Latest news with #Archive
Forbes
2 days ago
- Business
- Forbes
CEO Says Peloton Not For Sale As Peloton Repowered Marketplace Debuts
Peloton stock soared during the pandemic but its share price has been downhill ever since. (Photo by ... More) Peloton has launched an equipment and accessories resale marketplace called Peloton Repowered, as the company boss also slapped a 'not for sale' sign over the business. Speaking at a Bloomberg event today, CEO Peter Stern insisted that he had not been brought in to find a buyer for the company but instead is looking to capitalize on new and existing customers with a range of initiatives, including the growing trend towards pre-used merchandise. Initially eligible for sellers located in the Boston, New York City and Washington, D.C. metro areas, the marketplace will then expand nationally in the coming months and has been created to connect buyers and sellers in the same metro area, Peloton said. In its testing phase it will launch in beta and until there is enough inventory will only allow users to list items, with the facility to buy and sell to be introduced in the next few weeks. The platform will enable members to post their used Peloton equipment and gear and set a price with help from a generative AI tool, the company said, although sellers will have the final say on how much to list the item for. Peloton Repowered sellers will receive 70% of the sale price and a discount on new Peloton workout equipment, adding to the discounted products it sells, which already include refurbished equipment, offering a peer-to-peer pre-owned option. The sellers' discount on new Peloton equipment will range from around $200 to $600, depending on what type of new equipment is purchased, while Peloton Repowered buyers will receive a reduced used activation fee for the equipment they purchase at $45, which compares with its typical used equipment activation fee of $95. Buyers will be able to see the equipment's history on the listing and have the option to get the item delivered for an extra fee, Peloton said. The Peloton Repowered platform works through the Archive platform, which has worked with fashion brands including The North Face, Dr. Martens and New Balance and Peloton said previously it had started to see a 'meaningful increase' in the number of new members who bought used Bikes or Treads from peer-to-peer markets such as Facebook Marketplace. The launch of Peloton's new resale platform follows third-quarter earnings released last month that showed a 13% year-on-year fall in revenue to $624 million and a wider-than-expected net loss of nearly $48 million. Peloton ended the third quarter with 2.9 million paid fitness subscribers, down 6% from a year prior. Peter Stern, president and CEO of Peloton, during the Bloomberg Tech conference in San ... More Franciscoyesterday. Photographer: David Paul Morris/Bloomberg Peloton's stock value is a fraction of the peak in 2021, when enforced pandemic lockdowns led to a surge in home exercise and rocketing equipment and subscription sales. CEO Peter Stern – who was co-founder of Apple Fitness+ – took the helm in January and been trying to revamp the company, although he has so far been unable to reverse value declines which have seen the stock price fall by over a fifth since the start of the year. Speaking at a Bloomberg event yesterday, Stern stressed that he had no intention of selling the company as he reaffirmed his commitment to reviving the bike and running workouts firm and keeping it "a standalone company." "I was not hired to sell this company,' he said. "I was hired to bring this company back to growth, reinvigorate it, and that is happening." He said that Peloton must evolve into a more personalized coach powered by AI, while expanding its reach through retail, international markets, and travel, including a stronger presence in hotel gyms. The company has implemented several initiatives to steady the business, including 15% job cuts announced last year and shifting its focus to subscription sales over hardware. The company last month also initiated a pricing strategy to offer discounted equipment rates for eligible educators, healthcare workers, first responders and military personnel in the U.S. Peloton Repowered also seems to play to Stern's assertion that the company must balance between hardware and software: "Our future is not to try to scale the app at the expense of that equipment business," he said
Miami Herald
4 days ago
- Business
- Miami Herald
Peloton reveals clever solution to alarming consumer problem
Many people try to overcome adversity by combating the problem. However, some conditions are too strong to defeat, no matter how great a fight we put up. Don't miss the move: Subscribe to TheStreet's free daily newsletter Peloton has found the solution to a troublesome problem within its business. After years of trying to fight it, it decided to follow the motto "if you can't beat them, join them." Related: Peloton CEO believes cost-cutting can help reverse slide Peloton's (PTON) business model boomed during lockdowns, reaching its highest-ever sales, subscriptions, and shares peak. However, once the confinement period ended and gyms began to reopen, the need and demand for at-home workout equipment declined. This has caused Peloton's business to struggle since 2021. Not only do consumers not depend on Peloton's equipment and subscriptions like they once did, but the pandemic's aftermath also led to an overall slowdown in consumer spending due to economic uncertainty that continues to impact its business. During its third quarter of fiscal 2025, Peloton's overall membership declined 8% year over year. Paid Connect Fitness subscriptions required for Peloton equipment were down 6%, and equipment sales declined 27% yearly, marking the third consecutive year of year-over-year sales declines. Related: Peloton faces subscription challenges, stock price soars anyway Peloton has previously stated that, in addition to the current consumer slowdown, unregulated resale platforms were also a factor in declining sales across all equipment categories, since they offer lower prices, taking away market share. The company has tried to combat this problem by implementing a one-time $95 activation fee for all secondhand