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At-Home Fitness Opps: Lululemon acquiring startup Mirror for $500m (Scores 98, 51)
Women's clothier Mirror for $500m; the companies expect the deal to close by the end July, which marks the end of Lululemon's second fiscal quarter. Home workout options are in higher demand than ever due to the global pandemic, and adding Mirror's gym equipment will vastly grow Lululemon's product diversity and customer reach. When the deal closes, Mirror will operate as an independent company within Lululemon.
Lululemon became one of Mirror's investors last year, when the latter company raised $34m in Series B-1 funding. This brought Mirror's total valuation to $74.8m.
Along with workout-at-home products, Mirror created an interactive workout platform complete with live and on-demand classes. This deal will bring the startup's immersive and personalized in-home solutions to Lululemon guests.
Lululemon responded to the global pandemic by temporarily closing its retail stores and shifting its focus to eCommerce channels.
Compare Lululemon's and Mirror's digital display and national TV ad spend, estimated by Adbeat and iSpot, here; note Mirror's YTD national TV spend has nearly doubled from the same time period in 2019. According to Kantar data, Lululemon also utilizes OOH media, and Mirror also utilizes local broadcast.
Mirror provides a more affordable option than its main competitor, Peloton, does; this will appeal to Lululemon's target demographic of penny-pinching Gen-Z, millennials and Gen-X. Lululemon typically targets women, but this acquisition will allow it to also reach more men. Mirror's ad spend is already on the rise, and this increase will continue as Lululemon invests more spending dollars into the brand. We additionally expect the brands to invest in digital channels such as podcast, paid social and/or OTT.
Agency & martech readers - Reach out soon for potential work here, especially if you can offer Mirror-specific work. 180LA respectively handle Lululemon's PR and creative remits, but it looks like Mirror will remain independent enough to select its own agency partners.
Lululemon currently has a VAI score of 98, making a review imminent; Mirror's score is 51, making a review likely within the next 12-15 months.
**Note: Since CG is headquartered in Canada, you might want to familiarize yourself with its Anti-Spam Law (CASL) before reaching out.**