1．Bodytone Founders Reclaim Control and Eye Global Expansion

Bodytone founders, Joaquín Marín and Jerónimo Domínguez, have successfully regained control of their company by repurchasing the 50.1% stake previously held by Iberian Sports Retail Group (ISRG), a subsidiary of JD Sports.

Marín and Domínguez now once again own 100% of Bodytone. In August 2021, they sold a 50.1% share to ISRG, which was then co-owned by JD Sports and Sonae. After the sale, Marín continued as CEO.

The opportunity for this buyback arose after JD Sports acquired the 49.98% of ISRG shares owned by Sonae in October 2023, thereby taking full control of its operations in Spain.
Sources indicate that JD Sports aims to tighten control over its international growth and divest from non-essential operations that do not enhance the JD brand, making them supportive of the buyback operation.

JD Sports’ Strategic Shift

In October, JD Sports finalized the acquisition of its entire Spanish operation for €500.1 million. Three months prior, the company had already expressed its intention to acquire the remaining minority stake from Balaiko Jirafa Investment, owned by the Segarra family, and Portuguese holding company Sonae. The joint venture was established in 2017.

Following the transaction, Francesc Casabella was appointed the new general manager of Sprinter in Spain, replacing Ángel Segarra from the founding family, who had overseen the venture for six years.

Currently, ISRG operates over 460 stores across Europe, managing brands like JD in Spain and Portugal, Sprinter, Sport Zone in Portugal, and Aktiesport and Perry Sport in the Netherlands. It also acquired Deporvillage in 2021. The group reported a revenue of €1.257 billion in 2022.

Bodytone’s 20% Revenue Growth

Specializing in gym machines and professional fitness equipment worldwide, Bodytone, with a workforce of 70, ended 2023 with a 20% increase in revenue compared to €28.5 million in 2022. Seventy percent of its revenue came from the professional range, with the remainder from home equipment.

For 2024, Bodytone aims to grow its business by another 20% and expand in both divisions. At the next FIBO edition, the company will introduce 25 new free weight machines and its 360 connectivity solution with Trainingym.

Expansion into France

Focusing on international expansion, Bodytone recently established a subsidiary in France, securing an agreement with L’Orange Bleue to equip some of its centers in France and holding exclusive rights with the chain in Spain.

The company is also venturing into the Latin American market, finalizing the creation of a subsidiary in Mexico. It has signed a global exclusivity agreement with Action Black, a boutique studio chain owned by Wilder Zapata, CEO of Smart Fit in Colombia, which is also eyeing expansion into Spain.

Moreover, Bodytone plans to activate the Asian market, holding distribution agreements in China, India, Malaysia, and Indonesia, as well as in Australia and New Zealand.

In addition, Bodytone has partnerships with Sportclub in Argentina, Extreme Fitness in Poland, and Solinca in Portugal. In Spain, it has formed alliances with Evofit and Altafit.

2. Vivagym’s Ambitious Five-Year Plan Targets Half a Million Subscribers

Vivagym, under the leadership of CEO Juan del Río, has laid out an ambitious five-year plan aiming to surpass half a million clients, targeting 400,000 subscribers in Spain and 160,000 in Portugal by 2029. The fitness chain is optimistic about its future, planning a significant expansion to reach a revenue goal of 200 million euros by 2029.

The strategy involves expanding to a total of 175 gyms across the Iberian Peninsula, with 120 located in Spain and 55 in Portugal. Del Río predicts this expansion will attract over half a million members, doubling the current Spanish membership base within five years from its current 185,000 subscribers.

Focused Expansion in Late 2024

This year’s expansion strategy is notably focused on the final months, with plans to open 9 new centers in Spain and 1 in Portugal, investing a total of 15 million euros. Highlighting a strategic move to bolster its brand presence in cities where it already operates, new gyms are confirmed for Bilbao, Valencia, Madrid, and Barcelona, leveraging scale economies.
By the end of 2024, Vivagym anticipates growing its network to 114 gyms, enhancing its offerings with expanded free weight areas, diverse class options, and gym renewals to stay modern and relevant.

Leveraging Technology for Growth

The chain is also investing in internal web development for employee communication, a CRM strategy, and leveraging artificial intelligence to better understand and meet member needs, identifying behavior patterns and analyzing data for improved decision-making.

Steady Growth Amidst Expansion

For 2024, Vivagym aims for a revenue between 103 and 110 million euros, driven by an expected membership of 310,000 (200,000 in Spain and 110,000 in Portugal). Last year, the chain recorded 93.5 million euros in revenue across 106 Iberian Peninsula centers, with significant contributions from both Spain and Portugal despite closing two unprofitable locations.

With a total workforce of 1,100 employees split between Spain and Portugal, Vivagym is positioning itself for a future of significant growth and technological advancement in the fitness industry.

3. Orangetheory Fitness Sets Sights on Global Expansion with a Goal of 10,000 Locations

Orangetheory Fitness, the American boutique gym chain, is aiming for a long-term goal of reaching 10,000 locations worldwide, with international markets potentially being up to five times larger than its business in the United States.

CEO Dave Long said the significant growth potential for the brand in the United Kingdom, Europe, and beyond, with a forecast demand for up to 10,000 studios globally. By the end of 2025, at least four new gyms are expected to open in London, with an additional 16 across other cities by the end of 2026. A strong growth trajectory is also predicted for Spain, where five new clubs are planned for this year alone. Long further highlighted the expansion potential in other international markets, including Canada and Japan.

