Peloton partners with Lululemon, shares soar
Peloton Interactive has announced a significant partnership with Lululemon Athletica, triggering a surge in shares for the famed stationary bike manufacturer. Under this new collaboration, Peloton will become Lululemon's exclusive provider of digital fitness content, while Lululemon will be Peloton's primary apparel partner.
To accommodate this collaboration, Lululemon plans to discontinue its Studio Mirror by year-end and its digital app-only membership tier as of November 1st. Customers will be able to purchase Lululemon's apparel from October 11th onwards through Peloton's retail and online stores. Also, starting November 1st, Lululemon's Studio-All Access Members will have access to thousands of Peloton classes at their current pricing.
In a news release, Celeste Burgoyne, President of Global Guest Innovation at Lululemon, expressed enthusiasm about the partnership, stating, "As a leader in technical athletic apparel, this partnership will create a powerful product offering for Peloton Members and fans. Our two companies share a vision to advance well-being through movement, and this partnership ensures our lululemon Studio Members will have access to the most expansive and dynamic offering of fitness content possible."
Following this announcement, Peloton's stock surged by 19% to $5.57, while Lululemon's stock saw a modest increase of 0.5% to $381.
All Rights Reserved © 2024
Post a comment