Peloton stock rose on Wednesday following news that the company is entering a five-year partnership with luxury workout brand Lululemon.
As part of the deal, Peloton is set to develop digital fitness content for Lululemon while Lululemon will become the primary apparel provider for Peloton.
As a result, Peloton’s stock jumped 15% in extended trading.
Meanwhile, Lululemon’s shares remained at the same level it sat at prior to the announcement.
