Crowder Securities Limited - Peloton Shares Rise Following Partnership With Lululemon

Peloton Interactive (PTON) shares were up 2% as of 10:00 a.m. Thursday, up more than 10% in early trade. ET after the announcement of a five-year agreement with Lululemon (LULU).
WAN CHAI, Hong Kong - Oct. 12, 2023 - PRLog -- As part of the agreement, Peloton will give the athletic clothing brand with unique digital fitness content, while Lululemon will become Peloton's exclusive garment vendor. Peloton will begin selling co-branded items next month, while Lululemon Studio All-Access members will have access to thousands of Peloton sessions beginning in November.

The move might improve Peloton's appeal at a time when demand for its services has dwindled following a surge during the epidemic. Peloton lost 29,000 customers in the fourth quarter, despite a 4% increase in linked fitness users in its fiscal year 2023.

Lululemon's agreement with Peloton might also help it increase its footprint in the at-home workout industry.

"In the months ahead, we look forward to carrying this partnership to life with Peloton and leveraging the advantages of both brands to further support our growing guest and a part communities on their fitness and wellbeing journeys," said Celeste Burgoyne, President of Lululemon Americas and Global Guest Innovation.

Lululemon shares was slightly changed after the announcement, but were up more than 17% year to date. Despite the increases on Thursday, Peloton shares have lost around two-fifths of its worth this year.

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