Struggling connected sports equipment company Peloton (NASDAQ: PTON) has edged higher premarket after the company said it has expanded its collaboration with Amazon.
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Peloton told investors in a press release that the Peloton Bike, Guide, and select accessories are now available in Amazon's UK store, while it will also launch in Amazon's German store in the coming weeks. The Peloton bike is priced at £1,345, while the Guide will be £275.
“The UK and Germany are strategic markets for Peloton where we have built sizable and engaged Member communities. Further expanding our distribution channels through Amazon is our latest move to make Peloton readily accessible and to meet our Members where they are,” commented Peloton's General Manager for International, Manu Seigner.
“Peloton's collaboration with Amazon increases access to Peloton's connected fitness products and the vast library of thousands of instructor-led fitness and wellness classes.”
Despite Peloton's recent share price gains, with a 9% rise on Tuesday and an almost 1% increase premarket Wednesday, its shares have struggled significantly in 2022, down over 67%.
Demand for Peloton's products plunged after the lifting of pandemic restrictions as consumers headed back to gyms and fitness classes. As a result, in January, Peloton temporarily halted production of its connected fitness products due to waning demand.
The move to sell some of its products on Amazon in the UK is an effort to combat its demand decline after it reported a wider-than-expected loss for its fiscal first quarter.
