Lululemon Acquires Mirror for $500M to Move into Hardware
Lululemon, the Vancouver-based athleisure company, has agreed to acquire NYC-based Mirror, the connect fitness system for $500M in an all-cash transaction.
“This isn’t just about getting guests to be apparel,” remarked Calvin McDonald, CEO of Lululemon.
Mirror appears to be the only startup that Lululemon has invested in and it’s the company’s first acquisition as well.
Mirror will continue to operate independently under its own brand with Putnam remaining as CEO and reporting directly to McDonald.
Lululemon went public in 2007 and is trading at a $38.33B market cap and is up another 10% in after-hours trading.
Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by StartupAround.
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