cloudyn.png
Thursday October 29th, 2020 9:02PM

Lululemon buys at-home exercise startup for $500 million

By The Associated Press

NEW YORK (AP) — Athletic apparel maker Lululemon Athletica Inc. said Monday it's acquiring at-home exercise startup Mirror for $500 million.

The deal is part of Lululemon's plan to expand beyond just selling yoga tights and other workout clothing.

“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 sweat life,” Lululemon CEO Calvin McDonald said in a statement.

The move also comes as Americans have been forced by gym closures to work out at home during the pandemic. And even as some gyms have reopened with new safety protocols, many customers are still not willing to go back because of worries about catching the virus.

Mirror, which launched in 2018, sells a $1,500 interactive mirror that streams workout classes, offers weekly live classes and thousands of on-demand workouts, as well as immersive one-on-one personal training.

The deal builds on a partnership between the two companies that began in mid-2019 when Lululemon made an initial investment in Mirror.

It also marks Lululemon's first acquisition. Once the deal closes, Mirror will operate as a standalone company within Lululemon, which is based in Vancouver, British Columbia.

Brynn Putnam will continue as Mirror’s CEO, reporting to McDonald.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
In about-face, Arizona shuts bars, pools again to curb virus
Arizona’s governor has ordered bars, nightclubs and water parks to close again for at least a month starting Monday night
7:28PM ( 11 minutes ago )
GOP lawmakers urge action after Russia-Afghanistan briefing
Eight Republican lawmakers have attended a White House briefing about explosive allegations that Russia secretly offered bounties to Taliban-linked militants for killing American troops in Afghanistan
7:22PM ( 17 minutes ago )
Arizona shuts bars, theaters, parks amid virus resurgence
Arizona’s Republican governor has shut down bars, movie theaters, gyms and water parks amid a dramatic resurgence of coronavirus cases
7:11PM ( 29 minutes ago )
Associated Press (AP)
Kim Kardashian West sells stake in beauty brand for $200M
Kim Kardashian West is selling a stake in her beauty brand for $200 million, in a deal that values the TV reality star’s three-year-old business at $1 billion
6:27PM ( 1 hour ago )
Social media platforms face a reckoning over hate speech
For years, social media companies have fueled political polarization and allowed hate speech to thrive on their platforms with half-measured solutions
6:12PM ( 1 hour ago )
The Latest: Cubs say 2 staffers test positive for COVID-19
Chicago Cubs general manager Jed Hoyer says two staff members have COVID-19 and were experiencing mild symptoms
6:05PM ( 1 hour ago )
AP Business
Starbucks latest to say it will pause social media ads
Starbucks is the latest company to say it will pause social media ads after a campaign led by civil rights organizations called for an ad boycott of Facebook, saying it doesn’t do enough to stop racist and violent content
7:18PM ( 1 day ago )
Russian nickel producer admits pollution in Arctic tundra
A Russian metallurgical company says it improperly pumped wastewater into the Arctic tundra and that it has suspended the responsible employees
12:23PM ( 1 day ago )
Rolling Stones threaten to sue Trump over using their songs
The Rolling Stones are threatening President Donald Trump with legal action for using their songs at his rallies despite cease-and-desist directives
11:50AM ( 1 day ago )
AP Business - Corporate News
In about-face, Arizona shuts bars, pools again to curb virus
Arizona’s governor has ordered bars, nightclubs and water parks to close again for at least a month starting Monday night
7:28PM ( 11 minutes ago )
GOP lawmakers urge action after Russia-Afghanistan briefing
Eight Republican lawmakers have attended a White House briefing about explosive allegations that Russia secretly offered bounties to Taliban-linked militants for killing American troops in Afghanistan
7:22PM ( 17 minutes ago )
Arizona shuts bars, theaters, parks amid virus resurgence
Arizona’s Republican governor has shut down bars, movie theaters, gyms and water parks amid a dramatic resurgence of coronavirus cases
7:11PM ( 29 minutes ago )
Venezuela's Maduro orders EU envoy to leave after sanctions
Venezuelan President Nicolás Maduro has ordered the European Union’s ambassador to leave the country hours after the bloc hit several officials loyal to the socialist leader with sanctions
6:43PM ( 56 minutes ago )
The Latest: Mets GM says multiple coronavirus cases for team
New York Mets general manager Brodie Van Wagenen says one player on the team’s 40-man roster has tested positive for the coronavirus, in addition to multiple minor leaguers
6:37PM ( 1 hour ago )