Peloton is partnering with Amazon in new deal to sell products through the e-commerce giant.
The fitness technology company will now sell its cycling bike, guide, apparel, shoes and accessories via Amazon’s website in the U.S. Peloton’s products, including its $1,445 signature cycling bike, were previously sold exclusively through the company’s owned stores and online channels.
Peloton shares were up more than 16% on Tuesday morning following the announcement.
The move comes after months of challenges for the connected fitness brand, including rising costs and a slowdown in demand as more people return to gyms and live classes. The company’s former CEO John Foley announced in February that he would step into a new role as the company’s executive chair, with former Spotify CFO Barry McCarthy taking over as chief executive. The company also announced layoffs off about 2,800 employees across the globe as part of a plan to “position Peloton for long-term success.”
In August, Peloton announced more job cuts, store closures, and rolled out price increases across some of its equipment.
The new partnership with Amazon marks another effort to turn business around and expand Peloton’s reach beyond its DTC channels in search of potential new members.
“Expanding our distribution channels through Amazon is a natural extension of our business and an organic way to increase access to our brand,” said Peloton chief commercial officer Kevin Cornils in a statement. “We want to meet consumers where they are, and they are shopping on Amazon. Providing additional opportunities to expose people to Peloton is a clear next step, as we continue to generate excitement for our unparalleled connected fitness experience.”
In addition to the bike and its $295 strength workout guide, Amazon will also carry Peloton’s cycling shoes for men and women, a bike mat, light weights, dumbbells, water bottle and more accessories. Within apparel, the assortment will include sports bras, tank tops, leggings, shorts, hoodies, joggers and hats.
“We are thrilled to have Peloton products available for our customers in Amazon stores,” said Jim Adkins, VP of recreational and vocational categories at Amazon, in a statement. “Peloton is all about bringing their community and energizing fitness routines into the home. With Amazon’s convenient shopping experience, we hope to further that mission by providing customers with high quality, innovative products to take their health and fitness to the next level.”