Lululemon set to acquire home fitness startup Mirror for $500M

SAN FRANCISCO, CA - SEPTEMBER 06: Mirror Founder and CEO Brynn Putnam (L) and moderator Lucas Matney speak onstage during Day 2 of TechCrunch Disrupt SF 2018 at Moscone Center on September 6, 2018 in San Francisco, California. (Photo by Steve Jennings/Getty Images for TechCrunch)
SAN FRANCISCO, CA - SEPTEMBER 06: Mirror Founder and CEO Brynn Putnam (L) and moderator Lucas Matney speak onstage during Day 2 of TechCrunch Disrupt SF 2018 at Moscone Center on September 6, 2018 in San Francisco, California. (Photo by Steve Jennings/Getty Images for TechCrunch)
Brian Heater

Lululemon today announced plans to acquire home exercise startup Mirror for $500 million. The fitness apparel company noted its plans by way of a press release, noting that it hopes to close the sale by the end of the second fiscal quarter of this year.

The deal comes at a time when home workout solutions are in high demand. The COVID-19 pandemic has severely limited workout options for many across the world, and the continued closure of gyms has prolonged the problem. Even when they begin to reopen in different locales, it seems many will be wary of returning to a potentially high-risk enclosed space, so long as the virus continues to spread.

Fitness startup Mirror nears $300M valuation with fresh funding


“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,” CEO Calvin McDonald said in a press release tied to the news. “The acquisition of MIRROR is an exciting opportunity to build upon that vision, enhance our digital and interactive capabilities, and deepen our roots in the sweatlife. We look forward to learning from and working with Brynn Putnam and the team at Mirror to accelerate the growth of personalized in-home fitness.”

The two companies have a relationship dating back to late last year, when Lululemon become an investor in Mirror. The $34 million Series B-1 brought in $34 million for the New York startup’s $1,495 reflective guided workout machine, valuing the startup at around $300 million. The company has raised a total of $74.8 million from investors, including Point72 Ventures, Spark Capital, First Round Capital, Lerer Hippeau and BoxGroup. Karlie Kloss and Creative Agency founder Kevin Huvane are also investors. 

Mirror has been viewed by many as an alternative to Peloton’s wildly popular connected machines. There’s stiff competition in the category of connected fitness slabs, including Tonal and Tempo, but Mirror continues to be the biggest name of the bunch. The company came out of stealth onstage at TechCrunch Disrupt in 2018.

More From

  • California reportedly launches antitrust investigation into Google

    According to a report in Politico, California has become the 49th state to launch an antitrust investigation into Google. California and Alabama were the only states that did not participate in an antitrust investigation by 48 states, Puerto Rico and the District of Columbia, that began in September and is focused on Google’s dominance in online advertising and search. It is still unclear what aspects of Google’s business the reported California investigation will focus on.

  • U.S. government may finalize ban on federal contractors using equipment from Huawei this week

    The Trump administration is set to finalize regulations this week that ban the United States government from working with contractors who use technology from five Chinese companies: Huawei, ZTE, Hikvision, Dahua and Hytera Communications, according to a Reuters report. The ban was first introduced as a provision in the 2019 National Defense Authorization Act that prevents government agencies from signing contracts with companies that use equipment, services and systems from Huawei, ZTE, Hytera, Hikvision and Dahua, or any of their subsidiaries and affiliates, citing national security concerns.

  • Ban or no ban, Facebook wins in U.S. threats against TikTok

    On Monday, U.S. Secretary of State Mike Pompeo said that the U.S. is "looking at" banning Chinese social media apps, including the Chinese-owned company TikTok, comparing it to other Chinese companies like Huawei and ZTE that have been deemed national security threats by the current administration. "With respect to Chinese apps on people's cell phones, I can assure you that the United States will get this one right, too," Pompeo said. The fear is the app could be used to surveil or influence Americans, or else that TikTok parent ByteDance could be made to provide the Chinese government with TikTok's data on its U.S.-based users -- of which there are at least 165 million.

  • Amazon will pay $135,000 to settle alleged US sanction violations

    In a statement issued this week, the U.S. Treasury Department notes that Amazon has agreed to pay $134,523 to settle potential liability over alleged sanctions violations. The charges specifically pertain to goods and services sent to people located in Crimea, Iran and Syria, which are covered by Office of Foreign Assets Control (OFAC) sanctions, between November 2011 and October 2018. The Treasury Department also states that the retail giant failed to report “several hundred" transactions in a timely manner.