Peloton’s apparel business more than doubled to over $100 million in annual sales last year, according to internal documents obtained by CNBC.
— sales have been"slower than anticipated." As a result, the company said it was adjusting its forecast for the apparel division"judiciously."
"Our visibility into our future performance has become more limited," said John Foley."From forecasting consumer demand to accurately predicting logistics costs, our teams have never seen a more complex operating environment in which to guide our expected results this year."John Foley, founder and chief executive officer of Peloton Interactive Inc.
Coresight still expects the category to grow in the coming years, just not at a double-digit rate. It sees athleisure sales in the U.S. rising about 7% in 2022 and up 6.5% in 2023.
Jill Foley added that her division's main goal is selling more apparel to people who already own Peloton products and pay for a monthly subscription to its on-demand content. However, she said apparel can also be a way for non-Peloton owners to buy into the brand.
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