Peloton Interactive Inc. is looking to college campuses as a new source of growth, starting with the University of Michigan.
The fitness company is kicking off a new college strategy that includes co-branding of apparel and bikes, discounts on its app for students, and social media campaigns that feature athletes. Michigan will be the first such partnership — a deal that includes replacing the current bikes at the school’s football stadium, known as the Big House, with Peloton equipment.
After a rocky couple of years, the New York-based company is trying to rely less on the home-fitness buffs that initially made its stationary bikes a hot commodity. Peloton saw demand surge during the early days of the pandemic, only for sales to slump after people began returning to offices and gyms. The company is expected to report its sixth straight quarter of declining sales when it posts results on Wednesday.
Expanding into colleges brings an opportunity to sell both to students and well-heeled alumni. With the Michigan partnership — negotiated by the sports marketing firm Learfield — Peloton will support football, basketball and hockey, as well as Olympics-bound athletes. The company will provide fitness instruction and in-venue activations of Peloton services.
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