Written by Brenda Nakalema

Peloton Stock Surges As Company Sells Bikes and Accessories on Amazon

Peloton Interactive (ticker: PTON) stock climbed on Wednesday after the company announced its partnership with Amazon.com (ticker: AMZN) to sell …

Peloton Interactive (ticker: PTON) stock climbed on Wednesday after the company announced its partnership with Amazon.com (ticker: AMZN) to sell select hardware and accessories in the eCommerce giant’s U.S stores.

Peloton customers will now be able to purchase the company’s signature Bike and strength training device called Guide at Amazon U.S stores. The company will also sell select apparel, cycling shoes, weights, dumbbells, and yoga blocks.

The Bike price will be $1,445, while the Guide costs about $295. Customers will be able to have the Peloton Bike available for in-home delivery, the company announced, with the option to select assistance for assembling the bike at no extra cost.

“Expanding our distribution channels through Amazon is a natural extension of our business and an organic way to increase access to our brand,” said Peloton’s chief commercial officer, Kevin Cornils. “We want to meet consumers where they are, and they are shopping on Amazon.”

This marks the company’s latest strategic move as it attempts to recover its lost Covid-19 era glory. Sales have been declining in recent months as people returned to gyms and other in-person workout classes, putting extra pressure on Peloton’s cost structure.

In early August, the company announced its decision to cut over 800 jobs and outsource its distribution and logistics network, as well as some customer service roles. The early half of this month saw the company announce its decision to halt production of its Bike and Treadmills, making the switch to third-party manufacturers.

Peloton stock climbed 8%, landing at $12.09 in premarket trading on Wednesday.