Lululemon Acquiring Online Home Fitness Company MIRROR
Not necessarily known as an acquisitive company, lululemon athletica (NASDAQ: LULU) has announced a fresh new asset buy. On Monday, the athleisure wear king announced that it has signed a definitive agreement to purchase MIRROR, a privately held company fitness company. The price is $500 million.
MIRROR's core product is a fitness device that is essentially a reflective video screen. This allows users to join live and on-demand fitness classes conducted online, with their instructor appearing on the screen in addition to their own reflected image (in order to check their form). A monthly subscription fee grants access to the classes.
Image source: MIRROR.
Source Fool.com
