TORONTO - Lululemon Athletica Inc said on Monday it would buy home fitness company Mirror for US$500 million , as the high-end yogawear maker looks to cash in on booming demand for home workout classes spurred by coronavirus lockdowns.
New York-based Mirror, which launched in 2018, is set to reach over US$100 million in revenue this year through sales of its about US$1,500 mirror-like video monitors and monthly subscriptions for live workout classes, Lululemon said. The deal, which is set to close in the next one to two weeks, gives Lululemon a new revenue stream, as well as an opportunity to more deeply integrate its yoga pants, sports bras and leggings into home workout classes, in front of the eyes of its prime affluent millennial customer base.