Mirror the at-Home Fitness Company to be Acquired by Lululemon
AEC’s Consumer Products Monitor
Lululemon’s $500 million acquisition of Mirror is a fascinating moment in the Convergence Era. With the deal, Lululemon evolves its brand further into consumer lifestyle and with a decided new technology edge. Mirror offers live classes weekly through its wall-mounted mirror device in addition to on-demand workouts and one-on-one personal training sessions. The company is a competitor to Peloton.
The Mirror acquisition come as the retailer achieved surprising Q2 2020 sales results, actually achieving increased quarterly revenue during the Pandemic as compared to Q2 2019. Lululemon’s Q2 results were propelled by its online sales being up 157% year-over-year. The retailer’s sales at company-operated stores actually dropped 51% from the same quarter last year.
CNBC reported on Lululemon’s acquisition of Mirror on June 29: Lululemon to acquire at-home fitness company Mirror for $500 million.
Destination Meetings are Starting to Occur Again; Some Lessons Learned
SCP’s The Growth Monitor
Several large conferences, as well as smaller meetings and events, have taken place around the country in a kind of “test case” scenario, according to the online resource BizBash. Each of the events described by BizBash were successfully produced and with no follow-on COVID-19 cases reported. Of course, each of the gatherings took place with intense safety measures in place.
These recent events are extremely helpful to economic development professionals around the U.S. and around the world. Most metro areas count on the meetings industry and its ancillary hotels and resorts, transportation, F&B, and off-site activities, to provide local employment and tax revenues.
Professional meeting planners are quickly adapting and embracing safe meeting practices, and taking advantage of emerging “lessons learned” from first efforts. With this backdrop we believe that metro areas accustomed to hosting destination meetings, re-starting this important economic activity is possible.
The BizBash article is a must-read for anyone wanting confidence to get their event scheduling underway. The September 2, 2020 post at BizBash.com is available here: Meetings Are Still Happening Around the Country. Here’s What They Look Like.