FitLab, the multi-brand performance lifestyle company behind Nike Studios, has some new capital to play with. The fitness platform has secured a $65 million strategic financing facility from Atlas Credit Partners, made up of approximately $35 million funded at closing and $30 million of remaining availability. 

With the capital, FitLab has acquired what the company calls a “cutting-edge fitness equipment manufacturer,” enhancing its ability to weave together all aspects of a customer’s fitness experience and deliver them in a multitude of ways. 

“Our pursuit of excellence extends beyond fitness and wellness innovation, encompassing strategic partnerships that elevate our company,” said Mike Melby, co-founder and co-CEO of FitLab. “We’re thrilled to secure the financing from Atlas to allow us to accelerate our expansion and offer our integrated platform to a broader audience seeking unparalleled fitness experiences.”

FitLab is no stranger to ambitious growth. The company recently agreed to a partnership with GoSaga, an organization that invests in and scales next-gen lifestyle brands across health, wellness, fitness and beauty to launch a minimum of 250 studios across the Northeastern and Mid-Atlantic regions of the United States. 

Right before that, the company inked a deal with Nike to launch Nike Studios, which will include a network of boutique fitness locations, including Nike Training Studios and Nike Running Studios. FitLab also has rights to brands such as Racked, XPT by Laird Hamilton and Gabrielle Reese, and Fast by Conor McGregor. 

Atlas Credit Partners also comes to the table with an impressive track record. The asset management firm has 80-plus years of combined business experience financing cutting-edge, medium-sized institutions such as SoundHoundAI and AST SpaceMobile. They’ve invested a total of over $950 million to date. Atlas agreed to a similar strategic funding deal with wellness brand Hyperice this past summer. 

“FitLab uniquely integrates every channel of the fitness ecosystem into a single, differentiated platform,” said Andrew Sung, head of research at Atlas Credit Partners. “With this acquisition, combined with the company’s ramp of boutique fitness studios and partnership with a best-in-class global brand, we believe that our investment will help accelerate the pace at which the company continues to innovate the fitness experience.”

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GoSaga, a holding company behind next-gen lifestyle brands across wellness, fitness and beauty, has formed its first-ever Advisory Board consisting of experts in franchising, commercial real estate, creative development, and market investing as its portfolio of brands continues to scale.

The firm has seven studios set to open across its portfolio in the first half of 2024.

“Having been in the high-growth fitness space for over fifteen years, I know what it takes to reach the goals that GoSaga has set,” Jay Galluzzo, Advisory Chair and CEO of Body20, tells Athletech News. “The Advisory Board brings all of the experience GoSaga needs in order to hit milestones and momentum in its growth plan.” 

Galluzzo was named CEO of Body20 in December and co-founded Flywheel Sports. The industry veteran also serves on the board of Barry’s. 

Joining Galluzzo is Jay Siano, founder and CEO of Sabre Real Estate Advisors, an expert in commercial real estate and wellness. He advised and helped scale brands such as Starbucks, Orangetheory Fitness, Massage Envy, European Wax Center and Solidcore.

Jessica Yarmey, CEO of FlexSociety, has also been welcomed to the board, bringing rich experience in fitness and wellness as CEO of KickHouse and chief marketing officer of Club Pilates. In addition to Yarmey, Glenn Kaufman, a private market investing expert and managing director at D Cubed Group, and Jeff Leaf, who has worked for Pvolve as executive creative director, have been tapped to supply their industry knowledge.

The board also includes a silent and managing partner at a large private equity firm with expertise in consumer investments, particularly those in fitness and wellness. 

“We are so excited to add firepower to the existing leadership team at GoSaga,” Becky Cerroni, president and chief operating officer of GoSaga, remarked. “As our portfolio of partnerships continues to expand, it feels crucial to formalize a group of trusted advisors. Expertise is a differentiator for us, and this Advisory Board adds even more fuel to our leadership firepower.”

Boutique Studios Poised for Growth

The investment firm’s portfolio currently includes the personalized stretching company Lymbr, wholly owned by GoSaga and launched by the firm’s founders. 

