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Peloton Interactive Inc (NASDAQ: PTON) on Wednesday said the company would sell its exercise bike and other fitness accessories on Amazon.com Inc’s (NASDAQ: AMZN) US platform in a bid to boost its sales, which have been falling since people started going out after COVID-19 lockdowns.
Shares of the fitness equipment maker jumped almost 21% to $13.55 in New York.
The partnership marks the latest move by Peloton Chief Executive Barry McCarthy to cut losses and improve cash flow as people go back to working out at gyms in a post-pandemic world.
“Expanding our distribution channels through Amazon is a natural extension of our business and an organic way to increase access to our brand,” Chief Commercial Officer Kevin Cornils said.
Until now, the company sold exercise bikes and other fitness accessories on its own e-commerce site and showrooms.
Earlier this month, Peloton said it will start closing a significant number of its retail stores in 2023, but didn’t specify how many of its 86 retail locations will shutter.
Picture Credit: Cnet
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