Lululemon taps former Amazon exec as new CEO of its at-home gym Mirror


Michael Aragon previously served the role of chief content officer of Twitch, Amazon’s livestreaming business.

Source: Lululemon

Lululemon said Thursday it has named former Amazon exec Michael Aragon as chief executive officer of its at-home gym business, Mirror.

Aragon will also oversee Lululemon’s broader digital fitness aspirations, the retailer said in a press release, reporting directly to Lululemon CEO Calvin McDonald. The changes will be effective Jan. 17.

Lululemon bought Mirror for $500 million in 2020. In September, then CEO Brynn Putnam resigned from her role. She had founded the business in 2016.

Aragon previously was chief content officer of Twitch, Amazon’s livestreaming business. He also held positions at Sony Group, helping grow the PlayStation network.

In this new role, Aragon will face an increasingly competitive market for connected fitness equipment. Rivals include Peloton, Tonal, Hydrow and many others. The category exploded with interest as gyms closed temporarily and consumers looked for ways to work out at home during the pandemic.

In December, Lululemon cut its forecast for Mirror sales in fiscal 2021 to between $125 million and $130 million. Previously, it anticipated sales of $250 million to $275 million for the device, which mounts on the wall and allows users to take cardio and other exercise classes.

Separately, Lululemon will be defending itself from a lawsuit filed by Nike on Wednesday, which accuses Mirror of infringing on some of Nike’s patents.

Lululemon responded to the suit by saying Nike’s patents “are overly broad and invalid. We are confident in our position and look forward to defending it in court.”

Lululemon shares were unchanged in after-hours trading, having closed the day up 1.7% at $368.77.



Source link