Earlier this month, Cambridge-based Ethos launched an equity crowdfunding campaign on Crowdcube to raise £500,000 so that it can continue expansion of its yoga and fitness hybrid studios throughout the UK.
The company stated:
“We aim to bring all high profit trends to one location: Cycling, Yoga, Hot Yoga, Barre, TRX and Cross-Training and believe that this is unique amongst all other London studios and gyms. We strive to provide overworked and time-deprived customers with a one-stop shop for optimal mind/body health where they can do all activities with an easy Pay-As-You-Go model. This is delivered alongside a FitLab where science and health technology are integrated into the ETHOS approach.”
Explaining more details about their fitness approach, the Ethos team revealed:
“The philosophy appears attuned to our audience with a rare industry customer retention rate of 83% achieved since opening in 2013. We believe this proves ETHOS is achieving what other big players in the industry like Soul Cycle, a chain of spinning studios, have managed to do: create a lifestyle phenomenon out of fitness and health. Soul Cycle filed for an IPO with disclosed earnings of $25.3 million in 2014 from revenues of $112 million, which were up from $75.3 million in 2013 (source: New York Times). We believe such growth demonstrates the capabilities of a boutique studio to move fast in the industry, with an authentic approach to quality and lifestyle — a path we believe ETHOS is already on.”
The team also unveiled Ethos’ progress:
- CLASSES: “Since launch our Cambridge High Street location has served over 10,000 individual customers and exceeds revenue targets with 83% customer retention rate. This was achieved prior to first investment in November 2015.”
- CAFE/BAR: “ETHOS has secured a prime location in the Old Spitalfields Market, London and has already launched its Terrace Health Bar. The outside deck seats more than 100 people and provides a social dynamic to boutique fitness, which we believe is missing from the vast majority of similar studios.”
- BRANDING: “Designs for the London space have been completed with a leading retail design firm who has worked with brands like Clarins, Bergdorf Goodman and Barneys. Computer generated renderings reflecting the look and feel of the ETHOS Spitalfields fitouts can be found under the IMAGES section of this Crowdcube pitch. The contractors are in their eighth week of construction as of the end of December 2015.”
- RETAIL: “We partnered with leading international high-end activewear brands, like Lululemon and Spiritual Gangster, with ambition to produce an ETHOS activewear line which has already been designed.”
- FITLAB: “ETHOS recently completed its first partner research project with the University of Cambridge Psychology Department looking at psychometrics and physiological effects of yoga on 400 participants. Scientific results are due for publication in 2016. This is just one example of our commitment to Real Science, Real Benefit.”
- EDUCATION: “We running Teacher Training with faculty from Oxbridge and internationally renowned institutions to ensure the best teachers for the current and future studios. It is already an oversubscribed program.”
Funds from the campaign will be used for the construction of new club(s) and hiring of additional personnel.
Since its launch, the Ethos campaign has surpassed is initial £500,000. It is set to close at the beginning of February.
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