Shares of Peloton (PTON) jumped after the high-end exercise equipment and app provider said it would begin offering its bikes and services in Australia during the second half.
At last check Peloton shares were trading 13% higher at $114.92.
Already popular in U.S., Canada, Germany, and U.K. markets -- global membership currently is 4.4 million -- Peloton is now making its first foray into Asia-Pacific.
The brand is set to offer products online, and it will also establish retail stores with interactive showrooms in staple cities, such as Melbourne and Sydney.
"Health, fitness and sport is a central part of Australia's DNA," said Kevin Cornils, managing director of international for Peloton.
The New York company sells stationary bikes, treadmills, branded workout accessories, and apparel. Blending fitness and technology, the brand also offers live and on-demand classes through its app, which emulates the atmosphere of exercise classes at home.
Peloton has seen an increase in demand for its products and services amid the pandemic, with many exercise enthusiasts wary or less able to go to the gym or attend classes in person.
Demand has been such that the brand has struggled to get products to its customers.
To address the supply issues, Peloton has taken steps including investing $100 million in air and ocean freight for faster shipping of its products, according to Analyst Rohit Kulkarni at MKM Partners.
The Peloton Bike and Bike+ will cost A$2,895 and A$3,695 (US$2,229 and U$2,845) respectively.
The All-Access Membership includes the app and enables members to access the company’s content using the Peloton Bike or Peloton Bike+ and create accounts for household. That membership will cost A$59 (US$45.42) a month.
For the fiscal 2021 first half ended Dec. 31, the company swung to a profit of 39 cents a share from a loss of 66 cents in the year-earlier quarter. Revenue more than doubled to $1.82 billion.