Do Peloton Layoffs Signal Decline of Luxury Fitness?
Earlier this month, Peloton announced major financial cutbacks, including 800 employee layoffs and a reduced retail presence. Once hailed as the winners of the pandemic just two years ago, Peloton has since cooled off as gyms have reopened around the world. The company’s third quarter revenue was $964.3 million, significantly lower than last year’s $1.26 billion figure during the same period. With more options now available for consumers to choose from, it seems many are opting for alternative fitness options, even traditional brick and mortar health clubs. “More people are going back to the gym in person,” author Natalia Petrzela, a professor at the New School in New York, told CBC. “It is the lower-end businesses that are thriving.” Read more.