Lululemon announced Monday that it is buying home fitness startup Mirror for $500 million.
Some analysts and experts questioned whether this purchase was a good use of its cash reserves during the pandemic. Like other clothing brands, Lululemon faces pressure on sales while stores remain closed. Other analysts are applauding the deal and say it puts Lululemon in a position of strength long-term.
The immediate benefit of this acquisition is that it provides Lululemon with access to a new revenue stream, which is subscription-based, and that could be crucial for its business as brick and mortar sales continue to come under threat during the pandemic. This means we could see customers being able to work out and shop on their Mirror device, which would open up significant new e-commerce opportunities for Lululemon.. In a previous conversation with Business Insider, she said that she sees the Mirror becoming the third screen in our lives, and the tech eventually becoming a way for users to shop and chat with friends.It is also a well-timed move into the home fitness segment as this continues to grow at a rapid rate during the pandemic.
Would you buy a digital mirror?
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Lululemon is buying Mirror for $500 million as at home workouts surge - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. 😍 What an awesome story and so crazy how this news came out the same day as we released our episode with Chip Wilson, the founder of lululemon on TheFounderHour podcast. You can listen here:
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Lululemon to acquire interactive fitness company Mirror for $500 millionShares of sports retailer Lululemon Athletica Inc. undefined rose 3% in after-hours trading Monday following its announcement that it has agreed to acquire...
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