[tqi]

The HN crowd is always quick to point out that Peloton has no moat - its just a screen on a bike. Creating a lifestyle brand (ala in person fitness brands like Soulcycle or Barrys) is a way to address that moat, and apparel is a core part of that.

Whether or not they were successful is an execution issue.

[ss108]

How would having a lifestyle brand create a moat? How would you define "moat"?

(Genuine questions, I have no position on the issue and no real knowledge in the area)

[danzig13]

Branding is a bit of a moat that puts you ahead of other competitors. Literal true story but perhaps a counter example: my wife is considering buying an exercise bike and is trying to choose between Peloton and Beachbody. Everyone online seems to be suggesting she buy the Peloton. She is a little torn, because she already has done non-bike exercises on Beachbody for several years. Peloton has the leg up for the bike, because it has the best branding in that area; however, my wife was at least willing to consider Beachbody, because of her previous experience with their brand.

[tqi]

I use moat here in the sense that it creates some level of defense against competitors. Nike's shoes obviously contain a lot of advanced technology in it, but the strength of their brand what shields them against a newcomers and generics selling similar items.

[PaulDavisThe1st]

IIUC, the classes/instructors are the moat.

[tqi]

Instructors definitely are, but I think they recognize that it would be very easy to poach an instructor to jumpstart a competitor.