Canada’s Lululemon Athletica (LULU) is exploring the sale of fitness-equipment maker Mirror, according to multiple media reports.
Vancouver-based Lululemon is reportedly working with an adviser to solicit interest in Mirror, which it bought for $500 million U.S. back in 2020.
Mirror, which provides users with online fitness classes through a full-length mirror that doubles as a digital screen, has missed its sales targets, resulting in a $443 million U.S. impairment charge in last year’s fourth quarter.
At home fitness products have struggled since the end of the Covid-19 pandemic, with consumers returning to gyms and fitness centres.
Lululemon has not commented publicly on reports that it is exploring a sale of Mirror.
The company’s stock has declined 5% over the last 12 months to trade at $368.38 U.S. per share.
