Lululemon (The Canadian Press)

Lululemon buys in-home fitness company Mirror in $500-million deal

Lululemon says the purchase will be covered by the company’s primary sources of liquidity

Lululemon Athletica Inc. has entered into an agreement to acquire in-home fitness company Mirror.

The deal is valued at $500 million and will see the Vancouver-based athleticwear brand take over New York-based Mirror, which runs an interactive workout platform that features live and on-demand fitness classes.

Lululemon says the purchase will be covered by the company’s primary sources of liquidity, which includes more than $800 million in cash, its existing $400 million revolving credit facility, and a new one-year, $300 million revolving credit facility.

Lululemon believes Mirror will help position the company to drive the business through virtual and in-person experiences and bolster the company’s digital offerings.

Following completion of the transaction, Mirror will operate as a standalone company within Lululemon and Mirror’s founder Brynn Putnam will continue as its CEO.

The transaction is subject to conditions, but is expected to close in the second quarter of fiscal 2020.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Want to support local journalism during the pandemic? Make a donation here.

Lululemon

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Protesters in Parksville demand change to current B.C. forest practices

Approximately 50 people march along Island Highway

Qualicum Beach roundabout project would cost nearly $2M

Town to apply for funds to cover $1.79M of the total

Town of Qualicum Beach defers discussions with preservation society regarding wetlands

CAO says registered covenant will protect land in perpetuity

Qualicum Beach seek funds for $4.5M community field project

Turf surface would allow for new sporting activities

Parksville homeowner must clean up property or face penalties

If deadline not met, city crews will do the job and a bill will be sent out

3 new deaths due to COVID-19 in B.C., 139 new cases

B.C. confirms 40 ‘historic cases,’ as well

Woodgrove Centre posts plans to make masks and temperature checks mandatory

Nanaimo mall advises in letter to customers that rules will come into effect Monday, Sept. 21

Supreme Court Justice Ruth Bader Ginsburg dies at 87

The court’s second female justice, died Friday at her home in Washington

Emaciated grizzly found dead on central B.C. coast as low salmon count sparks concern

Grizzly was found on Gwa’sala-‘Nakwaxda’xw territory in Smith Inlet, 60K north of Port Hardy

Nanaimo residents ticketed for putting garbage bins out early

Conservation officers say they issued seven tickets this week, as concerns about bears increase

Motor home burns up at north Nanaimo intersection

No one hurt in incident Friday morning at old Island Highway, Rutherford Road and Mostar Road

VIDEO: B.C. to launch mouth-rinse COVID-19 test for kids

Test involves swishing and gargling saline in mouth and no deep-nasal swab

Comox Valley protesters send message over old-growth logging

Event in downtown Courtenay was part of wider event on Friday

Most Read