Yahoo Finance Peloton Creates Capsule for Black History Month
Peloton is celebrating Black History Month by introducing a special apparel collection intended to celebrate Black artists from around the world.
The at-home fitness brand has collaborated with four artists to create 18 custom apparel and accessories pieces, each with its own story. The artists partnered with two Black Peloton instructors each to create the images featured on the apparel pieces.
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The artists are Temi Coker from Dallas, who creates works based on his upbringing in Nigeria and his love of African culture. He developed his work — Light the Way — with Jess Sims and Chelsea Jackson Roberts and it is intended to speak to the power of education within the Black community.
Hust Wilson from Johannesburg is a self-taught lettering artist and designer. He collaborated with instructors Adrian Williams and Tunde Oyeneyin on Bring Your Whole Self, which is intended to embody the stories, colors and words of the instructors.
Monica Ahanonu from Los Angeles is an illustrator with expertise in color theory, vector illustration and design. Her collection, United We Move, was designed with instructors Ally Love and Hannah Frankson, and represents the beauty created when people from varying Black cultures come together to move as one.
Sanford Greene from Lexington County, S.C., is also an illustrator who specializes in comics and has worked for Marvel, DC, Dark Horse and Image Comics. He teamed with instructors Chase Tucker and Alex Toussaint on Come Into Your Power, which features God and Goddess creations.
“At Peloton — we recognize that every single person has a story to tell, and as a platform, we are dedicated to amplifying the diverse and powerful Black voices that make up our global community,” said Jill Foley, vice president of apparel for the company. “We have always been a members-first organization, and this collection is all about celebrating our community. This collection seeks to shine a light and honor the vast experiences within the Black diaspora through art — something that is of such vital importance during these pivotal times. I am very proud of what our entire team has been able to create.”
The collection features T-shirts, tanks and pullovers, sweatshirts, hoodies, leggings, shorts, sports bras, caps and water bottles in the different prints. Prices will range from $25 for the hats and water bottles to $82 for the leggings and capri pants. It will be available for purchase on Peloton’s e-commerce site beginning today. Last year, the brand created a collection featuring the work of Jean-Michel Basquiat for Black History Month.
In addition to the collection, Peloton has donated $100,000 to The Steve Fund, the largest nonprofit focused on mental health for people of color in the U.S., to develop and deliver mental health and emotional well-being resources and programs for young people of color and their families.
Peloton has fared well over the past year because its business is centered around working out at home — perfect for a pandemic. However, demand for its exercise cycles has far exceeded supply and the company has been scrambling to fill orders. Waiting time for shipments of its popular bikes — which retail for just under $2,000 — can notoriously take 10 weeks or more, resulting in groups of highly vocal, irritated customers.
But the company, which was founded in 2012 and went public in 2019, has still outperformed all projections. In the first quarter of fiscal 2021, net income hit $69.3 million on sales of $758 million. In the prior-year period, the company posted a loss of $49.8 million. It now counts in excess of 1.6 million members — even President Joe Biden is a fan (although he reportedly might not be able to take his bike to the White House over security fears its software could be hacked) — and is projecting sales to hit $1 billion in the second quarter and $3.9 billion for the year.
However, in releasing the results in November, John Foley, chief executive officer and Jill Foley’s husband, acknowledged: “Like all of you, our team continues to work through the many challenges associated with the ongoing COVID-19 pandemic. As we rapidly scale our organization to meet the extraordinary demand for our products, we realize that some of our members have faced extended delays associated with receiving our products or having support requests fulfilled.”
The company said the backlog would continue for the foreseeable future.
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