Xponential Fitness does four-brand deal for Kuwait
Xponential Fitness has signed a Master Franchise Agreement with Kuwaiti real estate company Aqarat for brands Rumble, Club Pilates, StretchLab and CycleBar. The deal will see at least eight studios open in Kuwait in ten years with additional openings possible, depending on market conditions.
“We are thrilled to be working with Aqarat to bring our world-class boutique fitness studios to Kuwait”, said John Kersh, chief international development officer of Xponential Fitness. “Aqarat’s extensive real estate and hospitality experience is perfectly suited for our customer-focused brands, and they are well-equipped to deliver our immersive studio experiences to the Kuwaiti population.”
Demand for boutique fitness is increasing in the Middle East and this growth is in line with Xponential Fitness’ ambitious goals for global expansion. According to a report from IHRSA, the MENA market has a 18.1% CAGR (compound annual growth rate) and its relative immaturity provides a raft of opportunities for fitness businesses to enter the market and grow as the sector develops.
Aqarat develops and manages commercial, hospitality and residential properties – partners include Yotel, Courtyard by Marriott and IFA Hotels and Resorts – in the Middle East, Europe and the US.
“Fitness in Kuwait is changing and growing fast,” said Saad Al-Muneefi, vice president of asset management and investor relations of Aqarat. “We are proud of this partnership with Xponential Fitness to realise our dream of bringing boutique fitness to the people of Kuwait in a very big way.”
Xponential Fitness counts more than 2,300 studios and 530,000 members in 15 countries, including the US, Canada, Germany, Australia, South Korea, the UK and Australia. Its portfolio of brands are: Club Pilates, CycleBar, StretchLab, Row House, AKT, Pure Barre, Yoga Six, Stride Fitness, Rumble and BFT.
It first entered the Middle East market in 2020 by launching into Saudi Arabia with five boutique studios in capital city Riyadh. This was part of a master franchise agreement signed with Ezdihar Sports in 2019 where more than 50 studios were slated to open across the country.
In August 2022, Xponential signed master franchise agreements for Club Pilates in Mexico and the UK and for CycleBar in Japan. Last month Body Fit Training (BFT) launched in the UK after Xponential acquired the Australian company in 2021.
In March this year, the boutique fitness company launched X Pass, which allows subscribers to book classes across its entire portfolio of brands and it has 70,000 users registered on X-Plus, its on-demand class content app.
The company’s vision is focused around rapid worldwide expansion and it aims to open between 500 and 520 new studios this year. It grew and gained share through Covid and in Q2 of 2022 increased revenue by 66 per cent to US$59.6 million compared with US$35.8m in the same quarter in 2021.
“Despite inflationary pressures to date, the workouts our franchisees provide across our diverse portfolio of ten brands are an integral part of our members’ lives,” said Anthony Geisler, CEO of Xponential Fitness. “For the remainder of the year, we expect the strong growth in the business to continue.”
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