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

Comments are closed

Just Posted

Bench plaque recognizes former Summerland firefighter

Volunteers with fire department set up plaque in honour of Richard Estabrooks

Princeton RCMP arrest suspects in violent Salmon Arm home invasion

Two men who allegedly staged a violent home invasion in Salmon Arm… Continue reading

Public shows support for alcohol in outdoor spaces: City of Penticton

City council will vote on whether to continue allowing public consumption, on Tuesday, July 7

Interior Health will not expand Police and Crisis Team

Southeast Division Chief Superintendent Brad Haugli asked IH to expand the program

Haze over Okanagan and Shuswap skies may have drifted from Siberia

Few active wildifres so far this summer in B.C.

PHOTOS: B.C.’s top doc picks up personalized Fluevog shoes, tours mural exhibition

Murals of Gratitude exhibit includes at least one portrait of Henry alongside paintings of health-care workers

Seymour Arm landslide interrupts drinking water to 500 people

The July 3 slide damaged a water system and a logging road.

In troubled times: Independence Day in a land of confusion

Buffeted by invisible forces and just plain worn out, the United States of America celebrates its 244th birthday

Stop enforcing sex work laws during COVID-19, advocates say

There are provisions in Canada’s prostitution laws that make workers immune from prosecution, but not from arrest

Liberal party finished 2019 having spent $43 million, raised $42 million

All political parties had until midnight June 30 to submit their financial reports for last year

B.C. teacher loses licence after sexual relationships with two recently-graduated students

The teacher won’t be allowed to apply for a teaching certificate until 2035

White-throated sparrows have changed their tune, B.C. study unveils

Study marks an unprecedented development scientists say has caused them to sit up and take note

Okanagan Realtors donate big to North Westside fire department

Two Kelowna-area Realtors made a generous donation to the North Westside Fire… Continue reading

Most Read