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Peloton to sell exercise bikes, accessories on Amazon in U.S

By Abhijith Ganapavaram and Nathan Gomes (Reuters) -Peloton Interactive Inc said it would start selling its exercise bike and other fitness accessories on e-commerce giant...
Peloton to sell exercise bikes, accessories on Amazon in U.S © Reuters. FILE PHOTO: A Peloton exercise bike is seen after the ringing of the opening bell for the company's IPO at the Nasdaq Market site in New York City, September 26, 2019. REUTERS/Shannon Stapleton//File Photo

By Abhijith Ganapavaram and Nathan Gomes

(Reuters) -Peloton Interactive Inc said it would start selling its exercise bike and other fitness accessories on e-commerce giant Amazon.com Inc (NASDAQ:AMZN)'s U.S. platform in a bid to combat a slowdown in sales from pandemic heights.

The news sent shares of the fitness equipment maker up about 18% to $13.22 in morning trade on Wednesday. The stock has lost more than half of its value this year as Peloton (NASDAQ:PTON)'s exercise bikes and treadmills went out of fashion after lockdowns ended and people returned to gyms.

Peloton's exit from selling exclusively through its own e-commerce site and global showrooms marks Chief Executive Barry McCarthy's latest gambit to attract more customers, cut losses and improve cash flow.

Under the former Netflix Inc (NASDAQ:NFLX) executive, Peloton has also cut hundreds of jobs, shuttered stores and outsourced delivery to third parties to cut costs since warning of a cash crunch in May.

"Amazon's Prime subscriber base is an extremely attractive potential customer base for Peloton. Plus, Prime benefits including fast shipping and subsidized promotional spend would help Peloton in improving its customer experience and unit economics," MKM Partners analyst Rohit Kulkarni said.

The company has been struggling to boost its membership. In the latest quarter, it added about 200,000 customers who paid a monthly fee to access classes, nearly half of the year before.

Peloton said delivery of the "Bike", priced at $1,445 and a major contributor to its revenue, would be available to most of the United States. The pricier Bike+, however, will not be sold on Amazon.

Wednesday's announcement comes months after Reuters reported that the company had drawn buyout interest from Amazon, which has been active in the M&A space this year.

McCarthy also roped in former Amazon exec Coddington as chief financial officer in June.

Peloton will also sell accessories such as mats and dumbbells on the e-commerce platform, starting Wednesday.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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