Despite Lululemon’s recent financial prowess, one of its tech investments from 2020 has reportedly decreased nearly 10 times from its original value.
After purchasing at-home fitness equipment company Mirror for $500 million, Lululemon is now attempting to sell the asset at a $58 million valuation, according to the New York Post.
Lululemon hit $2 billion in revenue in its fiscal first quarter, helping the Vancouver-based athleisure brand beat Wall Street expectations — and even its own lofty predictions.
Sales rose by 24% over the previous period, buoyed by a 79% spike in revenue in China. The brand will keep capitalizing on growth there, as the majority of the 30-35 new stores it plans to open will be located there.
The ongoing legal battle between Adidas and Ye has taken another turn.
A federal judge denied a request from the athletic apparel company to refreeze $75 million worth of funds it paid to Ye, formerly known as Kanye West. A months-long freeze on the money was lifted last week.
Adidas claimed the $75 million is at risk of never being recovered, citing reports that Ye may be headed for insolvency and therefore unable to pay the money back.
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