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  • Roger Yao

Fitness Equipment Industry Weekly News – 2024 Week 1

Fitness equipment news

1.  BH Continues to Focus on Professional Sector

Recently, Pablo Pérez de Lazarraga, the CEO of BH fitness,  stated during one interview, that BH fitness’ turnover is more than 35 million in 2023, exceeding the 33.05 million turnover of 2022. This growth was contributed by the increase in sales in the professional segment, both in the national and international markets.

Pablo also stated that, In 2023 we have continued to grow in the professional market, both in national and international sales, so we estimate that the increase in this sector will be between 23% and 25%.

BH fitness CEO

This is the best year in BH fitness, especially because of the entry into many gyms with  free weight machines, meanwhile the sales for home-use product continue to suffer, and it seems that it will also affect next year.

BH Fitness, which has 116 employees with the headquarter in Vitoria, Spain, also seek to increase its presence in France and Germany, in addition to the Iberian market. Currently, more than half of BH Fitness' sales occur outside the Spanish market.

the executive anticipates a growth of 20% in the professional segment by 2024. Today, this segment accounts for 60% of BH fitness sales, while the home-use segment accounts for 30% of its business. The remainder, 10%, corresponds to the semi-professional market;  

2. Keep’s stock price decline by nearly 50% in two days

Keep, China's leading fitness and wellness app with more than 300 million registered users, encountered a significant setback as its stock price experienced a sharp decline of 45% on both January 4th and January 5th in the Hong Kong stock market, hitting a historic low of HKD 7.45 per share. This marks the eighth consecutive day of declining stock prices, with the company's market value now at around HKD 4.08 billion, approximately one-fourth of its IPO valuation.

Renowned for its dominance in the fitness and wellness sector, the Chinese company initially showcased impressive stock performance since its listing in July of the preceding year, reaching a peak in August at HKD 42.2 per share and a market value surpassing HKD 20 billion. However, subsequent fluctuations led the stock to officially fall below the issue price in October.

The recent stock price downturn is attributed to factors extending beyond immediate news. While Keep denied receiving specific information, analysts speculate that it may be linked to the company's overall financial performance in 2023, eroding investor confidence.

In the first half of 2023, Keep reported a year-on-year decline in revenue for the first time since disclosing financial statements. Total revenue amounted to 985 million yuan, reflecting a 2.7% decrease from the previous year, and the operating profit loss narrowed by 21.39%. The adjusted net loss for the reporting period was approximately 223 million yuan, with a net loss rate of around 22.7%, marking an 8.7 percentage point increase compared to the first half of 2022.

This revenue decline prompted investors to reevaluate Keep's business model. The company's own-brand sports product revenue witnessed a 9.5% drop, primarily attributed to reduced sales of health food products in an intensely competitive market. Additionally, advertising revenue experienced a year-on-year decrease of 21.4%. Keep's challenges in 2023 have necessitated a reassessment of its financial standing and market competitiveness.

3.Pedro Ruíz, the Founder of Vivafit and Personal20 Gyms  Passed Away

Pedro Ruíz, the visionary entrepreneur and founder of the Vivafit and Personal20 gym chains, has passed away at the age of 65 after a prolonged illness. A prominent figure in Iberian fitness, Ruiz was known for his passion and international influence.

Founder of Vivafit and Personal20

Ruíz co-founded the Vivafit chain in 2002, leading it until August 2023, even after its acquisition by the Portuguese fitness group, Balance Company. In 2015, he founded Personal20, another successful gym chain, maintaining a leadership role until its acquisition by Balance Company in July 2023.

Beyond his gym ventures, Ruíz served as the vice-president of the Portuguese franchise association (AFP) from August 2016 to August 2023, organizing franchise programs and supporting international expansion efforts.

For 24 years, he played a crucial role as a member of the Portuguese-Spanish Chamber of Commerce and Industry, fostering connections between Spanish companies seeking expansion in Portugal and vice versa.

From December 2019 to January 2022, Ruíz chaired the audit committee of the Portuguese fitness employers' association (AGAP), actively promoting the interests of the fitness industry and representing Portugal as an expert in the European Committee for Standardization.

4. Peloton and TikTok Join Forces to Create #TikTokFitness Hub

Peloton (NASDAQ: PTON) and TikTok have announced an exclusive partnership, bringing Peloton's renowned workout content to the TikTok community. This collaboration aims to blend culture and creativity, inspiring a new era of fitness content and creators. The result will be the #TikTokFitness hub, featuring Peloton's custom content – #TikTokFitness Powered by Peloton.

For the first time, Peloton will produce exclusive social content for a partner beyond its own channels. The hub will include live Peloton classes, original Instructor series, ongoing creator partnerships, class clips, and celebrity collaborations under the #TikTokFitness hashtag.

With TikTok boasting 1 billion active users globally, #TikTokFitness has the potential to revolutionize wellbeing content creatively. Peloton's recent brand evolution, "Anyone. Anytime. Anywhere.," will shape the look and feel of the Peloton hub, emphasizing the brand's dedication to accessible fitness. The #TikTokFitness Powered by Peloton hub will be accessible in the US, UK, and Canada.

5.Equinox Launches Training Program for Users on Weight Loss Drugs

Luxury fitness and wellness brand Equinox is stepping into the new year with a groundbreaking personal training initiative tailored for individuals using weight-loss medications like Ozempic and Wegovy, or those exploring GLP-1s. In response to the transformative impact of these medications, Equinox is among the first fitness clubs to introduce a specialized program addressing the unique needs of this market.

Led by Equinox club coach Michael Crandall, the new program integrates the GLP1 protocol into the Equinox Fitness Training Institute's curriculum. The initiative aims to provide essential education and coaching to members using GLP-1 medications, acknowledging the need for a holistic approach to weight loss.

Equinox gym

The move follows Equinox's recent establishment of a Health Advisory Board, featuring medical and wellness experts, to support the Equinox Fitness Training Institute. The Institute offers accredited curriculum and board certification for performance coaches.

Equinox's program addresses the side effects of GLP-1s, such as rapid weight loss that may lead to muscle loss. Fitness coaches will be trained to design workout plans tailored to mitigate these effects through aerobic or anaerobic conditioning, and strength training.

Crucially, Equinox's focus extends beyond immediate results. The program empowers clients to cultivate sustainable habits and lead a healthy lifestyle in the long term. Crandall emphasized, "Our clients are thinking weight loss for the long term, and they're very motivated to keep the weight off. What we're doing is empowering them so when they ease themselves off, they won't be nervous or worried they're just going to put it right back on."

In the backdrop of the increasing popularity of GLP-1 medications, individuals in the fitness and wellness community are seeking tailored experiences guided by coaches. Equinox's forward-looking approach aligns with this trend, and the initiative follows their earlier commitment to hire 5,000 fitness coaches in response to growing demand for personalized training services.

We provide weekly fitness equipment industry news and updates.

  • The founder of FITQS/FQC 

  • The columnist of magzine <China Fitness Equipment>

  • 20 years in fitness/sporting equipment OEM/ODM technical, quality control and sourcing management.


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