Peloton Partners With Dick’s Sporting Goods to Sell Bikes in 100 Stores
Peloton is partnering with Dick’s Sporting Goods in a new deal to sell its equipment at more than 100 locations.
The fitness technology company will now sell its cycling bike, guide, treadmill, and certain accessories via branded shops in more than 100 Dick’s stores across the U.S. as well as the retailer’s website. Peloton’s products, including its $1,445 signature cycling bike, are currently sold through the company’s owned stores and online channels as well as through Amazon, as of this past summer.
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The partnership, which is set to roll out at the start of the holiday season, marks the first brick-and-mortar retail partnership for this selection of Peloton products. The announcement also marks Peloton’s latest efforts to expand its sales platform to reach new audiences and drive new membership. In August, Peloton said it would start selling its cycling bike, guide, apparel, shoes and accessories via Amazon’s website in the U.S.
Peloton shares dropped almost 12% as of Thursday morning.
“Peloton is a powerful brand with a very loyal following and a product mix that’s compelling for any fitness enthusiast,” said Will Swisher, SVP of merchandising, hardlines at Dick’s Sporting Goods. “Being able to offer Peloton to our athletes — and to provide an in-store experience for them to see and test products — gives us and Peloton extended reach into the fitness market.”
Employees at Dick’s will receive training by Peloton to be able to assist customers with their purchases and questions. Peloton will fulfill deliveries at the start of the launch.
Jen Parker, Peloton’s SVP of global direct sales, said in a statement that this new partnership represents a “a natural fit” the brand and its goals for expanding membership.
“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,” Parker said. “Retail remains a critical touchpoint, and we want to provide the in-store experience that many current and prospective Members still covet.”
These new partnerships come after months of challenges for the connected fitness brand, including rising costs and a slowdown in demand as more people return to gyms and live classes. The company’s former CEO John Foley announced in February that he would step into a new role as the company’s executive chair, with former Spotify CFO Barry McCarthy taking over as chief executive. The company also announced layoffs off about 2,800 employees across the globe as part of a plan to “position Peloton for long-term success.”
In August, Peloton announced more job cuts, store closures, and rolled out price increases across some of its equipment.
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