Jen Van Santvoord rides her Peloton exercise bike at her home in San Anselmo, California.
Ezra Shaw | Getty Images
Peloton and Lululemon are joining forces.
The two companies announced a five-year partnership Wednesday that will bring Peloton’s content to Lululemon’s exercise app. Lululemon in turn will become Peloton’s primary athletic apparel partner, and a select number of Peloton’s instructors will become ambassadors for the apparel retailer.
The terms of the deal, and whether the two companies will share revenue, were not disclosed.
Peloton’s stock jumped more than 15% in extended trading on the news. Shares of Lululemon — which has a roughly billion market cap compared to Peloton’s $1.7 billion — were flat in after-hours trading.
As part of the announcement, Lululemon said it plans to stop selling Mirror, which allows users to stream workout classes, by the end of the year.
The company had been exploring a sale of the product after sales had come in below expectations and…
2023-09-27 17:22:36
Source from www.cnbc.com