Peloton shares rise following a partnership with former foe Lululemon
Former rivals Peloton and Lululemon are now working together. The two fitness companies announced a five-year “strategic global partnership,” under which Peloton would stop making its private-label line of workout apparel and Lululemon will discontinue production of its Mirror exercise devices. The deal’s financial details weren’t made public. Next month, Lululemon will take over as the major manufacturer of fitness apparel sold under the Peloton brand, substantially reducing the amount of apparel produced by Peloton itself. Lululemon and Peloton are suing one other over the clothing line after Peloton allegedly produced ‘copycat products’. Last year, the two businesses reached a settlement. Starting on October 11, the new clothing collection will be offered online and at Peloton Studios. A last-ditch attempt was made to lower the cost In exchange, Lululemon will shortly stop creating its own Peloton-style fitness programs and will stop selling its $995 Mirror fitness equipment ...