Created to support effective recovery in the fitness journey, Lymbr incorporates “progressive emphasis stretching,” focusing on continuous movement and myofascial pathways for increased flexibility and blood flow for fast results. 

With assisted stretching emerging as one of the hottest up-and-coming wellness trends, GoSaga scored a major corporate wellness win by becoming Google’s exclusive stretch partner. The stretching brand has studios in NYC, the Hamptons, Connecticut and Massachusetts.

GoSaga also has the rights to build out territories of VIO Med Spa and FitLab brands, a boutique fitness holding company.

Last month, VIO Med Spa announced a partnership with GoSaga as it enters the Connecticut market with plans to expand.

FitLab, which consists of eight fitness studio brands including the new Nike Studios, Racked, XPT by Laird Hamilton and Gabrielle Reese, and Fast by Conor McGregor, inked a deal with GoSaga last fall to scale in the Northeast and Mid-Atlantic regions with a minimum of 250 fitness studios across twelve states.

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Nike has mastered the world of activewear as the largest supplier of athletic footwear and apparel. But in recent months, the Beaverton, Oregon, company has been expanding beyond training gear and diving feet-first into fitness and wellness, now launching its first-ever Nike Well Festival in London.

The London event will kick off a “celebration of movement and mindfulness” tour in European cities.

Presented by the new Nike Well Collective on March 2, 2024, at Woolwich Works, the inaugural event in London will host areas of movement, mindfulness, nutrition, and recovery, including “energy tanks” with 45-minute yoga, HIIT, and dance fitness sessions and numerous workshops.  

Tickets provide entry to a “chosen wave” that includes a signature workout session, a food token and a Nike water bottle and tote bag. While upcoming Nike Well Festival dates and locations haven’t been announced, those interested can be notified of future lineups here. 

Just Do It Wellness

Nike unveiled Well Collective last summer as an initiative to embrace wellness as more than just athleticism but mindfulness, nutrition, rest and connection. Instead of just a mere marketing campaign to hop on the booming wellness bandwagon, the activewear company added over 1,000 global fitness trainers to create holistic fitness content, programming and experiences and tapped academics, researchers and medical professionals, including meditation advocate Deepak Chopra, M.D., to supply the collective with credible information. 

Nike also rebranded its Nike Live stores to Nike Well Collective so consumers can shop for curated products such as apparel, footwear and accessories for yoga, HIIT, strength training and running.

Furthering its commitment to wellness on a corporate level, the sportswear titan continues to close its offices around the globe each year, allowing employees a chance to recharge for a week. Dubbed ‘Well-Being Week,’ the initiative began in 2021. 

“As an employer and a brand, our goal is to help all athletes become their best selves,” wrote Monique Matheson, Nike executive vice president, chief human resources officer, on LinkedIn. “This is one way we can do that for our team.”

The Swoosh Launches Fitness Studios, Strength Equipment

While committed to becoming “more than the leading global sports brand” in its wellness push, Nike has also leaned toward in-person fitness studios and strength-training equipment.

The company made moves last year with the opening of Nike Studios, tapping into the boutique and group fitness trend in partnership with FitLab. The brand first launched Nike Training Studios and Nike Running Studios in locations in California and is soon headed to Austin, Texas, teasing a “See y’all soon” post on Instagram. 

Soon after, the activewear company announced Nike Strength, a collection of strength training equipment with Nike-branded barbells, dumbbells, kettlebells and a bench featuring Nike’s famed Swoosh logo, satisfying 2024’s top wellness trend. The collection is available on Nike Strength’s website as well as retailers such as Dick’s Sporting Goods and Scheels.

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In the first full year of post-pandemic life, the fitness and wellness industry has seen its fair share of headlines, both positive and negative. 

While dealmaking has cooled off some from its pandemic-era high, there still were plenty of major fitness and wellness moves in 2023, including brand partnerships, nine-figure funding rounds and celebrity endorsement deals. 

Athletech News recaps the eight fitness and wellness moves that defined 2023, and forecasts what each could mean as we enter a new year.

