Mirror Deal Puts Lululemon In Contextual Commerce | PYMNTS.com

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In a move that caught much of the world off guard, athleisure giant Lululemon announced plans this week to buy home-exercise technology startup Mirror for an impressive $500 million.The deal comes as the global pandemic has shut down gyms nationwide, leaving U.S. consumers finding ways to digitally transplant their gym workouts into their homes — a real boon to home fitness providers.Consider connected-bike company Peloton. The continued consumer lockdown led Peloton to report $524.6 million in first-quarter sales — a 66 percent year-over-year increase. The company’s stock price has also roughly doubled in the past two months, touching an all-time intraday high of $60 a share last week.Even though gyms in many states are starting to reopen, they face capacity caps and concerns that all but the most dedicated gym rats will be wary of returning to amid the pandemic: potentially high-risk enclosed spaces.Mirror taps into that trend with its connected, wall-mounted mirror devices that livestream fitness classes into a consumer’s home.“In 2019, we detailed our vision to be the experiential brand that ignites a community of people living the sweatlife through sweat, grow and connect,” Lululemon CEO Calvin McDonald said in a statement announcing the Mirror deal. “The …

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