John Foley couldn’t find his desk. Peloton co-founder and chief executive is showing me his Manhattan headquarters of the company – it will be distributed to high-tech, the fine style of bicycle home bicycle – and explains the recent rearranged the open floor plan. ‘it’s something they do every six months to keep the space fresh and to have different departments talk to each other,’ he says. It was his habit, and he stood beside it. Although it may lose its way.
“Oh, this is! He was almost laughing. It turns out that his desk is now adjacent to one of his co-founders, jiu xiong. As our tour continues in the office, Foley is enthusiastic and gracious about the growing number of employees. The company moved here more than a year ago, taking up two floors. Today it occupies six. In turn, the staff seem relaxed about their leaders. More than one man laughed at his new beard.
“Oh, hey, John, I’m glad… “Said one of the employees who flew over the stairs. Her tone was mixed and sarcastic.
“Thank you, This is new! “Shouted Foley.
When you think of the CEO of a fast-growing tech company, fry isn’t what you think. He is neither a serial entrepreneur nor a hoodie – the millennial generation. He is a 46-year-old father whose two business experiences have been extended from Mars, Inc. ‘s manufacturers to chief executives of Evite, and recently as head of e-commerce at Barnes&Noble. His success can be traced back to his humble beginnings – his first job was at McDonald’s when he was 14. By making fast food circuits, he completed his college career and eventually made it to harvard business school.
“I barely heard of harvard business school when I was 28,” he says. “I understand that no one is smarter than anyone else, which gives me confidence in the business world.”
When he launched Peloton in 2012, it would replicate Foley’s favorite fitness classes, but at home – like a SoulCycle into the living room. Market opportunities seem to be there; Fitness is a $28 billion industry, and americans spend more money each year, but less time. Hence the rise of the boutique fitness industry. But fry reasoned that people are most willing to invest their time and money in what they can do at home, as long as it is perfect. That’s what he suggests: buy a $1,995 Peloton bike and get an extra $39 a month for on-demand courses. Take a field course, or choose one of 8,000 archiving courses based on teacher, length, music or strength. Whatever exercise you want, Peloton will believe it.
But that’s just the beginning, Mr. Foley insists. “We don’t want to be a stationary bike company,” he said. “We want to be a disruptive technology company.” In the next decade’s vision, the bike is just one of many tools Peloton offers users. “This is called” bodybuilding “. Everyone has to pay $100 or $200 a month to have the best workout equipment at home. Whatever device combination you have, we will always upgrade it. We’ll come in and replace the latest bike or the latest treadmill or the latest thing to make sure that you always have 10 options. ”
It may be ten years from now, but today Peloton’s data illustrates the story of a company at a crossroads. In the past six years, Peloton has sold 150000 bicycles – few customers compared with the national fitness chain members, which encourages the critic’s point of view, considered Peloton bike but elite niche products. But Peloton and his investors are satisfied with the attraction of the bikes and believe it proves the market for Foley’s future vision. It raised nearly $444 million through five rounds of financing, with revenues of $170 million in 2016, and the company’s $1.25 billion valuation, which is looking at ipos.
Now, in order to achieve the vision of “fitness as a service”, peloton must move faster than the customers on the push board. Throughout 2017, Mr. Foley is arming himself for the future.
Now, Peloton is about to make the biggest, riskiest and most expensive bet. On January 9, 2018, at the consumer electronics show (CES) in Las Vegas, it will launch Peloton Tread– an expensive, futuristic, home-run treadmill that can be taught at a distance. This is Peloton’s second product, which the company hopes will demonstrate its true disruptive potential. In fact, for the future of the company is so important, in the past 18 months, code-named Aurora and kept in a locked door, after only a few of the Peloton 500 employees can access – and I was one of the first room.
When Peloton Tread begins to enter consumer homes this fall, it will actually test what the unicorn is made of. It will restate the unbelievers’ most persistent concerns about Mr Perroton, or bring unlimited profits to the company, and are closer to pushing traditional gyms out of the market.
Under Foley’s leadership, the Peloton team is betting on the latter. “John talks about being a more influential company than apple, which sounds like hyperbole,” said Tom Cortese, chief operating officer of Foley’s co-founder. “But he believed it honestly. It permeates people’s blood and motivates the team to do almost impossible things. He can promote talent and help them achieve more than anyone else. “