Lululemon CEO on why it bought fitness company Mirror: The more they 'sweat with us, the more they spend'
In a new interview with Yahoo Finance anchor Alexis Christoforous, Lululemon CEO Calvin McDonald explains why athleisure company bought the at-home workout brand.
Video transcript
ALEXIS CHRISTOFOROUS: Now, I know you bought the connected fitness company Mirror during the pandemic for $500 million. Lots of people now going physically back to the gym. How are things looking at Mirror right now, and what are your expectations for that part of the business this holiday season?
CALVIN MCDONALD: We're excited about the holiday season. We have some new product launches that we'll be sharing in the next few weeks. We introduced it to Canada just a couple of weeks ago and have seen a very strong response by Canadians to the product. We will be fully in 200 stores come the holiday with key leads in all of those that are demonstrating the product and driving the awareness around it because it really is-- awareness is a big opportunity behind it. So we're excited of how we're positioned for the holiday and what we're doing to continue to invest in behind that product.
The acquisition and the positioning of Mirror was all about strengthening our community and relationship with our guests. We know the more that they engage and sweat with us, the more they spend, and it drives the overall loyalty. And that vision hasn't changed. In fact, I'm more excited about it and the potential.
And I believe in hybrid fitness. I'm an active fitness junkie myself. And I think that we're going to continue to see our guests go back to physical studios. I think they're going to continue to work out outside. And they're going to continue through the convenience of at-home. And Mirror is uniquely positioned as your at-studio, at-home device. And I'm confident that the hybrid fitness strategy will work. And we're well-positioned with the product.