Despite facing challenges due to the pandemic, Canada is on track to add between eight and ten new locations. Meanwhile, Japan is identified as a promising market for growth starting from 2025. The recent merger with Self Esteem Brands (SEB) has propelled Orangetheory Fitness into a $3.5 billion business.

Since its inception in 2010, Orangetheory Fitness has rapidly expanded from 1,000 locations in 2018 to 1,540 across 23 countries today. While the majority of its studios are in the United States and Canada, Long notes a significant shift towards international expansion.

4. Planet Fitness plans to arrive in the Spanish market by the end of 2024

U.S. gym franchisor Planet Fitness plans to enter the Spanish market by the end of this year, as reported in its fourth-quarter 2023 earnings statement. The company plans to open 300 facilities in Spain, according to Tom Fitzgerald, the chain’s CFO.

Along these lines, Fitzgerald, who plans to retire in August of this year, highlights the attractive potential of the Spanish market. The company’s initial strategy is to build its own clubs rather than acquire them, considering this option to be more profitable, and to own around 10% of the centres in its network.

This expansion move comes at a strategic time, especially after Basic-Fit’s acquisition of RSG Group’s 47 clubs last December, which consolidated its position in the Iberian market with a portfolio of 140 clubs.

At the end of 2023, Planet Fitness had 18.7 million subscribers in its 2,757 clubs worldwide. The company’s chief executive, Craig Benson, who took over following the firing of Chris Rondeau in September, celebrates last year’s results, highlighting a 14.4% increase in total revenue to $1.1 billion.

In financial terms, Planet Fitness recorded a significant increase in revenue of 14.4% in 2023, generating profits totaling $147 million, compared to $110.5 million in the prior year. For this year, the company plans to increase its sales by 5-6% in existing centers and open up to 150 new clubs. In addition, a 25% increase in investments and 11-12% in general and administrative expenses is expected.

5. Echelon goes for Gym market with Smart Fitness Equipment

Echelon is redefining the gym experience by introducing a comprehensive range of cardio and strength equipment, designed to enhance member engagement through immersive, connected coaching experiences. This move not only promises to elevate workouts but also aims to improve the financial performance of gym and health club operators.

The smart fitness equipment manufacturer showcased over a dozen innovative pieces at IHRSA 2024, highlighting the significance of connected fitness in today’s commercial market. Echelon’s partnerships with prominent gym chains such as Workout Anytime, EoS Fitness, and Crunch Fitness, among others, demonstrate the industry’s enthusiasm for their cutting-edge solutions.

Lou Lentine, Echelon’s founder and CEO, emphasized the goal of providing gym owners with the tools to offer members a more accessible, personalized, and motivating workout experience. The new equipment range includes popular cardio machines like treadmills and bikes, as well as strength and cross-training gear, including the Reflect Fitness Mirror and smart digital strength machines.

Echelon’s equipment is designed for a screen-centric world, offering studio-quality experiences right from the gym floor. Users can enjoy a variety of content on cardio machines, including live and on-demand classes, virtual competitions, scenic tours, and even streaming entertainment options through Echelon’s FitOS software.

Highlighting the importance of content in engaging users, Lentine shared insights on Echelon’s approach to fitness technology and its commitment to keeping users entertained and motivated with diverse content options, from immersive 3D worlds to TV shows. Echelon’s innovative software ensures that gym owners can continually offer the latest features and advancements, promising a seamless and dynamic workout experience for members.

6. TRX Launches Flagship Training Center in South Florida

TRX Training has proudly announced the opening of its new global headquarters and state-of-the-art functional fitness gym, the TRX Training Center, located in Delray Beach, Florida. Spanning over 12,000 square feet, this facility is set to become a premier destination for fitness enthusiasts seeking functional training, HIIT, yoga, and various full-body workouts.

The TRX Training Center is designed to cater to the modern fitness community’s needs, offering daily classes that utilize TRX’s innovative equipment, such as the Suspension Trainer, Rip Trainer, and TRX YBell. Additionally, the center will provide specialty programs, private training sessions, and serve as a venue for local and global training summits. The first of these summits, celebrating TRX’s 20th anniversary, is scheduled for May 4-5.

This new headquarters not only features a fully equipped gym but also includes amenities such as lockers, changing rooms, private showers, and saunas. A dedicated filming studio within the building will produce live and on-demand content, further extending TRX’s reach and engagement with fitness communities worldwide.

CEO Jack Daly expressed excitement about the new facility, highlighting South Florida’s vibrant, wellness-oriented culture as the perfect backdrop for TRX’s innovative fitness solutions. This move from San Francisco to Florida marks a significant step in TRX’s journey, emphasizing its commitment to enhancing the fitness experience for trainers and users alike.

In addition to opening its own fitness location, TRX is expanding its influence through strategic partnerships within the boutique fitness space, collaborating with brands like YogaSix, Club Pilates, and Orangetheory Fitness to create custom suspension trainers. This approach, alongside other major sports and fitness brands’ efforts to offer in-person workout experiences, underscores the growing trend of blending high-quality service with community-building initiatives in the fitness industry.