equipment, yet the efforts haven't been enough. The popularity of these unregulated resellers has been so significant in Peloton's business that the company forecasted equipment sales would continue declining for the remainder of fiscal 2025. However, Peloton said it would focus on price optimization and promotional strategies to reverse these declines. Sometimes, the competition is too great to try to eliminate, so Peloton decided to play along, but by its own rules. Peloton has teamed up with the developer Archive to launch Repowered, a secondary marketplace where customers can resell and buy used equipment and gear from the brand. This new platform implements an AI tool to provide sellers with suggested product prices based on factors such as year, condition, and type. However, sellers can still set their listing price within a range, while buyers can see the products' history. More Retail News: After bankruptcy, closed clothing chain hints at comebackWalmart makes deal to open popular food chain in storesPopular fast-food burger chain to open first store in new market The marketplace is a win-win for all involved because sellers will receive 70% of the sale, and Peloton and Archive will split the other 30%. Sellers will also get a discount of up to $600 that can be applied when buying new Peloton equipment and gear, and the buyer activation fee will be reduced from $95 to $45. Once the products are purchased, buyers can arrange a pickup with the seller or have the products delivered for a fee. Currently, the platform is only open for listings from sellers in the Boston, New York City, or Washington, D.C., metro areas. Once enough products have been listed on the marketplace, buyers will soon be able to make purchases. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
UPI
4 days ago
- Business
- UPI
Peloton launches 'Repowered' platform to resell used fitness equipment
Pedestrians walk past a Peloton store in Bethesda, Maryland in August 2022. The fitness company announced Tuesday it was launching a resale platform for its fitness equipment, called Repowered. File Photo by Michael Reynolds/EPA-EFE June 4 (UPI) -- Peloton is geared-up to help customers sell their bikes and treadmills online with Tuesday's launch of Repowered, a resale marketplace that could bring in top secondhand dollars for the connected fitness company. Repowered is currently operating in New York City, Boston and Washington, D.C., with plans to go nationwide within the year. The platform is available to sellers only and will become available to buyers, once there's enough inventory, Peloton said. "The official Peloton resale site where you can find great deals on gently used Peloton equipment or sell your pre-loved pieces for cash," the company announced on its website. According to Peloton, the platform will cut third party friction by coordinating pickups and deliveries. Sellers will receive 70% of the proceeds, with Peloton splitting the rest with platform provider Archive. Sellers can also receive up to a $600 discount on new equipment. Peloton says the resale market aligns with its sustainability goals to "help give used equipment a second life," while providing transparency on the product. "If you're buying or selling used Peloton equipment, you will have access to the Peloton History Summary that includes details like service history, warranty and more, directly from us," the company said. "This ensures transparency about the item's condition, giving both parties confidence in the transaction." The fitness company has seen a drop in the monthly subscriptions that go with their equipment, as treadmills and bikes collect dust and clothing once owners stop using them. Those subscriptions are a big part of Peloton's revenue, according to the company's financial records. Last year, Peloton cut 15% of its workforce as chief executive officer Barry McCarthy stepped down. At the same time, the company noticed a spike in the resale of its equipment on Facebook Marketplace and Trade My Stuff, which manages transactions and heavy lifting for buyers and sellers. The delivery team also sets up the equipment and teaches the buyer how to use it. After reporting a 13% decline in revenue during its third quarter, Peloton announced it would help facilitate the resale of its own equipment as part of its full-spectrum wellness offerings that include mindfulness and sleep.
Yahoo
18-05-2025
- Automotive
- Yahoo
Up Close: In Conversation with Archive Co-founder and CEO Emily Gittins
Up Close is Sourcing Journal's regular check-in with industry executives to get their take on topics ranging from their company's latest moves to personal style. In this Q&A, Emily Gittins, co-founder and CEO of resale solutions provider Archive—which powers recommerce for brands like Lululemon, Oscar de la Renta and Faherty, discusses what fashion could learn from the automotive industry about resale and the business case for secondhand retail. Name: Emily GittinsTitle: Co-founder and CEOCompany: Archive More from Sourcing Journal MySize Bets On Fashion Resale With Percentil Acquisition Rising Prices, Falling Confidence: Secondhand Retail Steps Up Up Close: In Conversation with Relex Solutions' Dr. Madhav Durbha Which other industry has the best handle on the supply chain? What can apparel learn? The automotive industry stands out for its supply chain mastery—especially in terms of traceability, supplier collaboration and just-in-time manufacturing. They're also further ahead in incorporating resale into their business model. When you buy a car new, you know exactly what price you can resell it for in one year, three years, 10 years. That factors into your purchasing decision. And if you want to sell or buy secondhand, you have the opportunity to do so directly through the manufacturer. I think apparel will look very similar in five years' time. What should be the apparel industry's top priority right now? The apparel industry's top priority should be future-proofing their business, fast. Tomorrow's consumer will not shop in the same way as today's. A key part of that is consumers' shift to buying more and more secondhand, taking share from full price at a rapid rate; in 2024, the U.S. secondhand apparel market [grew] five times faster than the broader