Investing
Peloton zooms after striking global deal with yoga wear maker Lululemon
© Reuters. FILE PHOTO: A Peloton logo is pictured on a sign outside a store in the Manhattan borough of New York City, U.S., January 25, 2022. REUTERS/Carlo Allegri/File Photo
(Reuters) – Peloton Interactive (NASDAQ:) and Lululemon Athletica (NASDAQ:) said on Wednesday they had entered into a five-year global partnership, sending Peloton’s shares up 16.7% in aftermarket trading.
Under the deal, Peloton would become the exclusive digital fitness content provider for the apparel maker, developing all content for Lululemon Studio beginning early 2024. In return, Lululemon would be the fitness bike maker’s primary athletic-apparel partner.
The fitness platform provider, once a pandemic darling, has taken a series of measures to cut costs. It is also pivoting away from hardware to transform into a software-first company.
Shares of Peloton’s rival Xponential Fitness pared some gains on the news of the company’s deal with Lululemon and were last up 3.6% after the bell.
Lululemon also said it would discontinue selling its Studio Mirror – an interactive “smart fitness” device that features live, on-demand workouts – which has seen lackluster demand in recent months.
The company had said earlier this year it was looking to digitize its Mirror business further and focus more on offering content through applications.
Read the full article here
-
Side Hustles6 days ago
Mark Zuckerberg Is Now Second Richest Person in the World
-
Investing6 days ago
Nvidia CEO Jensen Huang: Demand For Blackwell AI Is Insane
-
Side Hustles7 days ago
How to Be Unapologetically You and Why It Matters
-
Side Hustles7 days ago
With AI Magicx, It’s Like Getting an Entire Creative Team in One Money-Saving AI Tool
-
Side Hustles6 days ago
Meta Previews Movie Gen, AI Tools That Turn Dreams to Videos
-
Investing4 days ago
Hurricane Helene Hits Spruce Pine Mine, Quartz Used for Tech
-
Passive Income7 days ago
How AI-Driven Personalization Is Transforming the Retail Industry
-
Investing5 days ago
Israel stocks lower at close of trade; TA 35 down 0.23% By Investing.com