Peloton Interactive is providing refurbished bikes throughout the continental U.S. and Canada at a reduction of as much as $500 over new bikes, the corporate stated Monday.
This system, known as Peloton Licensed Refurbished, will present fashions priced at $1,145 and $1,995 with the identical 12-month guarantee supplied with new bikes.
“We’re excited to supply refurbished Peloton bikes at these new worth factors, opening the participating Peloton expertise to much more members,” stated Vice President of Rising Enterprise & Strategic Partnerships Amanda Shulman.
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Shulman continued, “All pre-owned bikes have been refurbished and checked to fulfill our rigorous high quality requirements, and our new program permits us to search out these bikes a second house.”
The health tools maker was all the trend amongst health lovers throughout COVID-19 lockdowns, with the corporate hitting a peak market valuation of practically $50 billion in early 2021.
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Nevertheless, with individuals returning to gyms, Peloton noticed demand for its health tools dwindle and noticed its market cap stoop to lower than $3 billion at the moment. Shares are down greater than 75% 12 months to this point,
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In an effort to extend ridership, Peloton beforehand provided licensed refurbished bikes from their app for as little as $500.
Shopper disinterest in costly spin lessons just isn’t unique to Peloton. SoulCycle, which affords in particular person biking experiences, closed 25% of its shops nationwide in August.
SoulCycle, which is owned by privately-held Equinox, launched their very own at house bike in March 2020, which is at the moment priced at $2,500 however on sale for $1,500.
The corporate earlier this 12 months expanded its rental program within the U.S., giving shoppers a month-to-month choice on its Peloton Bike and Bike+ fashions.
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Reuters contributed to this text.