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

CRD explores option to use Oak Bay Lodge for people who are homeless

Motion asks staff to work with BC Housing, Island Health on possibilities

Public tips lead to arrest in alleged random assault on Victoria bus

June 19 incident was recorded by onboard camera

Woman who talked to unconscious husband, a Victoria police officer, for 30 years focus of study

Ian Jordan suffered a head injury when he and another officer were on their way to a call in Victoria in September 1987

B.C. residents can go to the Royal BC Museum for half price all summer

Museum reopening in phases, COVID-19 measures in place

Sidney asking tourists to respect health guidelines

Messaging says Sidney is ‘excited to welcome smart, safe, and respectful visits’

VIDEO: Victoria’s Raging Grannies call for end to public funding of for-profit senior homes

Organizer says COVID-19 has made senior home issues more apparent

Greater Victoria Crime Stoppers wanted list for the week of July 7

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Would you get a vaccine for COVID-19 when it is available?

With the number of positive COVID-19 tests skyrocketing across much of the… Continue reading

Campaign aims to raise $50K for young family of deceased Vancouver Island skydiver

James Smith, 34, died July 5 following incident in Nanoose Bay

Canadian policing organization calls for decriminalization of simple illicit drug possession

Canadian Association of Chiefs of Police want policing focus of opioid crisis to be replaced with a health one

B.C. ports part of data integration project to protect marine ecosystems

The $1.2 M federally funded program will draw crucial baseline data from Canada’s three coastlines

Filing deadline in RCMP sexual-harassment class-action extended due to COVID-19

Plaintiffs now have until January 2021 to submit claims for up to $222,000

Jamie Bacon pleads guilty to charge in Surrey Six case

The plea brings an end to a complex legal case that has spanned more than a decade

Hefty undeclared driver charges piling up, ICBC warns customers

Average extra penalty $2,971 after an at-fault accident

Most Read