Lululemon to buy fitness company Mirror for $500M

Monday, 29. June 2020 22:56

Athletic apparel retailer Lululemon Athletica Inc. revealed on Monday that it reached an agreement to acquire in-home fitness company Mirror in a deal worth $500 million. The deal is expected to be finalized in the second quarter of fiscal 2020 after being subjected to regulatory approval.

"As part of lululemon, MIRROR can further strengthen its position and accelerate its growth by leveraging lululemon's deep relationships with its guests, ambassadors and communities, as well as the company's infrastructure, including its store network and ecommerce channels, to acquire new users." Mirror's CEO Brynn Putnam said in a statement.

Mirror will continue to operate as a standalone company within Lululemon upon completion of the acquisition, with Putnam remaining its CEO and reporting to Lululemon's chief executive Calvin McDonald, the companies revealed.

Related Links: Lululemon Athletica Inc.
Breaking the News / MS