Peloton Interactive (PTON) announced plans to enter the Asia Pacific region by launching in Australia. A press release on the company’s website has launched Australia’s sales for its range of simulators for virtual team exercises. Previously, the company operated primarily in the United States, Canada, Germany, and the United Kingdom.
The sale of the product will begin in the first half of 2021. Upon launch, Peloton will offer its flagship product, Peloton Bike, exercise bike, the Peloton Bike + exercise bike, and the app. Physical stores will be opened in Sydney and Melbourne by Peloton Interactive (PTON) and online sales.
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The company faced a shortage of production and logistics capacity during the pandemic and growing demand for Peloton products. As an effort to increase production capacity, the company acquired fitness equipment manufacturer Precor in December 2020. It was a record-breaking deal for Peloton, amounting to $420 million. Peloton shares rose 9% on this news.
Fitness products from Peloton Interactive, Inc. are available in North America and internationally. Peloton’s fitness products include the Peloton bike and the Peloton tread machine, which boast touchscreens that stream in-person and on-demand classes. Subscribers to Peloton Digital get access to Peloton’s live and on-demand fitness classes as well as a connected fitness subscription for additional household members.
Peloton Interactive (PTON) is -33.20% lower in value year-to-date and has achieved a low of $17.70 and a high of $171.09 over the past 52-weeks. On the last trading day, the PTON stock was hovering around $101.35, with a day’s loss-making it -3.60% off its average price target of $178.50 for the next 12 months.