Mirror CEO Exits Following Lululemon Acquisition

Brynn Putnam Steps Down as Mirror CEO

Brynn Putnam has relinquished her position as Chief Executive Officer of Mirror. This information was disseminated through a leaked internal memorandum, also reviewed by TechCrunch, detailing her departure from the leadership role of the connected fitness company she established in 2016.

Putnam will remain with the organization as an advisor until July of the following year.

Lululemon Acquisition and Putnam's Perspective

This transition occurs just over a year following the acquisition of Mirror by the fitness apparel brand, Lululemon, during a period of heightened demand for at-home fitness solutions spurred by the pandemic.

In a November interview, Putnam, a former professional ballet dancer and then-CEO, stated, “Mirror wasn’t actively being offered for sale. We hadn’t initiated a search for a potential buyer. However, a founder has a fundamental duty to continually assess their vision, their obligations to their team, and their responsibilities to shareholders.”

She continued, “When the opportunity arose – even prior to the COVID-19 pandemic – it presented an opportunity that was simply too advantageous to decline.”

Interim Leadership and Future Plans

Currently, a team of three Mirror executives – Tess Hales, Olivia Lange, and Kristie D’Ambrosio-Correll – will jointly lead the brand. They will report directly to Lululemon CEO Calvin McDonald while the company conducts a search for Putnam’s successor.

Lululemon’s recent quarterly earnings report projected potential revenue of up to $700 million for the Mirror brand by 2023. This forecast is based on an estimated subscriber base of 600,000, although specific hardware sales figures are not individually reported by the parent company.

Market Dynamics and Expansion Strategies

The COVID-19 pandemic significantly boosted the home fitness market. However, it remains to be seen how consumer spending will adjust as traditional gyms begin to reopen nationwide.

Lululemon currently features Mirror in 150 of its retail locations and intends to expand this presence to an additional 50 stores by the end of the year. This retail strategy is a deliberate effort to emulate the success of Peloton’s brick-and-mortar model.

Furthermore, the company is exploring opportunities for expansion into the Canadian market.

Lululemon has not issued a public statement regarding this leadership change.