Since it was founded in 2012, Peloton has transformed the concept of the at-home workout from a largely improvised endeavour to a curated, luxury experience, with $2000-plus stationery bikes, quasi-celebrity instructors and workout playlists curated by the likes of Beyoncé. One of the most visible beneficiaries of the Covid-19 pandemic, when gyms were closed and people were told to stay home, the connected fitness company expects to generate US$4.075 billion in revenue and US$300 million or mor
more in adjusted earnings before interest, tax, depreciation and amortisation this financial year.
Those numbers will only go up as Peloton continues to expand. Now available in four countries – the US, Canada, the UK and Germany – the company has just revealed plans to enter the Australian market later this year.
Inside Retail spoke to Peloton’s managing director of international Kevin Cornils to find out more about the launch and whether the at-home fitness boom will continue post-Covid.
Kevin Cornils, Peloton’s managing director of international. Image: Supplied
Inside Retail: What about the Australian market makes it a good place for Peloton to expand?
Kevin Cornils: Australia is really ahead of the game globally in terms of innovative fitness technology and models, which, as an interactive fitness platform, is a really inspiring and motivating factor for us to finally welcome Aussies to the Peloton community.
We also know how passionate Aussies are about health, wellness and fitness, that starts at such a young age through League, AFL or Surf Lifesaving Clubs, through to innovative fitness classes, which is why we think this will give us a solid launch board to inspire people to engage in studio-style, group fitness classes from their homes that are accessible anytime, anywhere.
Peloton connects the world through fitness, and the beautiful thing about our platform is that, even though you may be physically alone in your home, you’re never working out by yourself – there’s always someone there on the leaderboard with you.
IR: Can you tell me a bit more about your showroom strategy? How many do you plan to open in Australia and what role will they play in growing the Peloton business here?
KC: In the second half of 2021, we plan to open physical retail showrooms across key Australian cities, including Sydney and Melbourne. The showrooms will provide an opportunity for consumers to experience Peloton first-hand and learn more about the live studio experience they can bring home.
We will also be producing high quality content out of our London and New York studios that Australian consumers will have access to throughout the day and at convenient hours. In addition to our live classes, Australian members will also be able to access our on-demand library with thousands of classes available.
IR: How do you plan to grow brand awareness locally?
KC: Whilst the Peloton Bike and Bike+ will initially be delivered to Sydney, Melbourne and Brisbane, all Australians can access the Peloton App nationwide. We will also support our efforts with a major brand and media campaign as we introduce the brand and show Australia what we stand for.
IR: Looking beyond the Australian market, Peloton has experienced significant growth during the pandemic. How do you plan to keep up this momentum post-Covid? Are you anticipating that people will be tired of staying home and eager to exercise outdoors or at their local gyms again?
KC: Peloton was founded in 2012 and we now operate in four countries and have a growing community of 4.4 million members worldwide. I think just as Covid-19 fast-tracked working from home and other technologies, the same can be said for connected fitness, which was already on a rapid growth trajectory and became a huge disruptor in the health and wellness space.
We’re confident Australian consumers will embrace our studio-style, group fitness classes that motivate them and are accessible anytime, anywhere.