Sports retailer, WIT Fitness, has not only secured its initial £840,000 funding target on Crowdcube, but it has also surpassed over £1.1 million thanks to more than 200 investors. The campaign is seeking to raise funds for the company’s new gym facility located in London.
Founded in 2015, WIT Fitness describes itself as a unique, multi-brand fitness concept store. Products are from popular brands such as Reebok, Inov-8, Nike, Under Armour, Hylete, Norcal, Rocktape, Rehband, SGF, Purepharma, Atlas Wrist Wraps, Am Sports, Harbinger, RX Smart Gear, and Bolder Bands. The brands’ support to WIT Fitness includes financial contribution to store fit outs, digital support, exclusive products, discounted terms, and sale or return agreements.
“Our aim is to become a leading global sports retailer, to dominate the fitness and training sector of market. With more than 52 million gym members, training is the largest sport activity in Europe. However, with a penetration rate of around 15% of total population, the market has not reached its full potential. We believe we are about to experience growth in a single sporting category that we have not seen for a decade.”
Highlights of WIT Fitness’ success so far are the following:
- 330% Growth Year 1-2 (414% online).
- 2017 80% YOY growth of visitors as of today.
- Shipped to 35 Countries
- 3.84% click through.
- 235,000 online visitors year 1, 0.9m Year 2
- Soon to be three stores in London, including a combined retail-gym facility.
- Franchise in Asia and recently incorporated in the U.S.
Besides the gym facility in Central London, funds from the Crowdcube campaign will go towards addition hires, growth infrastructure, and brand development. The funding round is set to close later this month.
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