The Chanel of Yoga Wear 'Lululemon' Targets the Booming 'Home Workout' Market Amid COVID-19

[Image source=AP Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Lululemon Athletica (Lululemon), known as the "Chanel of yoga wear," is targeting the home training (home workout) market through the acquisition of a U.S. home fitness platform company.

According to Bloomberg on the 29th (local time), Lululemon announced that it acquired the home fitness platform company Mirror for $500 million (approximately 599.5 billion KRW) on the same day.

Lululemon stated, "Mirror will operate as an independent company within Lululemon."

Founded in the U.S. in 2018, Mirror is a home training company that offers a platform device resembling a wall-mounted mirror, which connects via Bluetooth to recommend exercises tailored to the user. Through the device, an instructor appears to demonstrate exercises, and the user's workout is displayed simultaneously on the device, providing an experience similar to one-on-one training.

Until now, Lululemon has focused its marketing not just on selling yoga wear but on "wellness," encouraging consumption of related experiences such as offering free yoga classes. Since mid-2019, Lululemon has steadily invested in Mirror, and industry experts say that the recent acquisition reflects a swift market response to the increase in home workout enthusiasts due to the COVID-19 pandemic.

Calvin McDonald, CEO of Lululemon, said, "This acquisition is not aimed at boosting sales of the yoga wear we sell but is a decision made based on the potential of the home training industry."

Meanwhile, Lululemon's stock price rose 4.1% in after-hours trading on the day.

This content was produced with the assistance of AI translation services.