Mirror founder and CEO Brynn Putnam. Photo credit: Steve Jennings/Getty Images for TechCrunch, under Creative Commons license

Lululemon, the popular apparel company, has announced it’s reached a deal to acquire Mirror, the home-fitness startup that’s famed for its mirror-like interactive home gym, for $500 million. The acquisition notably comes in the midst of increased sales of Mirror’s interactive mirrors as the coronavirus pandemic has widely driven people away from public gyms to home fitness. As a private company, Mirror has raised about $75 million in funding, making a $500 million purchase price seem like a very sweet deal for the company. Among Mirror’s investors as a private company happens to be Lululemon. The likes of Lerer Hippeau, Spark Capital, Point72 Ventures, and supermodel Karlie Kloss are also backers.

Lululemon expects to fund Mirror’s acquisition with its primary sources of liquidity, which include its cash pile alongside revolving credit facilities. Before now, the apparel company had not only invested in but also partnered with Mirror to create content. Following the acquisition, Lululemon says Mirror will maintain its status as a standalone company but within its coffers, with its CEO, Brynn Putnam, staying on in her position. She’ll report to Lululemon chief executive Calvin McDonald.