Lululemon will acquire in-home fitness company Mirror for $500 million, the retailer announced Monday. The move marks the company’s first acquisition as it bets more people are going to be pivoting to exercise at their homes. 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. Mirror offers live classes weekly through its wall-mounted mirror device in addition to on-demand workouts and one-on-one personal training sessions. Its “mirror” retails for $1,495, and subscribers pay $39 per month to stream the classes. The all cash deal is expected to close in the second quarter of fiscal 2020.
We Love You…
Uber has made a takeover offer to buy Postmates, the on-demand food delivery market consolidates and Uber looks for new ways to make money. The talks are still going on and any potential for a deal could fall apart. Uber has proposed buying Postmates for about $2.6 billion. A marriage of the two could bolster Uber’s delivery business, Uber Eats, and help it compensate for the cratering of its core ride-hailing business, which has collapsed in many cities because of the coronavirus pandemic. Food delivery is not profitable, but demand has soared while restaurants are closed and people are staying at home.
Asia: Asian stocks rose on Tuesday as China’s official manufacturing Purchasing Manager’s Index for June came in above expectations.
Europe: European shares ended higher on Monday, lifted by strong gains on Wall Street and a rally in cyclical stocks as improving data spurred hopes of a faster economic recovery.
U.S: U.S. Markets ended higher on Monday as investors hoped for a stimulus-backed economic rebound and a surge in Boeing shares helped boost the blue-chip Dow.
DJIA: +580.25 25,595.8 S&P 500 +44.19 3,053.24 Nasdaq: +116.93 9,874.15.
Word Of The Day:
A taxable distribution of a portion of company’s earnings that are declared by a company’s board of directors and distributed to its shareholders at the declared date.
Dinner or Drink:
1 part Jack Daniel’s® Tennessee whiskey
1 part sweet and sour mix
1 part triple sec
4 parts Sprite® soda
Add ice and stir. Garnish with lemon slices and cherries.