Lululemon as we speak introduced plans to amass residence train startup Mirror, for $500 million. The health attire firm famous its plans by the use of a press launch, noting that it hopes to shut the sale by the top of the second fiscal quarter of this 12 months.
The deal comes at a time when residence exercise options are in excessive demand. The COVID-19 pandemic has severely restricted exercise choices for a lot of the world over, and the continued closure of gyms have extended the issue. Even after they start to reopen in numerous locales, it appears many will likely be cautious of returning to a probably excessive threat enclosed area, sohttps://techcrunch.com/2019/06/03/fitness-startup-mirror-nears-300m-valuation/ lengthy because the virus continues to unfold.
Fitness startup Mirror nears $300M valuation with recent funding
“In 2019, we detailed our imaginative and prescient to be the experiential model that ignites a neighborhood of individuals residing the sweatlife via sweat, develop and join,” CEO Calvin McDonald stated in a press launch tied to the information. “The acquisition of MIRROR is an thrilling alternative to construct upon that imaginative and prescient, improve our digital and interactive capabilities, and deepen our roots within the sweatlife. We look ahead to studying from and dealing with Brynn Putnam and the workforce at Mirror to speed up the expansion of personalised in-home health.”
The two firms have a relationship relationship again to late final 12 months, when Lululemon develop into an investor in Mirror. The $34 million Series B-1 introduced in $34 million for the New York startup’s $1,495 reflective guided exercise machine, valuing the startup at round $300 million.
Mirror has been seen by many as an alternative choice to Peloton’s wildly fashionable join machines. There’s stiff competitors within the class of wall-mounted health machines, together with Tonal and Tempo, however Mirror continues to the most important identify of the bunch. The firm got here out of stealth on stage at TechCrunch Disrupt in 2018.