Lululemon Struggles To Find Buyer For Mirror Despite Slashing Prices: Report

Lululemon Athletica Inc LULU is struggling to find a buyer for the fitness product Mirror, although the company lowered the price of the asset.

The company decreased the value it paid for the device by around 90% to just $58 million, as per NY Post.

In June 2020, the company bought Mirror for $500 million. 

Lululemon's plan to sell the product shows the company's eagerness to offload the sinking asset, the report added, citing a person familiar with the matter. 

In April 2023, Lululemon reportedly approached its competitor Hydrow to sell its at-home fitness business, Mirror. 

The report quoted a Lululemon spokesperson saying, "We do not comment on market rumors. As we've previously shared, we have evolved our lululemon Studio strategy to focus on a digital app that will create more opportunities for lululemon guests to become members and engage with lululemon Studio content. We are now focused on bringing this strategy to life."

Also Read: Lululemon Renews Contract With Xponential Fitness, Boosts Customer Offering

Price Action: LULU shares are trading lower by 0.30% at $376.84 premarket on the last check Friday.