Mirror’s CEO, Brynn Putnam, has resigned. The news comes from a leaked message to employees obtained by TechCrunch, which details her departure from the CEO position at the linked fitness firm she established in 2016. Putnam will continue to serve as an advisor until July of next year. This comes just over a year after the company was purchased by Lululemon, a fitness lifestyle brand, during the height of a pandemic-fueled trend toward home fitness.
“Mirror was not for sale,” the professional ballet dancer-turned-chief executive said when we spoke in November. We weren’t on the lookout for a buyer. However, as a founder, it is your obligation to constantly balance your vision, your commitment to your staff, and your responsibility to your shareholders. And so, when the opportunity arose — prior to COVID, in fact — it seemed like it was simply too fantastic to pass up.”
While the business searches for a replacement for Putnam, a trio of Mirror executives — Tess Hales, Olivia Lange, and Kristie D’Ambrosio-Correll — will serve as co-heads of the brand, reporting to Lululemon CEO Calvin McDonald.
Lululemon estimated up to $700 million in revenue by 2023 for the brand it bought for $500 million last year in quarterly earnings released earlier this year. Though Mirror’s parent doesn’t break out particular hardware data, the figure is predicated on a potential 600,000 subscribers. COVID-19 has been a key driver for the category overall, but its unclear how much of that expenditure will fall once gyms throughout the country reopen.
Mirror is already available at 150 Lululemon retail locations, with plans to extend to another 50 by the end of the year – an obvious attempt to compete with Peloton’s successful storefront model. The firm is also considering expanding into Canada. Lululemon has not responded to the news.
Lululemon predicted up to $ 700 million in revenue by 2023 for the brand it bought for $ 500 million last year in quarterly earnings reported earlier these year. Although Mirror’s company does not give precise hardware details, the statistic is predicated on a potential 600,000 subscribers. COVID-19 has been a key driver for the category as a whole; however there are concerns about how much of that expenditure will retreat once gyms throughout the country reopen. Mirror is presently available in 150 Lululemon locations, with plans to extend to another 50 by the end of the year – the retail footprint is a clear attempt to compete with Peloton’s successful model.
