Fitness Equipment Industry News Blog -20240609
Welcome to this week's Fitness Equipment Industry News Report, covering the latest updates and developments in the world of fitness equipment. This report includes notable acquisitions, leadership changes, market trends, and strategic partnerships within the fitness equipment industry.
Echelon Bought ThriveX.
American fitness equipment brand Echelon has announced its acquisition of ThriveX, a company specializing in post-workout recovery solutions. This strategic move marks Echelon's entry into the recovery segment of the fitness equipment market. ThriveX is known for its advanced recovery technologies, including cold immersion therapy systems, smart hybrid saunas, and compression boots. These products will soon be integrated into Echelon's offerings, enhancing the company's ability to provide comprehensive fitness and recovery solutions.
Echelon CEO Lou Lentine stated, "Our investment in ThriveX allows us to offer a holistic fitness experience that extends beyond the workout itself, encompassing both prevention and recovery." ThriveX's products, already popular in markets such as the USA, UAE, India, Thailand, and Russia, will now reach a wider audience through Echelon's established distribution channels.
2. Synergym Appoints Former Adidas Executive as COO
Spanish low-cost gym chain Synergym has appointed Javier Juliá, a former executive from Adidas Latin America, as its new Chief Operating Officer. Juliá brings over a decade of experience in managing franchise operations and retail in dynamic and competitive environments. This leadership change aims to drive Synergym's ambitious expansion plan to reach 100 gyms in Spain by the end of the year.
Synergym currently operates 96 gyms in Spain and plans to open several new locations in the coming months. Juliá's expertise is expected to be instrumental in achieving these growth targets and enhancing the company's operational efficiency.
3. Waterland Becomes New Investor in LifeFit Group
European private equity firm Waterland has acquired a 100% stake in the LifeFit Group, which includes well-known fitness brands like Fitness First, Elbgym, Barry's, and Club Pilates. This acquisition aims to continue LifeFit Group's expansion and growth in the fitness equipment industry. Waterland's extensive experience in the fitness sector, previously demonstrated through investments in HealthCity/Basic-Fit and Exercite, will support LifeFit Group's strategic goals.
LifeFit Group plans to expand its footprint in Germany and explore opportunities for international growth in neighboring countries such as Austria, Switzerland, the Netherlands, and France. The company also aims to go public by 2028, targeting a portfolio of over 250 fitness facilities.
4. UK Health Club Market Reaches Record Highs
The UK health and fitness industry has reached new heights in terms of membership numbers, market value, and penetration rates, according to the latest report from Leisure DB. The private sector, in particular, has seen significant growth, with 4,513 private health clubs and a 10.9% increase in market value to £4.48 billion.
Private health club membership has risen by 5.1% to 7.33 million, with low-cost clubs driving much of this growth. The average monthly fee for low-cost clubs has increased to over £24, reflecting a trend towards higher pricing in the sector. PureGym and The Gym Group remain the largest operators, contributing significantly to the industry's expansion.
5. Winmark Partners with Marcy and Other Fitness Equipment Brands
American resale company Winmark has entered into a partnership with fitness equipment brands Marcy, Steelbody, and Bionic Body, becoming the official resale partner for Impex, Inc. This collaboration aims to extend the lifecycle of fitness equipment by offering quality resale options through Winmark's Play It Again Sports franchise network.
This partnership will promote sustainable fitness solutions and provide consumers with affordable options for building home gyms. Impex, Inc.'s durable fitness equipment will benefit from a second life in the hands of new users, reducing environmental impact and supporting circular economy principles.
6. Samsung Sues Oura Ahead of Galaxy Ring Launch
In a preemptive move, Samsung has filed a lawsuit against Oura to avoid potential intellectual property disputes as it prepares to launch the Galaxy Ring. This legal action, filed in California, seeks to prevent Oura from challenging Samsung's entry into the smart ring market. The Galaxy Ring, set to be released in August 2024, represents Samsung's latest innovation in the competitive fitness wearables sector.
Oura, known for its aggressive IP protection, has not yet responded to the lawsuit. If Samsung's action is successful, it could reshape the competitive landscape of the smart ring market.
Stay tuned for more updates and insights from the fitness equipment industry in next week's report.
For more information or inquiries, please contact:
Author: Roger Yao (Email: cs01@fitqs.com)
20 years in the fitness equipment industry, specializing in R&D, quality, and sourcing management
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