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

In photos and video: Colourful Canada Day parade rolls through Sicamous

Patriotic procession allows community to celebrate together while maintaining distance

RCMP find Shuswap man with replica weapon in breach of conditions

Chase resident ticketed for driving with inactive licence plates

QUIZ: Put your knowledge of Canada to the test

How much do you know about our country?

Popular Shuswap cross-country running event postponed

Region’s Lewiston Ultra on hold due to COVID-19 pandemic

Evacuation alert issued for Ravenscroft property

A single-family property has been put under evacuation alert due to land slippage and bank erosion

North Okanagan man gives back for Canada Day

Food packages given away to those living on the streets in Vernon

Dog rescued from rocky ledge in Summerland

Penticton Search and Rescue members perform high angle rescue

PHOTOS: Dual rallies take over Legislature lawn on Canada Day

Resist Canada 153 highlighted colonization and genocide, Unify the People called COVID a hoax

Gov. General honours Canadians for bravery, volunteer service

Five categories of winners presented on Canada Day

COVID-19: Should non-medical masks be mandatory in Canada?

New poll shows Canadians are divided on the rules around mandatory masks

Okanagan mine makes way for industrial project

Council holds a special meeting to rezone property

Northbound lane of Coquihalla closed after vehicle incident near Hope

A northbound lane is closed just north of the Great Bear Snowshed, according to DriveBC

Water floods North Okanagan skate park, playground

Polson Park remains closed following Tuesday storms

Two rescued from tipped sailboat in Okanagan Lake near Kelowna

The two men were quickly brought to shore by a marine rescue crew

Most Read