• 

  1. Peloton, Lululemon Strike Content & Apparel Partnership 

  Two of the biggest brands in the fitness and activewear categories joined forces in a major way in 2023. As part of a five-year global partnership, Peloton agreed to create exclusive digital fitness content for Lululemon Studio, while Lululemon became Peloton’s official apparel partner, creating co-branded clothing for instructors and fans. 

  Why It Matters:

  The deal marked the final nail in the coffin for the Mirror, Lululemon’s ill-fated piece of connected fitness hardware that never quite lived up to its $500 million price tag. Lululemon announced it would be officially discontinuing Mirror, instead pivoting fully to Lululemon Studio, its digital fitness platform which now gives members access to Peloton’s library of workout classes. 

  For Peloton, the deal shows the connected fitness company’s commitment to becoming more than just a “bike company,” as it looks to offer different types of fitness content, from yoga to strength training, in addition to spin classes. 

  What To Watch in 2024:

  While Peloton has built a large following of dedicated fitness fans, the jury is still out on whether the company can successfully transition from being a cycling-focused brand to a one-stop shop for diverse fitness content. Providing content for Lululemon Studio will expose Peloton’s workouts to even more people around the world, potentially helping the connected fitness company make good on its bold expansion plans.

• 

  2. WeightWatchers, Life Time & Xponential Make GLP-1 Moves

  For better or worse, the weight-loss-drug era is officially here. GLP-1s like Ozempic and Wegovy are flying off the proverbial shelves as consumers seek access to the drugs, which have been celebrated for their proven ability to help people lose significant amounts of weight in a relatively short period of time. 

  WeightWatchers acquired telehealth brand Sequence in early 2023, a move that signaled the weight loss company’s shift from a food-based approach to adopting prescription drugs including GLP-1s. WeightWatchers still offers its famous Points Program, but the company has made weight loss meds a core part of its offering. 

  In the fitness realm, brands including Life Time and Xponential Fitness are embracing weight-loss drugs. In November, Life Time launched its first Miora Longevity and Performance clinic, offering members access to GLP-1s such as Ozempic under medical supervision, in addition to a host of other wellness benefits. 

  Xponential, meanwhile, announced its intention to acquire Lindora, a metabolic health brand with clinics offering weight-loss medications. Xponential plans to rapidly scale the brand through franchising. 

  Why It Matters:

  The deals struck by WeightWatchers, Life Time and Xponential show that at least some established fitness and wellness brands are willing to embrace GLP-1s, making weight loss meds an important part of their business strategy. 

  What To Watch in 2024:

  There’s still much to learn about the long-term effects of GLP-1s on sustained weight loss and other aspects of health. Some analysts predict that the rise of weight-loss drugs will lead to a corresponding rise in gym membership sales as more consumers become confident enough in their bodies to want to hit the gym; others have expressed skepticism about the drugs’ ability to spur meaningful changes in people’s fitness and wellness habits.

• 

  3. Apple Partners With Anytime Fitness

  Apple has been pushing further into fitness and wellness for several years now, with advancements in Apple Health and the launch of Apple Fitness+. In November, the tech giant inked its first deal with a gym brand, partnering with Minnesota-based Anytime Fitness. Through the collaboration, Anytime Fitness members across the U.S. and Canada will have access to an Apple Fitness+ subscription included in their membership at no extra cost. The two companies could take their partnership even further with more collaborations down the road, Anytime Fitness CEO Chuck Runyon has told Athletech News. 

  Why It Matters:

  The deal marks Apple’s firm entry into the brick-and-mortar gym space, potentially signaling a major shift in how the company will approach fitness and wellness in 2024 and beyond.  

  What To Watch in 2024:

  It will be interesting to see if Apple partners with any other gym brands, or if the tech giant is content to ride with Anytime Fitness and its network of 5,200 locations worldwide for the time being. For Anytime Fitness, can a partnership with Apple sway consumers to choose AF over rival low-price, high-value gym chains like Planet Fitness, Crunch Fitness and others?

• 

  4. Pvolve Inks Deal With Jennifer Aniston

  Functional Fitness brand Pvolve reached a new level of mainstream recognition and notoriety this year, partnering with celebrity A-lister Jennifer Aniston. The former “Friends” star will advise on Pvolve’s marketing, product and programming strategies, as well as star in Pvolve commercials, including a strength-focused ad campaign that launched in August.

