Why Are Peloton Rowing Against The Tide?
BackStory: At over $3k, Peloton’s new rowing machine is 3x more expensive than the competition. With falling demand for its premium products, over $1 billion in inventory waiting to be sold, and a cost-of-living crisis, what were Peloton’s latest management team thinking with the launch of “Row”? As Peloton announced its latest product, co-founders John Foley and Hisao Kushi left the company, whilst new CEO admits mistakes with pricing. None of this looks good for the firm worth $58 billion at the height of the pandemic. They’re now worth only $3 billion.