retail clothing market. Brands need to adapt fast to build circular business models like resale into their strategy. That means offering secondhand options to customers to keep those customers in their brand, instead of on third-party marketplaces. The good news? It turns out that doesn't have to come at the [cost of] revenue or margin. Over the last few years, we've worked with major brands to prove that: one, resale doesn't cannibalize full price sales, and two, it can be as profitable, if not more profitable, than a brand's full-price business. What innovation or development holds the greatest potential to improve operations in the apparel and textile industries? Artificial intelligence-powered pricing, forecasting and inventory optimization hold massive potential. We're starting to leverage this in the resale context, allowing us to price and process items more profitability for brands, making the business case for resale even stronger. How would you describe your corporate culture? One of our key values is 'lead with low ego!' While everyone at Archive is incredibly smart and talented, they're also humble, collaborative and ready to do whatever it takes to get the job done. That's because we're passionate about making a serious dent on the environmental impact of the fashion industry and consumption patterns more broadly. Where do you look for personal style inspiration? I find inspiration everywhere, but I especially look to my colleagues at Archive. Our team is full of creative, stylish people who express themselves through what they wear—often in unique and unexpected ways. I love how secondhand shopping encourages individuality, and I'm constantly inspired by how others mix vintage pieces with modern looks. How do you shop for clothing? How would you describe yourself as a fashion consumer? I shop almost entirely secondhand—whether that's in thrift stores, on online marketplaces or via branded resale. I love finding high-quality items at a fraction of their original price, and the process is much more exciting and meaningful to me than buying new. Even my wedding dress was secondhand, which I purchased from The Loop in London. What are the top three product attributes that you factor into your purchasing decisions? I prioritize quality, uniqueness and whether the item is non-new. I want pieces that are well-made and will last, that have a story or distinctive character and that contribute to reducing waste. What is a retail experience that stands out to you? Lululemon's 'Like New' business is a great example. The experience feels seamless and integrated with the brand, and it's clear that both quality and customer service are top priorities. It's proof that secondhand doesn't have to be a compromise—it can actually enhance brand loyalty and customer engagement. What keeps you up at night? The accelerating pace of climate change is always on my mind. The fashion industry's impact is huge, and we have a responsibility to act urgently. I worry about whether the industry as a whole will move quickly enough to meet the scale of the challenge, but I'm motivated every day to be part of the solution, in a way that's win-win for business and climate. What makes you most optimistic? The Archive team shows me every day what is possible if we have a big vision and work together to get there, one step at a time. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-04-2025
- Business
- Yahoo
Faherty Expands ‘Second Wave' Resale Program With Mail-in Option
Surf-inspired lifestyle brand Faherty first launched its resale program, Second Wave, back in 2023 — and now, they're expanding their preloved program to allow customers to mail in their Faherty pieces in exchange for store credit on its e-commerce website. When customers send in their preloved pieces via mail, Faherty will clean, repair and relist the items on Faherty's Second Wave site. The website offerings, powered by Archive, function as both a peer-to-peer marketplace and brand-owned inventory. On Second Wave, customers can buy and sell preloved Faherty clothing or shop repaired and renewed items such as returns, damaged goods and samples that have been restored. More from WWD EBay's Circular Fashion Fund Crowns Refiberd Its First Circular Fashion Innovator of the Year How Tapestry Drives Adaptable Digital Journeys With Technology EXCLUSIVE: Salma Hayek Pinault Is Merz Aesthetics' First Global Ambassador for Ultrasound Treatment Ultherapy Prime The company said that the trade-in program is the next step in the brand's ongoing commitment to sustainability; the initiative was first announced in its September 2024 Impact Report. Thus far, Faherty has reported 35,000 items resold — with the expansion of mail-ins allowing the resale business to expand and hit both its sustainable impact and financial benchmarks. 'It's been incredible to watch the success of Second Wave since we launched with Faherty in 2023,' said Emily Gittins, cofounder and chief executive officer of Archive. 'The momentum speaks to the Faherty team's commitment to circularity and their thoughtful approach to making resale not only impactful, but profitable. Expanding into mail-in trade-in is a smart next step, making it even easier for more customers to get involved.' On the sustainable front, Faherty has continued to double down through its usage of recycled and renewable fabrics, low-impact dyes and finishes, plastic-free packaging, renewable electricity in stores, complimentary repairs and keeping fabric scraps and products out of landfills. 'This Earth Month, we're thrilled to introduce the next phase of our Second Wave resale site — mail-in trade-ins. Now our customers can buy, sell or trade in their preloved Faherty pieces. By giving Faherty pieces a second life, we help divert clothing from landfills and promote a circular economy, one item at a time. It is part of our mission and sustainability strategy to reduce waste and extend the life of our high-quality products,' said Kerry Docherty, chief impact officer of Faherty. Best of WWD The Definitive Timeline for Sean 'Diddy' Combs' Sean John Fashion Brand: Lawsuits, Runway Shows and Who Owns It Now What the Highest-paid CEOs at U.S. Fashion and Retail Companies Make Confidence Holds Up, But How Much Can Consumers Take?
