1.Boda Group Acquires Stake in Versaclimber UK

Nottingham-based Boda Group, which includes Tank and Warbox, has acquired a 24% stake in Versaclimber UK, with plans to increase this to 48% in two years. The group aims to manage Versaclimber UK’s marketing and customer experience, while expanding its presence across Europe. Boda’s managing director, Trevor Palmer, has worked with Versaclimber UK for over 20 years and sees this partnership as a step toward achieving ambitious growth plans. The iconic Versaclimber, originally developed for NASA astronauts, remains popular in gyms and among celebrities for its full-body workout benefits.

2. China’s Largest Fitness App KEEP Faces Losses Despite Growth

KEEP, China’s leading fitness app, posted a significant loss of RMB 160 million in the first half of 2024. Despite a 5.4% increase in revenue, totaling RMB 1.037 billion, and improvements in gross profit margins from 43% to 46%, the company continues to face financial challenges. KEEP’s revenue primarily comes from its branded fitness products and membership subscriptions. The platform saw a modest growth in active users, with monthly active users reaching 29.66 million, while its branded fitness products experienced a 7.5% sales increase, thanks to the growing demand for strength training equipment and apparel.

3. Kabata’s Smart Dumbbells Set to Launch After Raising $5 Million

Kabata, a fitness tech company, has raised $5 million to develop its AI-powered adjustable smart dumbbells, which will launch later this year. The dumbbells, priced at $599 during crowdfunding on Indiegogo, track workout metrics and provide real-time feedback using AI. Kabata aims to revolutionize strength training with features like vibration alerts for form correction and personalized training plans through its app. The product is set to ship in December, covering markets in the U.S., Canada, and select international regions.

4. Hong Kong’s Gym Chain PHYSICAL Suspends Operations

Physical, a 38-year-old gym chain in Hong Kong, has temporarily suspended operations due to financial restructuring. The chain faced difficulties in maintaining high rents post-pandemic, despite Hong Kong’s economic recovery. Employees were notified via WhatsApp of the sudden closure, while a new investor promises to continue the business and honor memberships and personal training contracts. The shutdown reflects the broader challenges in the fitness industry as Hong Kong adjusts to a new economic reality.

5. Rogue Fitness Expands into Cycling with “The Milo” Bike

Rogue Fitness, known for its high-quality fitness equipment, has launched its first single-speed bicycle, “The Milo.” The bike, designed for urban commuting and off-road riding, is built with a Chromoly steel frame, belt-driven system, and disc brakes. Manufactured in Rogue’s Ohio factory, “The Milo” marks the company’s expansion into the cycling industry, emphasizing durability and low maintenance for riders. This product release underscores Rogue’s commitment to quality manufacturing and innovation in new markets.

6. Keasy Fit Secures €29 Million for Spanish Expansion

Italian low-cost gym chain Keasy Fit has secured €29 million from an undisclosed investment fund to support the opening of over 100 gyms in Spain over the next 15 months. The chain plans to open 32 new locations by the end of 2024, expanding to cities in northern Spain. With seven gyms currently operating in the country, this expansion will position Keasy Fit among Spain’s leading smart-price gym operators. The company expects a 28% revenue increase this year, aiming to reach €9.6 million in sales.