A year ago this month, lululemon announced it was acquiring MIRROR, the “nearly invisible home gym.”
How it’s going: A decision that’s already paying dividends, lululemon is on track to be better than break-even on the $500M acquisition price within three years.
- 2020: MIRROR earned $170M in revenue.
- 2021: Revenues are forecasted to rise as much as 65% to $275M.
- 2023: Sales could reach $700M w/600K subscribers by 2023, per BoA.
Doubling down: Proving MIRROR wasn’t a one-and-done for their fitness ambitions, Retail Dive uncovered lululemon has filed a number of health- and wellness-related patents this year.
Exercise mat. According to a patent application, yoga mats are slippery, lack support, or can be hard to transport. lulu’s exercise mat with three-dimensional surface texture aims to be a better alternative.
Wellness metric. Exploring the link between physical and emotional health, lululemon is seeking to use biometric data to quantify a user’s wellness metric so that personalized behavior interventions can be prescribed.
Sensor mount. To track movement and/or biometric signals, like heart rate and skin temperature, lululemon appears to be pursuing smart clothing and other apparel-based sensors.
TBD. There’s no guarantee that any of these filings come to fruition. Either way, the intent hints at health and fitness ambitions beyond MIRROR’s home workouts.
In the meantime. While we wait on patent news, you can bank on lululemon’s entrance to the footwear market later this year/early 2022.
According to Portland Business Journal, the retailer is expanding its footwear operation in Portland, leasing 28,000 square feet and hiring a number of new roles, including a footwear biomechanics lead.