Feb, 2021 - By SMI
During the pandemic, several businesses have incurred losses; but there are some businesses that bloomed quickly like the fitness industry. Big companies are investing in this sector after seeing its growth.
During the pandemic, gyms were closed to avoid the spread of corona virus. So all the fitness enthusiasts were forced to work-out at home using different kind of fitness equipment. During this period, people who were not into fitness also became more conscious about their health and exercised daily at home. As a result, sales of fitness equipment such as peloton, fitness mirrors and many more have increased. These companies sell products which help people to exercise at home according to their convenience. Several companies have shown interest in this segment and are investing huge amounts in the fitness sector.
Mirror is a fitness startup which sells wall mounted mirrors with on-demand fitness class and personal trainers available 24x7. According to the survey conducted by U.S. News 2020 Fitness Trends, people have poor postures and tight or weak muscles. This is a revolutionary product which helps the customer to prepare better work-out routines and they can also check their postures which is a significantly important step of a fitness work-out as it creates an environment of virtual gym at home.
Seeing this potential, Lululemon has decided to acquire Mirror for US$ 500 million in cash in June 2021. Previously Lululemon had invested US$ 1 million in Mirrors and seeing the future potential of the company, they have decided to acquire it. According to the deal, Mirror will be running as a standalone company under Lululemon and the CEO of Mirror will be working at the same position but he will be reporting to the Chief Executive of Lululemon.
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