SoulCycle rides outside the US and plans Canadian expansion
by Tom Walker | 18 Nov 2016
SoulCycle currently operates 67 locations in the US
US-based boutique cycling studio operator SoulCycle will launch its first international site in Toronto, Canada next year.
Due to open in March, the Toronto site is set to be the first of number of studios in Canada, as the company plots its expansion north of the US border.
SoulCycle currently operates 67 locations in the US, with four more set to open by June 2017.
Last year, the rapidly expanding group announced its plans to float on the stock market, outlining a fundraising target of US$100m (€91m, £64m) to fuel its growth.
Founded in 2006 by former real estate broker Elizabeth Cutler and former talent agent Julie Rice, SoulCycle has gained a cult following in the US, enhanced by celebrity fans such as David Beckham and Tom Cruise.
SoulCycle’s business model is based on a premium offering and riders pay around US$34 (€32, £27) for a single class, with no option for monthly unlimited class rates.
In addition to its classes, the company also has a retail clothing line.
In a statement, SoulCycle Melanie Whelan said she saw “tremendous opportunity in the Canadian market”.
US-based boutique cycling studio operator SoulCycle will launch its first international site in Toronto, Canada next year. Due to open in March, the Toronto site is set to be the first of number of studios in Canada, as the company plots its expansion north of the US border. SoulCycle currently operates 67 locations in the US, with four more set to open by June 2017. Last year, the rapidly expanding
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