9 big things: Lululemon's $500M bet on sweating at home
At some point in the future, the threat of COVID-19 will begin to fade. When that will be is still anybody's guess. But whenever that wonderful day arrives, it seems safe to assume that post-pandemic life is going to look a little different. Mirror image In the 13 years since its IPO, Lululemon has grown into one of the biggest athletic apparel brands in the world, leveraging its must-have yoga pants and other trendy workout and leisure attire into a market cap of nearly $40 billion. On Monday, the company announced plans to dip its toes into a different part of the workout world with its first acquisition, agreeing to shell out $500 million for an in-home fitness startup called Mirror. Venture capitalists valued Mirror at $300 million last October, according to PitchBook data, and Peloton's stock had stayed relatively steady after an $8.1 billion IPO in September. But the pandemic seems to have unlocked the promise of even more value.