When gyms closed last year, demand for Peloton’s pricey at-home treadmills and exercise bikes—the cheapest of which goes for $1,895—spun out of control. Led by CEO John Foley, the company now has 1.67 million members (up 134% from a year earlier) paying $39 a month to take virtual classes with celebrity instructors like Ally Love. The overwhelming demand led to 10-week backlogs on orders of its equipment, but Peloton has taken steps to fix its supply issues, amping up production at its new factory in Taiwan. In December, the company acquired fitness equipment maker Precor for more than $400 million, increasing its manufacturing capacity and gaining entry into hotel gyms and other commercial facilities—which will be of strategic importance to Peloton as the COVID-19 vaccine rollout continues and exercise returns to the public sphere.
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