Broken Mirror: Lululemon fails to find buyer failing fitness gadget
Popular athletic apparel company Lululemon can’t find a buyer for fitness product Mirror – despite slashing the value it paid for the device by nearly 90%, insiders told On The Money.
One source with knowledge said the fact Lululemon is choosing to sell the product now underscores how eager the company is to offload the sinking asset. The 56-inch Mirror includes a camera so instructors and friends can see users during workout classes. “They wanted to get in the tech space because they were seeing the growth of Peloton,” one fitness insider told On The Money. “They were trying to find the next phase of their business but they ended up investing in just a big old screen.” , Mirror was positioned even more poorly than other companies because it lacked unique technology, such as Tonal’s smart gym, or Peloton’s ties to celebrity instructors.
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