Peloton's massive recall of 2.1 million bikes is the latest blow as the company struggles to turn things around. Here's how the fitness leader went from a pandemic-era success story to losing money and slashing workers.
Prior to founding Peloton, Foley was president at Barnes & Noble, overseeing its e-commerce business. Jen Van Santvoord rides her Peloton exercise bike at her home on April 7, 2020.Foley is a self-professed"boutique fitness addict," as well as an avid cyclist.
But it didn't take long for the company to develop a cult following, thanks in large part to its roster of high-wattage instructors. When the company opened its own studio in New York City, owners of the company's $2,000 bike would make a pilgrimage to Manhattan in order to take a live class with their favorite instructor.
Eventually, big-name investors came calling."I would say that it took about five years for the really smart money to start getting involved," Foley told Insider in 2018."When Mary Meeker is calling you to say, 'Hey, I want to invest' — that's pretty cool."
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