Lululemon has agreed to acquire the at-home-exercise startup Mirror for $500 million. This is the company's first acquisition.
Mirror sells a wall-mounted device of the same name that allows customers to participate in streaming fitness classes at home. The acquisition comes as demand for streaming at-home workout classes has grown, particularly during the coronavirus pandemic.
With 20+ different genres, 15-60 minute classes, and beginner to expert levels, Mirror has a class for everyone in their extensive library. Mirror costs $1,500, plus a $39 monthly subscription for the classes.
Lululemon said in a press release that the deal would help the apparel maker boost its "digital and interactive capabilities."
In addition to the investment, Lululemon also worked with Mirror through a content partnership that included sweat and meditation classes from the apparel company's global ambassadors on Mirror's platform.