  Why It Matters:

  While celebrity endorsements are nothing new for the fitness industry, getting a star on the level of Jennifer Aniston is uncommon, and it bodes well for Pvolve as the brand expands its footprint of brick-and-mortar studios through franchising. 

  What To Watch in 2024:

  So far, the partnership seems to be bearing fruit for Pvolve: the fitness brand reported a 650% increase in branded search and a 125% increase in franchise inquiries since partnering with Aniston. As time passes, we’ll see how much Pvolve leans on its celebrity affiliation as the brand continues to grow nationwide and even internationally.

• 

  5. Nike Launches Group Fitness Studios, Equipment Line

  Nike is no longer just a fitness apparel brand. In 2023, the Swoosh entered the brick-and-mortar space, opening group fitness studios in Southern California, with another location planned for Austin, Texas. In partnership with FitLab, Nike Studios offers functional training and endurance workouts led by expert instructors. The sportswear giant also pushed into the fitness equipment space, launching Nike Strength, a collection of strength training equipment including barbells, bumper plates, dumbbells and kettlebells, all of which feature prominent Nike branding. 

  Why It Matters:

  As seen with Apple, “blue chip” companies are increasingly entering the traditional fitness space. Nike clearly believes in the long-term potential of the fitness and wellness market, announcing it would hire over 1,000 global fitness trainers to lend expertise in creating holistic fitness content, programming and experiences, presumably as part of its Nike Studios endeavor. 

  What To Watch in 2024:

  Nike could make significant inroads into the fitness and wellness space if the brand is truly committed to the vertical, although it remains to be seen whether consumers will latch onto the idea of visiting a Nike Studio for their daily workout. On the equipment front, could Nike become a true rival to established strength training brands like Eleiko and Rogue Fitness?

• 

  6. Peloton Announces Rebrand, New Strategic Vision

  Back in May, Peloton announced its intentions to become the fitness company for “anyone, anywhere,” looking to shed its perception as a “bike company” focused predominantly on wealthy consumers. 

  As part of a large-scale rebrand, Peloton launched a new fitness app with three subscription tiers, including a freemium option that offers more than 50 classes curated across 12 modalities for no cost. The Peloton App One and Peloton App+ tiers cost $12.99 per month and $24 per month, respectively. The connected fitness company also launched Peloton Gym, which offers at-home strength training workouts. 

  Why It Matters:

  Peloton CEO Barry McCarthy has said that the company wants to branch out beyond cycling workouts, becoming a more well-rounded digital fitness company that makes most of its money through content rather than hardware sales. As a result, Peloton has forged partnerships with top sports teams and leagues, universities and even hotel groups as the brand looks to increase its global recognition and drive users to its app. 

  What To Watch in 2024:

  So far, Peloton has struggled to translate its rebrand into financial success. In its most recent earnings report, Peloton lost paid subscribers, with the connected fitness company struggling to convert free app users into paying members. Peloton has one of the most loyal fanbases of any fitness company, although many of those fans are cycling diehards. It remains to be seen whether Peloton can bring new members into the fold by emphasizing other types of fitness content.

• 

  7. EGYM Raises $225M, Preps for IPO

  In July, fit tech company EGYM received €207 million ($225 million) in growth capital, closing a financing round led by Affinity Partners, a global investment firm launched by Jared Kushner, the son-in-law and former advisor to President Donald Trump. The funding will enable the Munich-based EGYM to prepare for an IPO, the company’s co-founder and CEO Philipp Roesch-Schlanderer has said.

  EGYM provides smart gym solutions, including software and fitness equipment, for more than 15,000 gyms worldwide, and is rapidly expanding its North American team. 

  With the investment, EGYM will also focus on further developing its digital solutions for health-focused workouts and expanding the EGYM Wellpass corporate health network, an area Roesch-Schlanderer has identified as critical. 

