Peloton Taps Cédric Fletcher as New Apparel Boss
Peloton Appoints New Senior Vice President for Apparel and Accessories
In an email confirmation to Retail Dive, Peloton has appointed Cédric Fletcher as its senior vice president of apparel and accessories. Fletcher most recently served as chief product officer at menswear brand True Classic for approximately a year.
After holding various leadership roles at apparel and fitness brands, such as chief merchandising officer at Under Armour and vice president of global merchandising for the Jordan brand at Nike, the executive joins Peloton about two years since the company ventured into the apparel sector.
Peloton's Apparel Journey
Peloton, an at-home fitness powerhouse, launched its private label apparel brand – Peloton Apparel – in September 2021. This move marked the company's first attempt at non-collaborative apparel, with the products influenced by Peloton instructors, members, and non-members.
Shortly after its launch, Peloton settled lawsuits with Lululemon, who had accused the at-home fitness brand of copying its apparel designs. Last year's settlement meant that Peloton, without admissions, would phase out specific designs identified in Lululemon's complaint.
Brand Evolution
With the aim to reach more consumers, Peloton unveiled a new brand campaign in May, repositioning itself as "more than a bike company." The brand identity revamp also came with an expanded range of tiered content memberships, including a free option.
Peloton's latest earnings results in August indicated that its fourth-quarter growth was affected by its bike seat recall. Total revenue declined 5% year over year to $642.1 million, while net loss improved from $1.25 billion to $241.8 million. The company missed total gross margin expectations of 41% with a quarterly gross margin of 31.3%. Peloton received around 750,000 inquiries regarding bike seat posts and saw higher costs related to the recall, leading to an extra accrual of $40 million during the quarter.
As Peloton continues to expand its horizons, the appointment of Cédric Fletcher marks a strategic move in growing its apparel offerings, ensuring brand loyalty, and differentiating itself from competitors.
In the email confirmation, Peloton announced the appointment of Cédric Fletcher as its senior vice president of apparel and accessories, marking a strategic move in growing its apparel offerings. With his extensive background at apparel and fitness brands like Under Armour and Nike, Fletcher joins Peloton as they continue to evolve beyond a bike company.
Peloton's apparel journey began in September 2021 with the launch of Peloton Apparel, the company's first non-collaborative apparel brand influenced by instructors, members, and non-members. However, the brand encountered legal issues with Lululemon over alleged apparel design copies, leading to a settlement in which Peloton phased out specific designs.
In an attempt to reach more consumers, Peloton unveiled a new brand campaign in May, repositioning itself as more than just a bike company. This brand identity revamp also came with an expanded range of tiered content memberships, including a free option.
Despite the introduction of these new offerings, Peloton's latest earnings results in August revealed that its fourth-quarter growth was affected by its bike seat recall, causing a decline in total revenue of 5% and an extra accrual of $40 million during the quarter.
Cédric Fletcher's expertise in the fashion industry, showcased on LinkedIn and in his previous roles, will be instrumental in helping Peloton grow its apparel business while ensuring brand loyalty and differentiating itself from competitors, thereby improving its overall performance in the lifestyle, fashion-and-beauty, technology, and finance sectors.
