Nike claims Lululemon is infringing on its patents with Mirror product
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Nike (NKE
-1.9%) is going after Lululemon (LULU
-4.5%) with a lawsuit that alleges patent infringement over the at-home Mirror fitness device and some related mobile applications. The company says in its legal filing that it filed a patent application back in 1983 on a device for determining a runnerâs speed, distance traversed, elapsed time and calories expended. There are also other fitness equipment patents referenced by Nike that Lululemon is said to be infringing on by offering the Mirror product. Nike (NYSE:NKE) is seeking triple damages for alleged willful infringement and asking for other remedies.

Lululemon (NASDAQ:LULU) bought Mirror for $500M in 2020, but results for the home fitness tech product have fallen short of some of the early expectations. In December, Lululemon lowered full-year revenue expectations for the Mirror business to between $125M and $130M from a prior expectation of $250M to $275M.
In market action today, Lululemon (LULU) is down sharply on a broad selloff of high PE growth stocks, while Nike (NKE) is one of the worst performers of the Dow 30 stocks.
Looking at the big picture, Nike (NKE) is Guggenheim's top pick for 2022 with secular tailwinds and metaverse upside expected to play in.