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Peloton is red-hot as people exercise from home. Now, the fitness company is adding new products and cutting the price of its most popular bike.
Peloton Interactive Inc. is expanding its lineup and cutting the price of its core exercise bike by 16% this week, moves aimed at taking a bigger chunk of a shifting fitness market and addressing complaints about sticker shock.
The eight-year-old fitness company has sizzled during coronavirus, with its closely watched “connected fitness” subscriber base solidly topping 1 million in recent months. In an interview, Peloton founder and Chief Executive John Foley said, “We saw a massive surge in our sales.” Mr. Foley had intended to launch a pricier bike and cheaper treadmill along with the price cut in April. But “the world changed with Covid,” he said. The demand surge helped bury criticism—which Mr. Foley attributes to misperceptions—surrounding a Christmas advertisement but also dealt turbulence. Supply chains snarled, deliveries faced delays as long as 10 weeks, retail outlets closed, and factories needed to add capacity amid a pandemic. “So, we decided to pause,” he said, referring to the expansion plan. Retailers have reopened, and wait times have been cut to a few weeks.
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