Peloton will start selling a selection of its connected-fitness equipment and accessories on Amazon U.S., the company announced on Wednesday.
The move is intended to increase distribution as the fitness equipment maker struggles with weak demand and a plunging stock price.
Shares of Peloton rose 17% premarket after the partnership with the e-commerce giant was announced.
“Expanding our distribution channels through Amazon is a natural extension of our business,” Peloton Chief Commercial Officer Kevin Cornils said. “Post-Covid, the retail environment is continuing to evolve”.
Cornils noted that there are already about half a million searches on Amazon each month for Peloton’s products.
“Physical retail is always going to be an important part of our strategy,” said Cornils. “This is more of a reflection of us trying to match the consumer.”
Peloton’s shares are down about 70% year to date. Its market cap plunged to around $3.7 billion, from the highest $50 billion in early 2021.
Until now, the company’s new products and accessories were sold on its own site and in physical showrooms directly to consumers.
After being appointed in February in replacement of the company’s founder John Foley, CEO Barry McCarthy has committed to widening Peloton’s distribution globally and lowering costs.