Lululemon has announced the company will acquire MIRROR, a leading in-home fitness company that has created an interactive workout platform featuring live and on-demand classes, for a purchase price of $500 million. The mirror can be controlled via a smartphone app, and users can see exercise stats on the mirror’s screen.
The acquisition comes as the demand for streaming workouts and at-home exercise is seeing significant growth.
What Does it Mean?
Connected fitness is continuing to gain traction and the acquisition of Mirror gives Lululemon the opportunity to build a community of users who want to workout at home.
While Mirror perhaps is more of a fit for luxury users, Lululemon has proven they do know how to access higher-value customers.
With aggressive competition from brands like Nike in digital fitness, it is becoming clear that a hardware-software option is becoming an important part to capturing this growing market.