Peloton has launched a rental service for its exercise bikes in a bid to boost its fortunes following a post-pandemic slump in demand.
Consumers can rent an exercise bike for £99 per month, with access to all of its live online classes and back catalogue, The Times reported.
The fitness company said the scheme gives customers an “accessible and convenient way to experience Peloton”.
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The new subscription makes the bikes far cheaper to access than their purchase price of £1,995 and the £39 monthly fee for the retailer’s online classes.
The £200 set-up fee for the scheme means Peloton renters will need to have their bikes for almost three years for it to be cheaper to purchase them.
Renters are also able to cancel their memberships and return the bikes at any time for no additional fee.
It comes as the business reported widening losses of its UK arm to £210.4m after sales dropped off following the end of the lockdown.
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