Is Peloton’s Crash a Good Sign for Gyms?
Peloton, heralded as one of the biggest “winners” of the pandemic, is now starting to backpedal. This week, the fitness technology giant announced 2,800 layoffs and the departure of its CEO and co-founder, John Foley, who will step down and become executive chairman after 10 years at the helm. Demand for Peloton bikes has been on the decline in recent months, after skyrocketing in the wake of gyms closing due to the pandemic. With more people vaccinated and gyms reopening to full capacity across the country, the market trends for at-home fitness could be shifting, according to a recent article from Crunchbase. Helaine Knapp, CEO of CityRow, suggested fitness consumers and gym goers may prefer a hybrid approach that includes at-home and in-person experiences in the future. Read more.