Lululemon Wants to Enter Your Home
A $500 million dollar deal for a mirror company? Absolutely crazy right? Think again. Lululemon (LULU) shares spiked after their acquisition announcement of the home fitness equipment MIRROR. You may have heard the word omnichannel appear in fashion initiatives before. What omnichannel means is creating a variety of channels that meet the consumer where they are. With the current pandemic keeping people at home and away from the gym, this is the perfect omnichannel approach for Lululemon to meet their customers where they are.
MIRROR is a digital screen disguised as a full-length mirror. They dub themselves the “Nearly Invisible Interactive Home Gym.” Retailing for $1,500 a piece, the home fitness center is an investment for both Lulu and the average consumer. Mirror allows a personal trainer along with stats and guides to walk you through cardio, yoga, boxing, and more. You can buy a heart rate monitor to sync up to your Mirror to even measure your BPM during your workouts.
This acquisition comes at an interesting time for Lululemon. Lulu has been under fire for culturally insensitive allegations, largely masked by the fact that they are not in the public sphere quite often. This acquisition seems like it could be a saving grace for the expensive and relatively plateaued athletic wear line. Branching into tech and expanding their reach literally into the homes of their customers could allow them to push their own product directly into their homes. If the Mirror is able to workout with you, why wouldn’t they be able to suggestive-sell to you as well? How far Lululemon extends their sales techniques will be interesting to watch as they push boundaries into their consumers homes.