Peloton is undergoing a significant rebrand, dumping its identity as a seller of luxury exercise bikes and equipment to heath technology for all.
"We’re shifting perceptions from in-home to everywhere, fitness enthusiasts to people at all levels, exclusivity to inclusivity across all Peloton members present and future,” Chief Marketing Officer Leslie Berland said in a written statement Tuesday.
The company rolled out new pricing for tiered membership that ranges from $12.99 to $24 per month, and said that its app now offers the largest number of free classes since its launch in June 2018.
CEO Barry McCarthy replaced founder John Foley just over a year ago to right a business that has had numerous stumbles, from marketing missteps to recalls. He has made a hard push to shift the company's focus from high-priced hardware, to software and a fee-based app.
In October the company announced it was cutting about 500 jobs on top of the nearly 800 layoffs it made in August. It also closed its North America distribution network and shift delivery work to third-party providers.
Peloton experienced incredible sales growth during the height of the coronavirus pandemic. The New York company’s share price multiplied by more than five times in 2020 amid lockdowns that made its pricey bikes and treadmills popular among customers who pay a monthly fee to participate in interactive workouts.
Sales began to slow in 2021 as vaccines allowed people to roam more freely from their homes, including visits to the gym.
Shares of Peloton Interactive Inc., down 46% this year, rose slightly Tuesday.
Oracle soars as it cashes in on the AI boom, Plus: Starbucks shares continue to fall under its new CEO, and does anybody actually want a new iPhone Air?
Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
Aurimas Sabulis, CEO of Dextall, unveils how AI‑driven prefabricated façades slash design time by 80%, labor by 87%, and accelerate affordable housing delivery.
