Peloton launches strength training product at 40% lower price

(Reuters) – Peloton Interactive Inc’s strength training product, Peloton Guide, would be available at a starting price of $295, about 40% lower than what it had originally planned, the company said on Tuesday.

In the company’s first major product launch since Barry McCarthy took charge as chief executive, Peloton said Guide is available for purchase in the United States, Canada, UK and Australia beginning Tuesday.

The Guide, which is available to existing all access members at no cost, has a TV-connected camera that displays workouts and helps users track their movements and is different from the Peloton’s other products such as bikes and treads that focus on cardio exercises.

Peloton, a pandemic winner, unveiled the ‘Peloton Guide’ last year and had fixed a starting price of $495.

The company replaced co-founder John Foley with former tech executive McCarthy in February, amid investor pressure over sagging sales.

Under McCarthy, the company intends to explore various pricing models in select U.S. markets, as it hoped to attract more customers and return to profitability.

(Reporting by Nathan Gomes in Bengaluru; Editing by Shailesh Kuber)