Sports retailer, WIT Fitness has successfully surpassed £1.2 million during its equity crowdfunding round on Crowdcube. The initiative was launched earlier this month seeking £840,000 and quickly secured 1 million.
As previously reported, 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 a financial contribution to store fit outs, digital support, exclusive products, discounted terms, and sale or return agreements.
The company, which was founded in 2015, stated:
“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.”
To date, WIT Fitness has achieved 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.
Funds from the campaign will be used for WIT Fitness’ new studio, along with additional hires, growth infrastructure, and brand development. It is set to close on July 25th.
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