Kuwait Real Estate Company Will Diversify To Meet Growing Interest In Fitness In The Middle East
IRVINE, Calif., October 20, 2022–(BUSINESS WIRE)–Xponential Fitness, Inc. (NYSE: XPOF) announced today it has signed a Master Franchise Agreement in Kuwait for its brands Rumble, Club Pilates, StretchLab and CycleBar. The deal, signed with Kuwait Real Estate Company, Aqarat, will result in the opening of a minimum of eight studios early in the initial 10-year term of the agreement, with additional studios to be developed based on market opportunity.
The Master Franchisee for Xponential in Kuwait is the publicly traded real estate development company, Aqarat, a prominent developer and manager of commercial, residential and hospitality properties in Kuwait and the Middle East, as well as Europe and the United States. Aqarat also has investments and joint venture agreements with the hospitality brands Yotel, Courtyard by Marriott, and IFA Hotels and Resorts.
Kuwait has the fourth largest fitness industry in the Middle East with annual revenue of nearly $240 million (USD) revenue, according to research from the International Health, Racquet & Sportsclub Association. The more than 600 fitness centers are a mix of local, regional and international operators, with boutique fitness early in its lifecycle and poised for growth.
“We are thrilled to be working with Aqarat to bring our world-class boutique fitness studios to Kuwait”, said John Kersh, Chief International Development Officer of Xponential Fitness. “Aqarat’s extensive real estate and hospitality experience is perfectly suited for our customer-focused brands, and they are well-equipped to deliver our immersive studio experiences to the Kuwaiti population.”
“Fitness in Kuwait is changing and growing fast,” says Saad Al-Muneefi, Vice President, Asset Management and Investor Relations of Aqarat. “We at Aquarat are invested in improving the lives of our community and are proud of this partnership with Xponential Fitness to realize our dream of bringing boutique fitness to the people of Kuwait in a very big way.”
The agreement marks the continued expansion of Xponential Fitness outside North America. The company currently has studios across multiple brands operating or in development in 15 countries including across North America, Europe, Asia-Pacific and Australia. Most recently in 2022, Xponential signed master franchise agreements for Club Pilates in Mexico and the UK, and for CycleBar in Japan.
Rumble, StretchLab, Club Pilates and CycleBar are all backed by Xponential Fitness, the largest global franchisor of boutique fitness brands which also include Pure Barre, Row House, YogaSix, AKT, BFT, and STRIDE Fitness.
For more information about Xponential Fitness visit www.xponential.com.
Founded in New York City in 2017, Rumble is a group fitness concept delivering a combination of boxing-inspired circuits and the transformative power of resistance training. Pro and amateur fighters glove up together, no matter their fitness level or skill, to reveal their inner fighter. The experience is a 45-minute, 10-round, full-body cardio and strength workout crafted around specially designed water-filled, teardrop-style boxing bags. Rumble was founded by Noah Neiman (former Barry’s Bootcamp Master Trainer, and cast member of Bravo’s Work Out New York), Eugene Remm (Co-Founder of Catch Hospitality Group (Catch Restaurants, CATCH STEAK, Lexington Brass), Andy Stenzler (Co-Founder Cosí, Kidville), and Anthony DiMarco (13-time IRONMAN, former Managing Director, Google). Rumble is headquartered in Irvine, CA and backed by Xponential Fitness, the largest franchisor of boutique fitness brands.
Founded in 2015, StretchLab is the largest assisted stretching brand globally that was created to help people through customized flexibility services. It offers one-on-one and group-assisted stretching sessions to customers across a broad range of age and fitness levels. StretchLab’s advanced “flexologist” instructors receive extensive training, including both classroom and on-the-job training programs. Ranked on Entrepreneur Magazine’s Franchise 500 in 2022, Fastest-Growing Franchises and Top New Franchises in 2021 and 2022, as well as Inc. Magazine’s Inc. 5000 in 2020 and 2021, StretchLab is headquartered in Irvine, CA and backed by Xponential Fitness, the largest franchisor of boutique fitness brands. To learn more about StretchLab, visit www.stretchlab.com.
ABOUT CLUB PILATES:
Founded in 2007, Club Pilates is the largest Pilates brand by number of studios, designed with the vision of making Pilates more accessible, approachable and welcoming to everyone. Based in Irvine, CA, Club Pilates has appeared in both Entrepreneur Magazine’s Franchise 500 and Fastest-Growing Franchises six years running, and Inc. Magazine’s Inc. 5000 lists multiple times. Club Pilates offers extensive training certification for its instructors. Its 500-hour training program includes instruction on Pilates, barre, Triggerpoint, and TRX Suspension Trainers. Club Pilates is headquartered in Irvine, CA and backed by Xponential Fitness, the largest franchisor of boutique fitness brands. To learn more about Club Pilates, visit https://www.clubpilates.com.
Founded in 2004, CycleBar is the largest indoor cycling brand by number of studios and offers a variety of low-impact, high-intensity indoor cycling workouts, which are inclusive of all fitness levels. CycleBar offers an immersive, multi-sensory experience in state-of-the-art “CycleTheaters,” led by specially trained instructors, enhanced with high-energy “CycleBeats” playlists and tracked using rider-specific “CycleStat” performance metrics. Ranked on Entrepreneur Magazine’s Franchise 500 four years running, Fastest-Growing Franchises in 2021 as well as Inc. Magazine’s Inc. 5000 in 2020, CycleBar is headquartered in Irvine, CA and backed by Xponential Fitness, the largest franchisor of boutique fitness brands. To learn more about CycleBar, visit www.cyclebar.com.
ABOUT XPONENTIAL FITNESS:
Xponential Fitness, Inc. (NYSE: XPOF) is the largest global franchisor of boutique fitness brands. Through its mission to make boutique fitness accessible to everyone, the Company operates a diversified platform of ten brands spanning across verticals including Pilates, indoor cycling, barre, stretching, rowing, dancing, boxing, running, functional training and yoga. In partnership with its franchisees, Xponential offers energetic, accessible, and personalized workout experiences led by highly qualified instructors in studio locations across 48 U.S. states and Canada, and through master franchise or international expansion agreements in 13 additional countries. Xponential Fitness’ portfolio of brands includes Club Pilates, the nation’s largest Pilates brand; CycleBar, the nation’s largest indoor cycling brand; StretchLab, the largest assisted stretching brand in the United States; Row House, a high-energy, low-impact indoor rowing workout; AKT, a dance-based cardio workout combining toning, interval and circuit training; YogaSix, the largest franchised yoga brand; Pure Barre, a total body workout that uses the ballet barre to perform small isometric movements; STRIDE Fitness, a treadmill-based cardio and strength training concept; Rumble, a boxing-inspired full-body workout; and BFT, a functional training, and strength-based program. For more information, please visit the Company’s website at https://xponential.com.
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