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

The corporate stated Monday that it has entered into an settlement to purchase house train startup Mirror for $500 million. The startup sells an immersive mirror via which prospects can take part in health courses and private coaching classes.

In a press release, Lululemon CEO Calvin McDonald stated the corporate seems ahead to working with Mirror to “speed up the expansion of customized in-home health.”

Mirror, which launched in September 2018 and has raised $72 million from traders together with Lululemon, is considered one of a number of corporations altering the fitness landscape by making it simple for anybody to have interaction in dwell or on-demand interactive exercise courses from the consolation of their house — with a considerable price ticket. Mirror prices almost $1,500 earlier than tax and set up charges, plus ongoing subscription charges of $39 monthly (for as much as six individuals in a family) to entry its on-demand or dwell courses. Private coaching classes run an extra $40 every.

Whereas taking courses like cardio exercises, yoga and boxing, prospects can see key metrics like their heartbeats-per-minute (or BPM) and energy burned. The gadget, which is managed by an app in your telephone, comes with health bands, a stand and a Bluetooth heart-rate monitor.

In a dialog shortly earlier than at-home health firm Peloton went public final fall, Mirror founder and CEO Brynn Putnam instructed CNN Enterprise her firm is taking a “totally different method than the competitors.”

Putnam defined that she’s constructing a product that may flex as tendencies change. Mirror desires to be “the third display screen in your life,” she stated on the time. In different phrases, it is extra in regards to the capacity to attach with shoppers of their properties with ease than it’s in regards to the explicit software.

Putnam, a former dancer for the New York Metropolis Ballet, in 2010 opened a boutique health studio within a church in Manhattan. Referred to as Refine Technique, the studio’s exercises targeted on full-body, high-intensity interval coaching. It was area that Putnam may afford, however she needed to set up custom-built gear that may very well be eliminated weekly for Sunday morning companies and rebuilt once more shortly after.

Putnam got here up with the concept for Mirror after she struggled to suit exercise courses into her schedule as a pregnant entrepreneur. Concurrently, she seen how a lot prospects at Refine Technique beloved figuring out alongside mirrors. She sought to mix the 2 ideas.

Putnam instructed CNN Enterprise final fall that the startup anticipated to develop into different points of life, together with well being, trend and sweetness. “Health is simply one of many many content material experiences within the house,” she stated on the time.

The startup went on to companion with Lululemon to start increasing its content material. Collectively, the 2 corporations introduced meditation courses to the platform after Lululemon invested within the startup last year.

Lululemon stated Mirror will function as a standalone agency, with Putnam as CEO and reporting into McDonald as soon as the transaction is full.

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