  Why It Matters:

  Funding has been harder to come by in 2023 due to macroeconomic conditions, but Affinity Partners’ investment in EGYM shows the promise of tech-enabled fitness. With even more resources, EGYM looks poised to extend its lead as the dominant fit tech provider on the market, potentially reaching even more gyms worldwide.

  What To Watch in 2024:

  Will EGYM’s impressive funding haul be a sign of things to come for fit tech companies or was the round more of an anomaly given the current economic outlook? The latter outcome is possible, as EGYM seems unique in its ability to offer software and hardware solutions under one brand. 

• 

  8. BowFlex, BODi Change Names To Spark Turnaround

  2023 saw a pair of down-on-their-luck fitness brands change their names in hopes of sparking a turnaround. In March, The Beachbody Company announced it would be known as BODi moving forward, a move co-founder and CEO Carl Daikeler said aligned with a shift in the company’s strategy toward inclusive fitness and wellness and away from the looks-based marketing that made the brand famous but has seemed to turn off modern consumers, especially Gen Z. 

  In the fall, Vancouver, Washington-based fitness equipment maker Nautilus changed its corporate name to BowFlex, rallying behind its most popular brand. As part of the rebrand, BowFlex introduced a new color scheme, marketing campaign and at-home equipment designed to target consumers in the connected fitness era. 

  Why It Matters:

  Two of the biggest fitness brands of the 2000s era have struggled in recent years, but they’re not going down without a fight. For both companies, the name change has been accompanied by a major rebranding effort that could fundamentally change the way each positions itself in the fitness and wellness industry. 

  What To Watch in 2024:

  Will the name-change tactic employed by BowFlex and BODi give other struggling fitness companies a blueprint to follow to regain relevance, or will it prove to be a cautionary tale for fitness and wellness brands looking to return to their glory days?

The post The Fitness & Wellness Moves That Defined 2023 appeared first on Athletech News.

Nike made waves this summer with news that the footwear and apparel company would open Nike Studios, a network of boutique fitness studios that would launch on the West Coast. Now, additional location details have emerged that Nike has staked a claim in the Austin, Texas, market.

In partnership with fitness and sports lifestyle company FitLab, Nike Studios has created in-person, functional training and endurance workouts with Nike Training Studios and Nike Running Studios.

Nike Studios had teased an upcoming launch in Austin in a social media post on IG, and the company has now confirmed the location on its website. It appears there will be both a Nike Training and Running Studio, judging by a job posting searching for a studio manager and a founding trainer.

The upcoming Nike Running Studios location seems to be planned for The Grove at Perseverance Drive, with an anticipated completion date in March 2024, and a Training Studio located at The Triangle on N. Lamar Blvd, according to a report by Austin Business Journal citing projects registered earlier this month with the Texas Department of Licensing and Regulation.

Nike’s Big Fitness Push

The first Nike Training Studio recently opened in Newport Beach, with an upcoming Nike Running Studio in Santa Monica and a Nike Training Studio planned for West Hollywood.

The Nike Studio workouts are inclusive of all fitness levels and feature a variety of workouts led by Nike trainers for a well-rounded fitness experience. Members can book a strength-based class with Force, a high-energy strength-blend with Max, a full-body Metcon for conditioning or a ‘Just Do It’ class on Sundays with an ever-changing full-body session.  

While Nike Training Studio offers HIIT and strength workouts featuring weights, kettlebells, sleds, and sandbags, Nike Running Studio is ideal for fitness members training for a marathon or looking to improve their pacing and stamina with classes focusing on sprint, capacity, and endurance. The running-themed concept also offers immersive solo or group challenges using a giant NRS Pack Screen. 

According to Nike Studios, the company will continue to evaluate areas that pose the best opportunity to connect with fitness enthusiasts through “premium services, experiences and products.”

Austin is indeed shaping up to become one of the leading fitness cities in the nation. Pvolve, the science-backed functional with the famous face of Jennifer Aniston leading its marketing efforts, recently announced it’s bringing four franchise studio locations to the Texas city. Body20, an electro-muslce stimulation (EMS) fitness franchise, has also found success in Austin, as has Crunch Fitness, with its South Austin facility the first of six locations to open in the Austin-area community.

