Fitness company Peloton, known for its eyebrow-raising prices and subscription-based virtual fitness classes, is adding a rowing machine to its exercise-equipment lineup.
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Peloton Row is available for preorder on the company's website for $3,195. Add-ons like a row mat, heart rate band, water bottle, and dumbbells bring the price up to as much as $3,570. On top of that, Peloton requires all rowing machine owners to carry a membership subscription for access to virtual workouts, which costs an additional $44 a month.
Peloton equipment is famously expensive, but that didn't stop a surge in sales during the pandemic when gyms were closed and fitness enthusiasts were stuck inside their homes. With gyms once again open and lockdowns a fading memory, Peloton's sales fell 28% in the three months ending June 30, bringing the total loss for its 2022 fiscal year to $2.8 billion.
Rowing, meet Peloton. 🤝— Peloton (@onepeloton) September 20, 2022
It’s officially here. Our long-anticipated Peloton Row is now available for pre-order—but it's not the rowing you thought you knew.
Pre-order now at https://t.co/QQPrCgQs76 pic.twitter.com/6NQXpDUiLL
Those massive losses have forced Peloton to restructure, with a goal of a break-even cash flow by the second half of its 2023 fiscal year. It has also shuttered retail stores, laid off about 800 of its employees, and is parting ways with its co-founders to reshape the business from the top down.
The introduction of Peloton Row is part of an effort by the company to expand its customer base. Peloton recently started selling its fitness equipment on Amazon, the first time using a retail partner. Given the company's worrisome financial turmoil, however, it may be spreading itself too thin with a new product while it struggles to sell excess inventory.