Lululemon is now an investor in technology startup Mirror. Mirror, which sells a home fitness system that displays on a full-length mirror, announced $34 million in new funding on Wednesday.
A press release sent to Retail Dive noted that Mirror plans to use its recent funding to expand into new areas and content verticals. Mirror founder and CEO Brynn Putnam said in a statement it was particularly gratifying to work with Lululemon. "There are significant synergies between our brands and I'm excited for the opportunity to innovate together," Putnam said.
The Series B-1 round was led by Point72 Ventures. Other participants included LionTree LLC, Spark Capital, model Karlie Kloss and founder of Creative Artists Agency Kevin Huvane, among others.
Lululemon continues to get comfortable at the intersection of apparel, fitness, and lifestyle, and this investment could signal what's coming next. Mirror, which launched just over a year ago, has raised a total of almost $72 million from investors, and told The Wall Street Journal that it expects the product to eventually be used in areas beyond fitness — with fashion and beauty on the list.
If they do start tinkering with smart mirrors, Lululemon won't be the only retailer doing so. H&M reported last year it was testing voice-activated mirrors on the sales floor of its New York flagship, which invited users to take selfies and access discounts via QR code. Puma's new flagship allows users to view product colors and styles on in-store mirror displays and press a button to request an associate's help. In fact, Lululemon is already experimenting with tech in stores, including digital touchscreens, which allow shoppers to browse through product but also display upcoming community events.
Lululemon continues to expand its offerings far beyond its yoga-apparel origins. The company acknowledged plans to expand its personal care line in September after just launching the collection of dry shampoo, deodorant, moisturizer and lip balm in June. That line is available at Lululemon stores and online as well as on Sephora's website. Last year, the fitness brand revealed it was testing a paid membership program that would go beyond free shipping and membership-specific attire as perks; it would also offer lifestyle features like access to fitness classes and events.
In November, Lululemon will open its relocated 5th Avenue store in New York, along with a second experiential store inside the Mall of America. Its first experiential store — its largest ever — opened in Chicago in July, with space for fitness and meditation classes along with a restaurant. The chain closed its two men's stores this summer.