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Lululemon to buy at-home fitness startup Mirror for $500 million

June 29, 2020. Summarized by summa-bot.

As the appeal of at-home workouts has become more ubiquitous during the pandemic, Lululemon, the athletic apparel company, is going all in on the craze.

(CNN Business)As the appeal of at-home workouts has become more ubiquitous during the pandemic, Lululemon, the athletic apparel company, is going all in on the craze.

The company said Monday that it has entered into an agreement to buy home exercise startup Mirror for $500 million.

The startup sells an immersive mirror through which customers can participate in fitness classes and personal training sessions.

In a statement, Lululemon CEO Calvin McDonald said the company looks forward to working with Mirror to "accelerate the growth of personalized in-home fitness. "

Mirror, which launched in September 2018 and has raised $72 million from investors including Lululemon, is one of several companies changing the fitness landscape by making it easy for anyone to engage in live or on-demand interactive workout classes from the comfort of their home — with a substantial price tag.

In a conversation shortly before at-home fitness company Peloton went public last fall, Mirror founder and CEO Brynn Putnam told CNN Business her company is taking a "different approach than the competition. "

Putnam came up with the idea for Mirror after she struggled to fit workout classes into her schedule as a pregnant entrepreneur.

"Fitness is just one of the many content experiences in the home," she said at the time.

Lululemon said Mirror will operate as a standalone firm, with Putnam as CEO and reporting into McDonald once the transaction is complete.

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