Lululemon Is Exploring Sale of Mirror Unit Bought in 2020 To Competitor: Report

Lululemon Athletica Inc LULU seeks to sell its at-home fitness business, Mirror, which it bought in 2020.
The company approached its competitor Hydrow as a potential buyer, said CNBC.
LULU rebranded Mirror as Lululemon Studio post the acquisition.
Also read: Lululemon Q4 Earnings Highlights: Revenue Beat, EPS Beat, Guidance Update And More
Lululemon spokesperson said, “As previously announced, we are shifting the focus of Lululemon Studio from a hardware-centric offering to one that is also focused on digital app-based services going forward. This work is underway, and our strategy will enable us to create long-term value and build a larger community of guests with a deeper connection to lululemon.”
Hydrow said it doesn’t comment on rumors or speculation.
LULU had incurred an impairment charge of $442.7 million related to Mirror Platform in Q4 2022 and expressed that the at-home fitness market has been under pressure.
During its earnings release, Lululemon also disclosed it would launch a new digital fitness app in summer 2023 at a lower price point.
Price Action: LULU shares are trading lower by 0.15% at $371.94 on the last check Wednesday.