Lululemon just bought one of the coolest smart home fitness companies

Lululemon Athletica, the clothing company best known for its yoga apparel line, has announced plans to acquire in-home fitness company MIRROR for $500 million. MIRROR has launched an all-in-one smart fitness system designed to replace the gym, something no doubt more popular now that many people are practicing social distancing and avoiding public fitness centers.

MIRROR sells a smart home fitness system that involves a large vertical wall-mounted display that plays workout videos. As well, the display works as a mirror so the user can view their own form and it presents certain data on the screen, including how long the workout has been going on and which video the user is participating in.

In its announcement on Monday, Lululemon Athletica revealed that it will use MIRROR's home fitness technology to 'accelerate its vision and build upon an ecosystem that will fuel' the company's overall growth plan. Lululemon had previously partnered with MIRROR last summer with an initial investment into the company.

Under that deal, Lululemon had a content deal with MIRROR that included both meditation and fitness classes on its platform. The new agreement to acquire the company for $500 million builds upon that existing relationship, a transaction Lululemon expects to fully close in its second fiscal quarter of 2020.

Lululemon Athletica CEO Calvin McDonald said:

In 2019, we detailed our vision to be the experiential brand that ignites a community of people living the sweatlife through sweat, grow and connect. The acquisition of MIRROR is an exciting opportunity to build upon that vision, enhance our digital and interactive capabilities, and deepen our roots in the sweatlife. We look forward to learning from and working with Brynn Putnam and the team at MIRROR to accelerate the growth of personalized in-home fitness.