Lululemon's Mirror Acquisition Is Next Level Omnichannel Retailing At Its Finest
Forbes | July 8th, 2020
Lululemon's acquisition of Mirror checks all four boxes of what makes for great omnichannel retailing. “Memorable, shareable, repeatable, and addictive” — these were the words former Sephora executive Mary Beth Laughton used on stage at Shoptalk 2017 to describe great omnichannel retail experiences.
Lululemon’s acquisition of Mirror, the home-fitness startup that streams workouts through a mirror-like device, for a reported $500 million last week, is pure omnichannel retailing gold. If Lululemon was not already the standard by which many retail brands should be judged, it definitely should occupy that place now.
The real Product is the Lululemon brand or experience itself. Brands are what weather the test of time, not the latest products or fads, a fact that is still lost on so many specialty retailers and department stores these days. Look at all Lululemon has done recently, and one quickly gets the sense that Lululemon is becoming to health conscious adults what Disneyland is to children.
Lululemon, is going against the grain and investing $500 million in a concept that helps answer an important question: “What if stores never exist again?”