Lululemon to acquire at-home fitness company Mirror for $500 million

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Lululemon is acquiring the in-home fitness company Mirror for $500 million, the retailer announced Monday, marking its first acquisition with a bet that more people are going to be pivoting to exercise at their homes. 

Lululemon shares were up almost 4% in after-hours trading. 

Following the closing of the deal, Mirror will run as a standalone company within Lululemon, and its current CEO, Brynn Putnam, will continue as Mirror’s CEO, reporting to Lululemon Chief Executive Calvin McDonald, the companies said. 

The deal, which will be paid for in cash, is expected to close in the second quarter of fiscal 2020. 

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Life Time Fitness CEO says members are ‘aching’ to get back to the gym

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Life Time Fitness CEO Bahram Akradi on Thursday said that the gym industry could see a “small degradation” as more people opt for at-home workouts, although gymgoers will still return to their clubs once Covid-19 restrictions are lifted. 

“I think that a small degradation is possible,” Akradi told CNBC’s “Squawk on the Street.” “While the workout at home is something they (gym members) have to do when they don’t have an option, they’re still aching for the opportunity to go to the clubs and join their communities.” 

Gyms were among the many businesses that were forced to shut their doors

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Lockdowns have changed the fitness industry forever

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When Indian entrepreneur Neha Motwani realized Google searches for “fitness near me” were growing almost 40% year-on-year in her home country, she saw a business opportunity.

“The gyms and studios themselves did not have a website and did not have the ability to be discovered online, because uniquely for the Indian market, the organized players only constitute 4% of the market — 96% of the market is unorganized and fragmented,” she told CNBC by video call.

The business Motwani co-founded in 2014, Fitternity, is now the largest online marketplace for fitness services in India, and before the coronavirus pandemic, it

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5 Exciting Business Ideas In Well being And Fitness

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Business news,Business daily,Business ideas,Business insider,Business letter,Business line,Business plan,Business proposal,Business times,Business world,Online businessEverything that that you must know to start out your own enterprise. With the recognition of door-to-door services on the rise, courier, messenger, and other local supply companies are fifth on our checklist of one of the best companies to start. It is lots simpler than you would possibly understand, and lots of small companies might be began on the side while you are nonetheless working a regular day job. In case you are qualified in an expert service and perhaps want to department out by yourself, this may very well be a great way to get began.

Making it … Read More