Peloton's Partnership with Lululemon Boosts Shares and Digital Content
Peloton's shares surged over 15% in extended trading after announcing a five-year partnership with Lululemon to develop digital fitness content, with Lululemon becoming Peloton's primary athletic apparel provider. Lululemon will discontinue selling the Studio Mirror, which streams workout classes, by the end of the year but will continue to support existing Mirror equipment. This news follows Peloton's recent shift towards prioritizing subscriptions over expensive exercise equipment and the departure of its co-founder and Chief Product Officer, Tom Cortese.