As we wrote in our 2020 State of the Industry, “new business models . . . will emerge that take full advantage of the fact that the “boutique studio” experience has gone global” and today’s industry-shaking news for the fitness world is a great example of that. Lululemon is acquiring the in-home fitness company Mirror for $500 million. It’s the first acquisition for the retailer and a major bet that people are going to continue exercising in their homes more and more. In 2019, Lululemon started a pivot from positioning as a brand that doesn’t just sell clothes like leggings and sports bras, but that encourages people to sweat more; around the same time, the retailer first invested $1 million in Mirror. Following the closing of the deal, Mirror will run as a standalone company within Lululemon, and its current CEO, Brynn Putnam, will continue as Mirror’s CEO, reporting to Lululemon Chief Executive Calvin McDonald.