SoulCycle Holdings LLC was converted into SoulCycle Inc.
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SoulCycle has filed initial papers for an IPO, sometime later this year. SoulCycle’s classes are conducted in dark, candle-lit studios that feature inspirational coaching and high-energy music.
SoulCycle is a chain of gyms that provides spinning classes to bougie folks and then sells them overpriced lycra clothing to wear while doing it.
“Founded in 2006 with a mission to bring joy to fitness, SoulCycle is a rapidly growing lifestyle brand that empowers our riders and offers an immersive fitness experience”, said Melanie Whelan.
Ten years ago Elizabeth Cutler and Julie Rice had a vision: to turn fitness exercise from a chore into a joyful and inspiring activity.
Within the company’s 38 spin studios, young urban professionals and yuppies are flocking since these establishments opened on March-end. And last year, revenue jumped 49%, from $62.7 million in 2013 to $93.8 million in 2014. The studios average 72,000 rides per week. “This reservation system has created a frenzied experience on “Monday at Noon” when approximately 30% of our weekly rides are selected within 15 minutes”.
“For many of our riders, SoulCycle is not about how much weight they can lose”, the company said.
The company believes that the sky is the limit in terms of adding new riders: “We do not have a target demographic because at SoulCycle, ANYONE can be an Athlete, a Legend, a Warrior, a Renegade or a Rockstar”. The company cited grassroots marketing initiatives, digital engagement programs and social responsibility activities as nurturing the growth of the brand.
Presumably this is the point in the presentation to investors where somebody will rip off a SoulCycle tank top, roar at the top of her lungs, and do a victory lap around the conference room. Its business and growth rate could be negatively affected if it cannot attract and retain riders or if new markets fail to gain acceptance. SoulCycle hasn’t released the expected price for its shares. Cutler and Rice each made $1.2 million in salary in 2014, according to the filing. “In 2014, SoulCycle had over 10,000 unsolicited print and online press placements across local and national news outlets, including publications ranging from The New York Times and The Wall Street Journal to current events and fashion periodicals such as Vanity Fair and Vogue“.
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The company, which is owned in part by fitness studio giant Equinox, is working with Goldman Sachs, Citigroup, and Bank of America Merrill Lynch, among others, to go public.
