Peloton: it's the new status symbol, but is it all just spin

What do Rishi Sunak, Michelle Obama and Usain Bolt have in common' It has two wheels, costs 1,750 and there's a waiting list to get one. This week, the Chancellor revealed that he'd joined the stationary bike brigade, a stint on the Peloton bike is part of his morning routine, joining David Beckham, Leonardo DiCaprio and other evangelists (some Pelotoners are so committed they have tattoos of the brand's logo). So why is it so special'What's its USP' Peloton has been around since 2012. Founder John Foley, a tech executive who ran Barnes & Noble's e-commerce business, had the idea when he couldn't find time to go to spin class. He loved SoulCycle but with two children he and his wife found it hard to fit it in so he came up with a bike that would recreate the feeling of being in a studio, with virtual classes featuring upbeat instructors who ride along with you on a screen in front. It was a slow start ' 400 investors turned him down ' he persevered and raised $300,000 in a Kickstarter campaign, opening shops in New York. By 2018, the company had raised close to $1bn and expanded to the UK. Global membership reached 3.1 million at the end of last June, while revenue jumped 172 per cent to $607 million (469 million).
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