Source: PelotonĪmid the home exercise trend, money has been pouring into such platforms with investors confident that it will continue to last even when quarantine is over. Its connected subscriber base has ballooned to nearly 900,000 people, marking a 94% year-on-year rise. In an earnings report released in May, Peloton reported that its latest quarter sales had surged a whopping 66% compared to the same period last year to reach US$524 million. Read: 10 ways that fitness studio & gym visits will change in the post-Covid world Mirror, Peloton and other stay-at-home workout platforms have seen their sales surge during the coronavirus pandemic, which has forced fitness studios to close and millions of people around the world in search for alternative ways to exercise during lockdown. Speaking to CNBC about the acquisition, McDonald said that “in itself it is a revenue business” that Lululemon plans to continue to grow, adding that Mirror expects to rake in more than US$100 million in revenue this year to break even by 2021.
#Lululemon mirror free
Read: 8 free online yoga & fitness classes to join while stuck at home during Covid-19Įach Mirror retails for US$1,495 and its subscribers pay a monthly fee of US$39 to stream its weekly classes, and is rivalling against other tech-forward home workout platforms such as Peloton. To date, Mirror has raised over US$74 million in funding, as investors place their bets on its livestream and on-demand home workout system, which connects users through a sleek wall-mounted responsive display. Lululemon made its first US$1 million investment into the New York-based workout startup in 2019. Mirror’s founder and CEO, Brynn Putnam, will continue to act in her position to run the brand as a standalone company, and will report to Calvin McDonald, the CEO of Lululemon. The US$500 million purchase will be made in cash, and is expected to close in the second fiscal quarter of this year. The popular upmarket athleisure brand announced on Monday (June 29) that it has closed a deal to buy Mirror, an in-home connected fitness platform.
It marks the brand’s first acquisition, and is yet another sign that the future of fitness remains at home as the world continues to battle the coronavirus crisis. Lululemon, the darling of the athleisure world, has announced that it will acquire the stay-at-home fitness company Mirror for US$500 million.
0 kommentar(er)
