Lululemon, a Canada-based global athletic apparel company, has announced its $500 million acquisition of Mirror, which offers a full-length wall-mounted “Digital Mirror” to stream online fitness classes. The digital mirror has a sleek, interactive display with embedded camera and speakers.
Mirror, which is headquartered in Vancouver, offers 40″ full HD 1080p display, with 178° wide viewing angle at price label of $1,500, The digital-mirror then streams live fitness classes with bluetooth and WiFi connectivity. The mirror can be controlled by iOS or Android companion app.
Mirror is Lululemon’s first acquisition and follows its $1 million investment in the innovative startup last year. According to CNBC, the acquisition deal is expected to close in the second quarter of fiscal 2020.
The acquisition will also expand a “content creation partnership” between Mirror and Lululemon. Classes like meditation that are taught by Lululemon’s “global ambassadors” are already available on the Mirror platform.
Founded in 2018, by Brynn Putnam, Mirror has raised $72 million from investors. Mirror charges customers $39 a month to stream its live or on-demand classes.
Post the acquisition, Mirror will run as a standalone company within Lululemon, and its current CEO, Brynn Putnam, will continue as Mirror’s CEO, reporting to Lululemon Chief Executive Calvin McDonald, the companies said.
The Mirror requires a WiFi or hard wired Ethernet connection that can provide at least 10 Mbps of stable speed. Required internet speed may be higher if a subscriber/customer have multiple users who regularly stream content or download large files.
The Mirror’s camera is activated during Personal Training sessions only, never during Live and On-demand classes, which the startup offers. Thus the MIRROR experience is both interactive and personalized for its customers.