{"id":66410,"date":"2023-09-28T10:47:39","date_gmt":"2023-09-28T14:47:39","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/peloton-stock-surges-on-lululemon-deal-its-losing-a-rival\/"},"modified":"2023-09-28T10:47:42","modified_gmt":"2023-09-28T14:47:42","slug":"peloton-stock-surges-on-lululemon-deal-its-losing-a-rival","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=66410","title":{"rendered":"Peloton Stock Surges on Lululemon Deal. It’s Losing a Rival."},"content":{"rendered":"
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\n Peloton Interactive
\n said it had forged a partnership with
\n Lululemon Athletica,<\/span>
\n which will stop selling its Studio Mirror exercise screen, sending shares of the maker of stationary bikes up by double digits. <\/p>\n

Peloton (ticker: PTON) will now become Lululemon\u2019s (LULU) exclusive provider of digital fitness content. Lululemon, in turn, will become Peloton\u2019s primary apparel partner, the companies said. The apparel firm also said it will stop selling its Studio Mirror by the end of the year and will discontinue its digital app-only membership tier on Nov. 1.<\/p>\n

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The apparel will be available for purchase starting Oct. 11 across Peloton\u2019s retail and online stores. Lululemon will give its Studio-All Access Members access to thousands of Peloton classes for the same price they pay today, starting Nov. 1. <\/p>\n

Peloton will eventually develop all content for Lululemon Studio, the companies said. Lululemon Studio replaced Mirror\u2019s subscription program in September 2022. <\/p>\n

\u201cAs a leader in technical athletic apparel, this partnership will create a powerful product offering for Peloton Members and fans,\u201d said Celeste Burgoyne, president of global guest innovation at Lululemon in a news release. \u201cOur two companies share a vision to advance wellbeing through movement, and this partnership ensures our Lululemon Studio Members will have access to the most expansive and dynamic offering of fitness content possible.\u201d<\/p>\n

Shares of Peloton were 13% higher at $5.27. Lululemon stock ticked up 0.8% to $381.98. <\/p>\n

Peloton\u2019s surge is hardly surprising. With one agreement, the company has picked off one of its most direct competitors, and will also likely profit from the sale of its branded line with Lululemon. <\/p>\n

Lululemon bought Mirror, a competitor to Peloton, in 2020 for $500 million. But the company has been looking to wind down operations in recent months as consumers have returned to exercising in studios and gyms. <\/p>\n

\u201cAs concerns with the COVID-19 pandemic have subsided the connected fitness industry has experienced challenging market conditions, and as a result we have seen weakening demand for our in-home fitness hardware,\u201d the company wrote in its\u00a0latest annual filing\u00a0with the Securities and Exchange Commission. <\/p>\n

The company plans to continue to provide service and support for Mirror devices even after it stops selling the hardware, Lululemon said.<\/p>\n

Write to Sabrina Escobar at sabrina.escobar@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Peloton Interactive said it had forged a partnership with Lululemon Athletica, which will stop selling its Studio Mirror exercise screen, sending shares of the maker of stationary bikes up by double digits. Peloton (ticker: PTON) will now become Lululemon\u2019s (LULU) exclusive provider of digital fitness content. Lululemon, in turn, will become Peloton\u2019s primary apparel partner, […]<\/p>\n","protected":false},"author":1,"featured_media":66411,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-66410","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nPeloton Stock Surges on Lululemon Deal. 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