Peloton, Dick's Sporting Goods partner to sell equipment
Peloton Interactive has chosen Dick's Sporting Goods for its first brick-and-mortar partnership. The deal, announced Thursday, marks the exercise and equipment company's latest bid to broaden its market share and become more profitable ahead of the holiday season.
More than 100 Dick's retail locations will sell Peloton's original Bike, Bike+, Tread and Guide as well as some accessories. The products will also be available for purchase on Dick's e-commerce platform.
Peloton said the products are slated to launch "early in the holiday," albeit it did not provide a specific timeline.
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The troubled fitness company believes a partnership with the largest U.S. sporting goods retailer will help it reach new audiences, expand its total addressable market and drive member growth.
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FILE - Storefront for Dick's Sporting Goods. (Jim Lane/Education Images/Universal Images Group via Getty Images)
"Dick's is a consumer-beloved brand with a large, incremental customer base, offering tremendous upside for us to reach broader audiences and attract potential new members," Peloton Senior Vice President of Global Direct Sales Jen Parker said in a statement.
Parker also noted that "retail remains a critical touchpoint" for many customers.
Dick's will be the only retailer to carry this selection of Peloton's connected fitness equipment. Previously, the company exclusively offered its products through its website, at global showrooms and inside sales channels before teaming up with Amazon earlier this summer.
In August, Peloton announced that some of its connected fitness products, clothing and accessories would also be sold on Amazon in order to "providing additional opportunities to expose people to Peloton."
Peloton shares surged more than 400% in 2020 amid lockdowns that made its bikes and treadmills popular among customers who pay a fee to participate in Peloton’s interactive workouts.
However, nearly all of those gains were wiped out last year as people shifted back to their old workout habits and returned to gyms.
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The company lost its senior vice president and global head of marketing, communications and membership, Dara Treseder, to AutoDesk.
Co-founder John Foley stepped down from his position as executive chair earlier this month. Co-founder and Chief Legal Officer Hisao Kushi will leave the company October 3.
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To reduce costs and try and revive sales, the company laid off hundreds of employees, raised the prices of its equipment and outsourced manufacturing to a Taiwanese company.
The Associated Press contributed to this report.