Peloton Interactive announced the development of its own garment line, competing with brands such as Nike, Reebok, and Lululemon.
Previously, the company known for stationary bicycles and treadmills supplied clothes through licencing deals with the same companies with which it will not compete.
“With each collection, we offer dependable pieces that support your sweatiest days, busiest days, rest days, and beyond,” said Peloton vice president of Apparel Jill Foley in a press release announcing the shift. “Our goal with this brand is to improve our members’ lifestyles as a whole, not just one aspect of their day.”
Peloton shares moved lower in mid-morning trading down to $110 (£79.50) from the $113.67 (£82.15) at the open. The company has rebounded and is currently relatively unchanged for the session as of noon EDT. The new, private-label fashion line, dubbed Peloton Apparel, is currently available on the company’s website and in its retail outlets. Prices range from $15 to $118.