Latest news with #PelotonRepowered
Forbes
06-06-2025
- Business
- Forbes
CEO Says Peloton Not For Sale As Peloton Repowered Marketplace Debuts
Peloton stock soared during the pandemic but its share price has been downhill ever since. (Photo by ... More) Peloton has launched an equipment and accessories resale marketplace called Peloton Repowered, as the company boss also slapped a 'not for sale' sign over the business. Speaking at a Bloomberg event today, CEO Peter Stern insisted that he had not been brought in to find a buyer for the company but instead is looking to capitalize on new and existing customers with a range of initiatives, including the growing trend towards pre-used merchandise. Initially eligible for sellers located in the Boston, New York City and Washington, D.C. metro areas, the marketplace will then expand nationally in the coming months and has been created to connect buyers and sellers in the same metro area, Peloton said. In its testing phase it will launch in beta and until there is enough inventory will only allow users to list items, with the facility to buy and sell to be introduced in the next few weeks. The platform will enable members to post their used Peloton equipment and gear and set a price with help from a generative AI tool, the company said, although sellers will have the final say on how much to list the item for. Peloton Repowered sellers will receive 70% of the sale price and a discount on new Peloton workout equipment, adding to the discounted products it sells, which already include refurbished equipment, offering a peer-to-peer pre-owned option. The sellers' discount on new Peloton equipment will range from around $200 to $600, depending on what type of new equipment is purchased, while Peloton Repowered buyers will receive a reduced used activation fee for the equipment they purchase at $45, which compares with its typical used equipment activation fee of $95. Buyers will be able to see the equipment's history on the listing and have the option to get the item delivered for an extra fee, Peloton said. The Peloton Repowered platform works through the Archive platform, which has worked with fashion brands including The North Face, Dr. Martens and New Balance and Peloton said previously it had started to see a 'meaningful increase' in the number of new members who bought used Bikes or Treads from peer-to-peer markets such as Facebook Marketplace. The launch of Peloton's new resale platform follows third-quarter earnings released last month that showed a 13% year-on-year fall in revenue to $624 million and a wider-than-expected net loss of nearly $48 million. Peloton ended the third quarter with 2.9 million paid fitness subscribers, down 6% from a year prior. Peter Stern, president and CEO of Peloton, during the Bloomberg Tech conference in San ... More Franciscoyesterday. Photographer: David Paul Morris/Bloomberg Peloton's stock value is a fraction of the peak in 2021, when enforced pandemic lockdowns led to a surge in home exercise and rocketing equipment and subscription sales. CEO Peter Stern – who was co-founder of Apple Fitness+ – took the helm in January and been trying to revamp the company, although he has so far been unable to reverse value declines which have seen the stock price fall by over a fifth since the start of the year. Speaking at a Bloomberg event yesterday, Stern stressed that he had no intention of selling the company as he reaffirmed his commitment to reviving the bike and running workouts firm and keeping it "a standalone company." "I was not hired to sell this company,' he said. "I was hired to bring this company back to growth, reinvigorate it, and that is happening." He said that Peloton must evolve into a more personalized coach powered by AI, while expanding its reach through retail, international markets, and travel, including a stronger presence in hotel gyms. The company has implemented several initiatives to steady the business, including 15% job cuts announced last year and shifting its focus to subscription sales over hardware. The company last month also initiated a pricing strategy to offer discounted equipment rates for eligible educators, healthcare workers, first responders and military personnel in the U.S. Peloton Repowered also seems to play to Stern's assertion that the company must balance between hardware and software: "Our future is not to try to scale the app at the expense of that equipment business," he said
Yahoo
05-06-2025
- Business
- Yahoo
Peloton launches peer-to-peer resale platform
This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. Growing its preowned offerings, Peloton on Tuesday launched an equipment and accessories resale marketplace called Peloton Repowered, the company confirmed to Retail Dive. Currently in beta, the resale offering is only eligible for sellers located in the Boston, New York City and Washington, D.C. metro areas The marketplace, which will expand nationally in the coming months, seeks to connect buyers and sellers in the same metro area, Peloton told Retail Dive. At launch, the site only allows users to list items, with the ability to purchase coming in the next few weeks. Peloton Repowered sellers will receive 70% of the sale price, and successful sellers are provided a discount on new Peloton workout equipment, per the website. Peloton's new sales channel adds to the discounted products it sells, which already include refurbished equipment, offering a peer-to-peer preowned option. The sellers' discount on new Peloton equipment will range from $200 to $600 in savings, based on what type of new equipment is purchased. In addition to the discount perk for sellers, Peloton Repowered buyers will receive a reduced used activation fee for the equipment they purchase of $45, compared to its typical used equipment activation fee of $95. Sellers can arrange for the pickup of the purchased items with buyers or use a prepaid USPS label. The Peloton Repowered platform works through Archive. The resale company raised $15 million in a Series A funding round in 2022 and has worked with brands including The North Face, New Balance and Dr. Martens. Archive in February announced the completion of a $30 million Series B funding round and plans to use its capital to 'further develop its resale intelligence software, accelerate its global expansion, and invest in new product innovation and services,' per a press release. Peloton's resale platform follows third-quarter earnings released in May, which showed a 13% year-over-year drop in revenue to $624 million. Connected fitness products revenue fell 27% and its net loss was $47.7 million. The company last month also expanded its pricing strategy by offering discounted equipment rates for eligible educators, healthcare workers, first responders and military personnel in the U.S. The performance comes under the new leadership of CEO Peter Stern, who took on the role in January and has been a Peloton member himself since 2016. Recommended Reading Gymshark lays off 65 US employees Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
