As part of the accord, announced Wednesday, Lululemon will make co-branded clothing that Peloton will sell on its website and at retail stores. Peloton’s fitness content, meanwhile, will be offered to users of the Lululemon Studio Mirror, a $995 device that lets people work out in front of a 43-inch screen, and the apparel maker’s free digital app.
In a new development, Lululemon also plans to stop selling the Mirror hardware by the end of 2023. At that time, the digital companion app — including the combined Lululemon and Peloton content plan — will be discontinued for new users. That means the agreement will be more about servicing existing customers.
Peloton executives Dion Camp Sanders and Jennifer Cotter said they believe the deal reinforces Peloton as the “clear leader” in connected fitness, and that the partnership will help drive traffic to its retail stores and fuel sales of hardware. In addition to offering its trademark exercise bikes, Peloton sells treadmills, rowing gear and other equipment.
Mirror users who continue to pay the $39 per month fee will get access to thousands of Peloton classes, in addition to longer-form videos and series, while the free app will provide a smaller array of content from Peloton that will expand over time. The two companies have taken divergent path since the pandemic. After thriving during early Covid-19 lockdowns, Peloton has struggled to bounce back from a slump. Chief Executive Officer Barry McCarthy, who took the helm early last year, has been striking accords with other major brands in an attempt to return to growth. He previously reached deals with Amazon.com Inc. and Hilton hotels.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pension manager OMERS strikes partnership with Goldman Sachs to invest in Asian private debtGoldman Sachs Asset Management will run a separately managed account where it will invest with OMERS, mostly offering senior direct loans to highly-rated companies and sponsors
Source: globeandmail - 🏆 5. / 92 Read more »
Former VP Pence talks Fed Chair Powell, UAW strikes, border wall in exclusive YF Live interviewFormer Vice President Mike Pence wants to return to the White House, this time, as President. In an interview with Yahoo Finance Live's Seana Smith, Brad Smith, and Rick Newman, Pence weighs in on everything from the Federal Reserve to war in Ukraine. Pence makes it clear he is not a fan of Fed Chairman Jerome Powell, saying he would 'absolutely go in a different direction with the chairman of the Federal Reserve.' Pence argues that Powell has been playing 'catch-up,' adding that he would also get rid of the Fed's dual mandate. Like many Republicans, Pence wants to see the Trump tax cuts made permanent. Pence though, wants to take it a step further. The Trump tax cuts cut the corporate tax rate from 35% to 21%. Pence wants to take that down to 15%, saying it will give American businesses more of an advantage. Pence also takes a swipe at his former boss, saying former President Donald Trump's talk of imposing a 10% tariff on all imports could be 'one of the largest tax increases in history.' Both President Biden and former President Trump plan on visiting striking UAW workers. Pence argues that 'Bidenomics' is 'driving' the strike, saying that under Biden's policies, wages are not keeping up with inflation and that the 'Green New Deal buried in that so-called Inflation Reduction Act is waging war on people that manufacture combustion engine automobiles.' For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Key video moments: 00:01:04 Why Pence wants to go 'in a different direction' with Fed chair 00:04:16 Pence on Trump tax cuts, why he wants to cut the corporate tax rate to 15% 00:06:30 Pence blames 'Bidenomics' for UAW strike 00:10:10 Pence explains why U.S. businesses should support the GOP 00:12:13 What Biden policies Pence would change on day one 00:14:44 Pence on the border wall 00:15:33 What Pence's policy on Ukraine would be if elected 00:17:37 Pence discusses what is happening in the Republican pa
Source: YahooFinanceCA - 🏆 47. / 63 Read more »