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Lululemon strikes deal with Peloton that will see yoga wear company stop making the Mirror

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Lululemon Athletica Inc. says it has struck a five-year partnership with Peloton Interactive Inc.

Lululemon will get out of the equipment business, while Peloton will stop trying to compete in apparel

A woman changes a sign for a workout class inside a Lululemon store
An employee changes a sign advertising fitness classes at the Lululemon Athletica Inc. sports apparel store on Regent Street in London, U.K., on Thursday, July 27, 2017. Lululemon is trying to attract more male customers and expand its presence overseas while competitors increase their reliance on discounts. Photographer: Simon Dawson/Bloomberg (Simon Dawson/Bloomberg)

Lululemon Athletica Inc. says it has struck a five-year partnership with Peloton Interactive Inc.

The deal will make Vancouver-based Lululemon the primary athletic apparel partner of Peloton, while New York-based Peloton will be the exclusive digital fitness content provider to Lululemon.

As part of the collaboration, some Peloton instructors will become Lululemon ambassadors, while Lululemon will sell co-branded clothing.

Subscribers to Lululemon's digital services will also get access to various levels of Peloton digital classes, depending on their payment tier.

The deal comes as Lululemon moves to discontinue selling its digital fitness screen called the Studio Mirror and wind down its digital app-only membership.

Peloton, meanwhile, has had a rocky stretch that saw its founder step down as CEO last year. The company is working to rebrand as a health technology company.