Lululemon to acquire at-home fitness company mirror for $500 million, a first-look inside one of London’s revamped post-COVID boutique fitness studios, and how lockdown has revolutionized the fitness industry.
The latest fitness news from around the world:
- Lululemon to Acquire At-Home Fitness Company Mirror for $500 Million
- A Silver Lining for the Fitness Industry in the COVID-19 Situation
- How Has Lockdown Revolutionised the Fitness Industry?
- A First Look Inside One of London's Revamped Post-COVID Boutique Fitness Studios
- Top 5 Fitness Trends Beyond Lockdown, as Predicted by Fitness Industry Experts
- Life Time CEO Says Gyms Could See ‘Small Degradation’ as More People Workout From Home
- Crossfit Owner Sells Company After Stepping Down as CEO
Lululemon to Acquire At-Home Fitness Company Mirror for $500 Million
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.
A Silver Lining for the Fitness Industry in the COVID-19 Situation
Undoubtedly, you have read or heard the story about the demise of Blockbuster Video. The Goliath brick and mortar video rental company, with literally no competition, sat back and watched as a DVD delivery start up slowly destroyed them brick by brick. The story is actually much more interesting when you consider that Blockbuster CEO John Antioco could have purchased Netflix in the middle of the 2000 dot com crash for $50 million. Unfortunately for him (and his shareholders), he did not even bother to consider the possibility.
These stories have repeated themselves over and over in business. Unfortunately, there is no recipe to predict success. For every shiny startup like Netflix, thousands of others don’t succeed. However, each of these success stories has two things in common:
They have managed to deliver a new product or service.
How Has Lockdown Revolutionised the Fitness Industry?
As lockdown was announced, gyms and fitness studios around the country closed their doors, but that has not prevented the nation from keeping active.
A new report shows an astonishing 72% of those surveyed have adapted their fitness routines, embarking on outdoor activities with a mix of on-demand and live-streamed classes to stay active.
MoveGB.com conducted the survey across a mix of 2,712 MoveGB members and the general UK public to gauge how their fitness in lockdown has fared and identify the shifts in behaviour that will affect the fitness industry in a post-lockdown world.
As instructors prepare for a new era of fitness, with the possible opening of venues only a matter of weeks away, key themes have emerged – the indisputable new love of home fitness, the apprehension of returning to fitness venues and the yearning for the social interaction group fitness offers.
A First Look Inside One of London’s Revamped Post-COVID Boutique Fitness Studios
News last week that the Government would not allow gyms to reopen on July 4 along with pubs and restaurants was a huge blow to London’s fitness scene and its loyal disciples.
The industry may not have too much longer to wait, however, after Culture Secretary Oliver Dowden suggested last week that the government was hoping to reopen gyms and leisure facilities in mid-July.
So what will the new experience look like?
Boutique fitness studio 1Rebel, known for its cult conditioning concept ‘Reshape’, has shared a sneak peek of what your next workout will look like in the photos below of its newly revamped Victoria studio.
Top 5 Fitness Trends Beyond Lockdown, as Predicted by Fitness Industry Experts
With the strict lockdown coming to an end soon – in some countries it has already ended completely – Reebok decided to ask fitness industry experts to see that the top trends will be in their opinion post-lockdown. The study dubbed ‘Fitfluence‘ revealed the most popular types of workouts and diets among fitness enthusiasts from around the world.
HIIT is revealed as the most popular workout trend for lockdown with a 57% increase in search interest, followed by Yoga, Crossfit and Pilates. People also searched for Zumba, martial arts, weight training, bootcamp and spinning more than before.
Life Time CEO Says Gyms Could See ‘Small Degradation’ as More People Workout From Home
Life Time 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 across the U.S. as the coronavirus outbreak worsened earlier this year. While not every state has since lifted restrictions on gyms, which health professionals warn could present a high risk for Covid-19 transmission, many have allowed fitness businesses to return at reduced capacity.
Crossfit Owner Sells Company After Stepping Down as CEO
Greg Glassman, the founder fitness company Crossfit, will sell his company after a New York Times investigation detailed accusations of sexual harassment and workplace sexism, which further added to the embattled CEO’s controversies following his resignation as CEO earlier this month for making insensitive comments about George Floyd’s death.