Lululemon has agreed to acquire exercise tech startup Mirror for $500 million, the company announced on Monday.
Brynn Putnam, Mirror's founder and CEO, will stay on as the company's CEO, and Mirror will operate as a standalone company within Lululemon. The transaction is expected to close in the second fiscal quarter of 2020. The mirror can be controlled via a smartphone app, and users can see exercise stats on the mirror's screen. The company alsoThe deal comes as the demand for streaming workouts and specialized equipment meant to replicate the experience of participating in a boutique fitness class at home has risen in recent years, following the popularity of brands like Peloton.
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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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