Peloton CEO John Foley Talks Cheaper Bikes and Making the Most of Staying Home

We start with a conversation with John Foley, the 49-year-old entrepreneur behind Peloton, which is experiencing surging demand for the connected exercise bikes the company pioneered, transforming the fitness market. Peloton, which was founded in 2012 in New York City, has developed a dedicated following by allowing its members to connect to high-energy spin classes from their homes, on their own schedules. It sold its first bike in 2013 and now has more than 2.6 million members and 3,500 employees worldwide. With much of the nation on lockdown, usage has shot up. On March 25, for the first time, more than 1 million workouts were taken in one day by Peloton members. In April, its debut ‘Live from Home’ ride broke the previous record for largest live class with over 23,000 participants.

In the interview, Foley discusses his contrarian view of physical retail stores (he plans to use the pressure on malls and retailers to add more premium locations to Peloton’s nearly 100 retail stores world wide.) He also discussed plans to make the company’s bike, which retails for $2,245, or $58 a month for 39 months on an interest-free payment plan, more affordable. “If you can get to 20 bucks a month per person, you’re starting to get below Planet Fitness-style, low-end gym chain affordability, and we think that that’s a pretty big opportunity for Peloton,” says Foley… READ MORE @ TIME