Peloton is venturing into the wearables market by working on a digital heart rate armband, according to a Bloomberg News report.
Still-confidential details and images of the armband device, which were reviewed by Bloomberg, show that the band would come in two different sizes and pair wirelessly with Peloton’s cycles and treadmills, in addition to phones, tablets and televisions that use the company’s workout app.
A Peloton spokesperson told CNBC in an emailed statement that the company’s research and development team is “always working on ideas, and we have no updates to announce at this time.”
Peloton had already hinted at its ambitions to expand beyond at-home fitness equipment and into wearables, rivaling the likes of Apple Watch and Fitbit. It acquired Atlas Wearables, maker of a heart rate tracking fitness wearable, for an undisclosed amount earlier this year. Peloton also currently sells a $49 heart rate monitor that users can strap to their chest.
According to Bloomberg, the new heart rate band would be able to track the intensity of users’ workouts, with a small screen that shows battery levels and other features.
It’s unclear when the band would go on sale, or if Peloton would even launch it.
Earlier Tuesday, Peloton announced the debut of a corporate wellness program as it aims to reach new users and grow its membership base. Some investors are worried that demand for its products will wane, especially as people head back to gyms. Businesses that sign up for the new program will be able to offer their employees subsidized access to Peloton’s digital fitness membership and its Bike, Bike+ and treadmills.
Peloton shares were up more than 7% by Tuesday afternoon. The stock has fallen more than 24% year to date.
