SoulCycle files For IPO
The high-end indoor biking chain did not expose what number of shares it plans to promote, although it plans on raising $one hundred million.
July 30, 2015
SoulCycle, the health chain known for its extremely produced indoor cycling courses, has filed for an initial public providing, Reuters stories. the corporate’s filing didn’t embrace information about the number of shares on the market or their expected value, although it tentatively plans on elevating $a hundred million.
Elizabeth Cutler and Julie Rice founded SoulCycle as a boutique cycling studio in New York city in 2006, and the company now has 47 places throughout the U.S. In 2013, SoulCycle elevated its focus on retail, first with a revamped online store for exercise tools, and later with branded pet equipment, tub products, and children’s clothing.
In a 2013 interview with quick company, Cutler and Rice recounted the challenges of increasing the brand while maintaining the loyalty of their unique buyers:
Rice and Cutler don’t seem to be sweating it, although. as a substitute, they’ll preserve pursuing that original imaginative and prescient: make exercise fun, be kind to buyers, and domesticate a loyal bike-straddling military that treats each of the corporate’s improvements as a revelation… With a shopper base this emotionally invested, one fallacious move might go away the corporate simply spinning its wheels. “When persons are attached the way that they’re connected to SoulCycle, change feels frightening,” says Rice. “[But] i don’t suppose that we are going to dilute the logo at all.”
luxury gym chain Equinox bought a partial stake in SoulCycle in 2011.
[via Reuters]
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