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Mirror CEO Resigns One Year After Lululemon Acquisition

She founded the company in 2016, then sold it for $500 million just four years later

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Brynn Putnam, the founder of connected fitness company Mirror, has stepped down from her role as CEO, CNBC reports.

She’ll continue to serve as an advisor until July as the company searches for her successor.

The 38-year-old founded Mirror in 2016, then sold it to Lululemon in the summer of 2020 for $500 million. Mirror sells wall-mounted devices that cost $1,495 and hosts on-demand fitness classes that require users to pay a monthly fee.

A competitor to Peloton, Lululemon CEO Calvin McDonald admitted to analysts in a conference call earlier this month that Mirror still has “low awareness” among many consumers. He added that it’s expensive for the business to acquire new customers and subscribers, citing the rising cost of digital marketing.

Read more at CNBC.

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