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Nike is continuing its push into fitness and wellness with Nike Strength, a collection of strength training equipment for elite and everyday athletes — a first in the company’s 51-year history.

Nike’s release of weight lifting equipment is right on time, as strength training continues to surge in popularity among fitness enthusiasts, being named the top wellness trend in 2024.

The debut collection includes dumbbells, kettlebells and barbells available in hard chrome, black chrome and premium coated finishes, grind bumper plates made with Nike Grind recycled rubber for commercial or at-home use, and a strength bench featuring Nike’s signature Swoosh embossed in synthetic leather.

A website devoted to Nike Strength shows an array of pro athletes using the equipment, including LeBron James, Derrick Henry, Nelly Korda and more. The Nike Strength collection is now available on the brand’s website and at select retailers such as Dick’s Sporting Goods and Scheels.

Nike Embraces Fitness & Wellness

Nike’s home gym equipment comes on the heels of the brand’s partnership with FitLab to launch a network of boutique fitness studios, starting in the LA area.

The group fitness concept includes Nike Training Studios and Nike Running Studios, offering functional training and endurance workouts. The studios offer schedules that rotate through three different workouts, with every class using weights, sandbags, kettlebells and sleds.

Earlier this summer, the sportswear and sneaker giant also launched Nike Well Collective to underscore its commitment to the pillars of holistic fitness, such as movement, mindfulness, nutrition, rest and connection. The company said it would use its sports research lab and add over 1,000  global fitness trainers to create fitness content, programming and experiences supporting the collective. 

Nike also partnered with connected fitness subscription platform Strava this year to create “meaningful spaces” for fitness enthusiasts where Strava members can access challenges and curated, exclusive content from Nike coaches and athletes.

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Nike is capitalizing on the growing boutique and group fitness trend, announcing the opening of Nike Studios.

In partnership with FitLab, Nike Studios will offer a network of boutique fitness studios, including Nike Training Studios and Nike Running Studios, offering functional training and endurance workouts.

The first Nike Studios location will open this year on Santa Monica Blvd. in West Hollywood, with additional locations slated to open in the LA area and in other parts of the U.S. A second location on Nike’s website lists a Newport Beach location in Costa Mesa, Calif.

According to Nike, the company plans to evaluate locations with opportunities to connect with consumers through premium services, experiences and products. 

The Nike Training and Running Studios workouts are designed for members to go at their own pace, inclusive of all fitness levels and offer workout schedules rotating through three workout types: Impactor, Ignition and Inferno. Impactor features dynamic exercises, including the deadlift and bench press, while Ignition offers squats and lunges. Inferno includes conditioning and core-focused programming. Every class uses a mix of weights, sandbags, kettlebells, sleds and plyometrics with periodized training blocks to hit fitness goals efficiently.  

The new concept will also use a digital app for at-home fitness and feature fun and motivating social fitness events, so members can forge a sense of community.

Earlier this year, FitLab introduced Jared LaMantia as its new CMO and Beth Gold as its director of talent, additions meant to bolster the fit tech company’s next growth phase. FitLab has been actively recruiting certified group fitness instructors for a location in Costa Mesa. The search for applicants was shared on LinkedIn by FitLab’s co-founder and co-CEO Brian Kirkbride three months ago, and his post may have alluded to the Nike Studios x FitLab collaboration, as Nike Studios has a location planned for Costa Mesa.

“We have to keep it a secret for now, so you have to talk to Beth Gold to hear what it is – but so worth it. Will be the biggest news in fitness,” he wrote. 

Nike Studios is offering a founding member special for $49, which will lock in unlimited workouts at $99 a month. Founding members will also receive a special bundle package that includes a home studio t-shirt, a $25 Nike gift card, a drawstring bag and a water bottle. Membership options include drop-in classes and unlimited monthly workouts with tiered pricing based on location.

The opening of Nike Studios comes as the Swoosh continues its push into fitness and wellness. In June, Nike announced the Well Collective, an initiative inspired by the insights of women but designed to support the wellness journey of everyone. As part of the Well Collective launch, Nike said it would be hiring 1,000 global fitness trainers to lend expertise in creating holistic fitness content.

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