Adidas AG and Peloton Interactive Inc. have teamed up to create a co-branded apparel collection designed to meet demand for sportswear as people want to stay active at home during the pandemic. The German sportswear manufacturer and the New York-based fitness platform for the home said the “Adidas x Peloton SS21 Collection” marks the beginning of a collaboration between the brands. Items will be available for purchase on companies’ websites and in select stores and showrooms starting March 25, priced between $ 30 and $ 85, a statement said Thursday.
Peloton has become synonymous with the pandemic and attracts a legion of fans with its technology-driven stationary bikes and treadmills. Peloton fitness trainers Robin Arzón, Ally Love and Cody Rigsby were involved in the design process for the 11-piece collection, which they say will contain neon colors, text graphics and “allusions to a 90s attitude”.
Mr. Foley had planned to bring a more expensive bike and a cheaper treadmill to market along with the price cut in April. But “the world has changed with Covid,” he said. The surge in demand helped bury criticism that Mr. Foley attributes to misperceptions about a Christmas advertisement, but also caused turmoil.
Peloton’s moves outperformed analysts’ anticipated strong fiscal fourth quarter results. The report due Thursday comes four months after the company said initial demand was extremely robust during the pandemic – and the share price rose 112%.
The shares traded at $ 87.92 on Tuesday morning, up 9% on a broader market decline.
Today, Peloton sells two major pieces of equipment: a stationary bike valued at $ 2,245 and a treadmill valued at $ 4,295. Starting Wednesday, there will be a new Bike + for $ 2,495, an older bike for $ 1,895, a new treadmill for $ 2,495, and an existing treadmill for $ 4,295.
According to Foley, pricing is important as it shows the company’s desire to keep investors happy by continuing to offer higher-margin products while increasing attractiveness. “The idea that this is only available to rich people is obviously a nail on a blackboard for me as a business leader, as a person and as an American,” he said. More products are in the pipeline and pricing will continue to be a focus, he added.
Price cuts could bring more bikes into the homes of people willing to spend $ 39 a month on the growing live content on offer.
Adidas announced earlier this month that it is targeting sales growth of up to 10% per year through 2025 as the focus is more on e-commerce and sustainable materials.
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Adidas Peloton enter partnership increase increasing demand fitness due covid19 Lifestyle News