One of the most rapidly developing scapes in the retail industry today is the fitness area.
And its many, ever-changing accessories.
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Back in the early 2000s, the top brand found everywhere from high school gymnasiums to football fields was typically Nike. With its bright colors and streamlined silhouettes, Nike exuded speed and street style that captivated kids and adults alike.
Soon, however, Adidas began to take off once again. And thanks to a successful (now terminated) partnership with rapper and designer Kanye West, chunkier, far less streamlined sneaker designs became all the rage. All of a sudden, bulky sweat suits and oversized platforms became a trendy norm.
Despite Adidas' decision to part ways with Yeezy, the chunky sneaker trend stayed. New Balance quickly ushered in a new generation of vintage looking sneakers, styled as "dad" sneakers. And the New Balance 530 Unisex sneakers remain one of the brand's top selling models to this day.
Others, however, prefer a more understated style. Today's popular Lululemon brand offers both a toned down lifestyle and silhouette. Its branding caters mostly to the yoga and golf crowd – though everyone who enjoys lounging and their legacy "buttery soft," material gravitates to the pricey brand.
Peloton benefitted from a surge in popularity
In recent years, thanks in part to social media, workout classes – in addition to brands – started to gain mass attention.
This was suddenly beyond the popularity that surrounded aerobics classes in the 1980s or a general enthusiasm for gym culture thanks to Arnold Schwarzenegger. Americans in the mid and late 2010s became swept with excitement for certain workout classes, like Soul Cycle, Barry's Bootcamp, Orange Theory, CrossFit, Pilates, and the like.
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The popularity surge in certain workout classes is fueled largely by social media, but the pandemic helped to accelerate some activities.
Peloton (PTON) was one of the largest recipients of such a boost. The at-home fitness equipment company, which was mostly a niche brand before covid, saw a massive uptick in early 2020 thanks to stay at home orders. Suddenly everywhere from gyms to boutique fitness studios were shuttered for the foreseeable future, and if many folks were hesitant to even venture outside for a run.
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But Peloton provided a workaround. For under $2,000, fitness enthusiasts could own their own boutique gym equipment –complete with classes and peppy instructors – without needing to leave the comfort of their homes.
And still trying to stay on top
Once the pandemic began to wane, however, so too did Peloton's popularity. Many bikes, which once had weeks long delivery waitlists, sat in corners of a home office functioning more as a clothing rack than a high-end piece of workout equipment.
The company is still trying to regain its foothold, as it now competes with in-person fitness studios and at-home competitors. It's partnered with hotels and apartments to install its equipment into state of the art gyms, but it's been hard to recapture the zeal that swept the workout community in the early 2020s.
One bright spot to its business strategy, however, has been its ongoing partnership with Amazon (AMZN) , which now sells bikes and other associated equipment and accessories on its massive storefront. Interested would-be riders can now have a brand new bike delivered to their home within a matter of a few hours –something that would have been unheard of in late 2020.
But sales have still been lagging. So Peloton is trying a new method of approach ahead of Amazon Prime Days, which run from July 16-17.
The fitness company has been quietly offering its lowest price ever on the original bike on an invite-only basis. Interested customers can sign up to be invited to apply for the deal, which brings the bike down from its original price of $1,445 to just over $1,000.
Customers who are selected for the deal will be notified on Prime Day, where they can then complete the purchase.
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