Lululemon slashes forecast for its Mirror businessBusiness Insider 12/10/2021
Lululemon acquired Mirror, the tech fitness brand, in 2020 for $500 million as consumers were looking to move their workouts to their homes from gyms in response to the health dangers caused by COVID-19. Now, however, more consumers are going back to gyms and there are a growing list of competitors going after the same market as Mirror. Lululemon has just slashed its annual sales outlook for Mirror to between $125 million and $130 million. That’s down from its previous forecast between $250 million and $275 million.