By Staff The Canadian Press
Posted January 11, 2022 12:36 pm
2:55 Global News Morning Market and Business Report – Jan. 10, 2022
Canaccord Genuity Wealth Management’s Rob Tetrault discusses expectations for the loonie in 2022, and explains why Lululemon stocks are making market headlines. Nike Inc. has launched a lawsuit against Lululemon Athletica Inc. accusing the athletic apparel maker of patent infringement with its new Mirror home gym.
The American fitness giant claims Vancouver-based Lululemon’s electronic device for streaming workout classes and its accompanying mobile applications violate Nike’s “robust portfolio of patents” protecting decades of digital sport innovations.
Nike says Lululemon’s alleged infringement is “objectively reckless, knowing, intentional, deliberate, and wilful” and is claiming damages up to three times the amount found or assessed by a court.
The legal scuffle between two of the world’s biggest fitness players highlights the mounting competition in the booming exercise market.
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It comes on the heels of Lululemon’s lawsuit against Peloton Interactive Inc. that accused the stationary bicycle maker of selling “knock-off” bras and pants.
Lululemon acquired Mirror in 2020 as the pandemic catapulted the at-home fitness market to new heights.
The device, which looks like a giant glossy hybrid between a smartphone and TV, sells for a base price of $1,895 in Canada plus a $49 monthly subscription fee to access live and on-demand workouts including yoga, kick-boxing and meditation.
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