Nike, Amazon reportedly considering buying Peloton
According to reports from The Financial Times and The Wall Street Journal, Amazon and Nike are preparing to purchase home workout company Peleton. Peleton was once a big name in the home workout market during the early parts of the COVID pandemic when people were looking for ways to keep their fitness during the lockdowns. Peleton reached its peak market valuation of $50 billion in January 2021. However, as of today, the company's total market valuation is only $8 billion.
During the past few weeks, Peleton's reputation has sort of plummeted. In January, a report came out claiming that Peleton halted its Bike and Tread production due to low demand and stiffer competition in the space. Later, CEO John Foley admitted that the company was "resetting [its] production levels for sustainable growth." Moreover, a report claimed that the company had not paid its workers.
It's not clear how advanced talks are with Nike or Amazon, but we can clearly see the benefits both the companies would have by acquiring Peleton. For example, Peleton has been having issues with the supply chain. Amazon could step in and fix that. Moreover, the company has a history of investing in the health and fitness industry, and Amazon-branded treadmills could become a part of its fitness portfolio. The company would gain access to users' health data, which could prove useful for its future projects.
Sources: The Wall Street Journal, The Financial Times | Via: Engadget
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