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Internet fitness platform Peloton restructures business to launch rowing machines and fitness classes
this Tuesday, Internet fitness platform Peloton announced the launch of a rowing machine product. Currently, the company is undergoing a business restructuring to expand its customer base and return to profitability.
Peloton is announcing the Peloton Row, which starts at $3,195. The rowing machine is currently available for pre-order through its website and is expected to start shipping in December.
Users who buy the rowing machine also need to pay a $44 monthly membership fee to participate in Peloton's fitness classes and programs. Peloton has previously launched fitness products such as spinning bikes, including Bike, Bike+, Tread and Guide. According to media reports, Peloton Row has been in the works for some time.
Peloton reported last month that sales fell and losses widened in the fiscal fourth quarter, marking the company's sixth straight quarter of losses. Peloton has said the goal is to break even on quarterly cash flow by the second half of fiscal 2023.
The company also announced a partnership with Amazon to sell products on the Amazon platform. The move could help Peloton expand its user base. This is also Peloton's first attempt to expand its business beyond the business of reaching users directly.
Peloton is also making management changes. A week ago, the company announced that as part of the company's transformation, co-founder and former CEO John Foley, co-founder and chief legal officer Hisao Kushi and chief commercial officer Kevin Cornells (Kevin Cornils) is leaving the company. Foley had been Peloton's chief executive for about 10 years before stepping down as CEO in February.
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