Exercise equipment brand Peloton, which grew in popularity during the pandemic, has launched a rental service as sales decline, The Times has reported.
High-tech exercise bike retailer Peloton has introduced a rental service for £99 a month, which includes access to all its live online classes and back catalogue. Sales have declined after the highs of the pandemic.
The £99 per month rental cost makes the bikes cheaper compared to their retail price of £1,995 along with a £39 a month subscription for online classes.
Customers will incur a £200 set-up fee for the rental service, which can be cancelled at no cost at any time.
The brand went from 2 million global members to more than 7 million between January 2020 and March 2022 as homebound customers turned to indoor forms of exercise during the Covid-19 lockdowns.
However, since then the brand has reported falling revenue and sales. The cycling category has suffered since then with motor specialist Halfords reporting a fall in cycling sales most recently.
Halfords cut its full-year profit guidance from between £48m and £53m to between £35m and £40m and it was particularly affected by a downfall in cycling sales. It cautioned that conditions would not change in the remainder of its financial year, which runs to the end of March and includes the peak Easter cycling period.
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