, with several workout and meditation classes held by Lululemon ambassadors on the Mirror platform.
Users can view stats on the mirror’s screen, and control other settings via a smartphone.
Brands like Peloton have also catapulted on growing demand for at home smart equipment which brings the experience of a specialised class to home.
Peloton fared a notable 66% jump in sales during its Q3 results announced in May.
It comes as lifestyle apparel brands such as Nike continue to expand their digital and tech offerings.
Mirror has expanded throughout the United States, with plenty of room for international expansion.