Lululemon to buy home fitness home mirror for $ 500 million

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The company said Monday that it has signed an agreement to buy Mirror, a home fitness start-up company, for $ 500 million. The startup sells an immersive mirror through which clients can participate in fitness classes and personal training sessions.

In a statement, Lululemon CEO Calvin McDonald said the company hopes to work with Mirror to "accelerate the growth of personalized physical fitness at home."

Launched in September 2018, Mirror has raised $ 72 million from investors, including Lululemon, is one of several companies that are changing the landscape of physical fitness by making it easy for anyone to participate in interactive training classes live or under demand from the comfort of your home. At a considerable price. Mirror costs nearly $ 1,500 before taxes and installation fees, plus ongoing subscription fees of $ 39 per month (for up to six people in a household) to access your classes on demand or live. Personal training sessions cost an additional $ 40 each.

While taking classes like cardio, yoga, and boxing, customers can see key metrics like their beats per minute (or BPM) and calories burned. The device, which is controlled by an app on your phone, comes with exercise bands, a kickstand, and a Bluetooth heart rate monitor.

In a conversation shortly before home fitness company Peloton went public last fall, Mirror founder and CEO Brynn Putnam told CNN Business that his company is taking a "different approach than the competition. "

Putnam explained that he is building a product that can flex as trends change. Mirror wants to be "the third screen in your life," he said at the time. In other words, it's more about the ability to connect with consumers in their homes with ease than the particular app.

Putnam, a former dancer with the New York City Ballet, opened a boutique fitness studio inside a Manhattan church in 2010. Called the Refine Method, the study workouts focused on full-body, high-intensity interval training. It was a space that Putnam could afford, but he had to install custom-made equipment that could be removed weekly for Sunday morning services and rebuilt again soon after.

Putnam came up with the idea for Mirror after she struggled to tailor training classes to her schedule as a pregnant businesswoman. Simultaneously, he realized how much Refine Method customers loved working alongside the mirrors. She tried to mix the two concepts.

Putnam told CNN Business last fall that the startup hoped to expand into other aspects of life, including health, fashion, and beauty. "Physical fitness is just one of many content experiences at home," he said at the time.

The startup partnered with Lululemon to start expanding its content. Together, the two companies brought meditation classes to the platform after Lululemon invested in the startup last year.

Lululemon said Mirror will operate as an independent company, with Putnam as CEO and reporting to McDonald once the transaction is complete.

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