Lululemon reportedly struggles to find a buyer for Mirror business
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Lululemon Athletica (NASDAQ:LULU) has reportedly failed to find a buy for the Mirror business despite slashing the value by almost 90%.
Sources told New York Post the fact Lululemon (LULU) is choosing to sell the product during a rough time for asset valuations underscores how eager the company is to offload the business. Lululemon (LULU) purchased Mirror in 2020 for $500M as the exercise-at-home phenomenon skyrocketed during the pandemic.
Lululemon statement: "We do not comment on market rumors. As weâve previously shared, we have evolved our lululemon Studio strategy to focus on a digital app that will create more opportunities for lululemon guests to become members and engage with lululemon Studio content. We are now focused on bringing this strategy to life."
Shares of Lululemon (LULU) dipped 0.62% in premarket trading to $375.62. For the year, the athletic apparel stock is up more than 16%.
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