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SoulCycle
Company typeSubsidiary
Founded2006; 18 years ago (2006)
FoundersElizabeth Cutler
Julie Rice
Ruth Zukerman
HeadquartersNew York, NY
Number of locations
99 (March 2020)[1]
Key people
Sunder Reddy (interim CEO)
Number of employees
1,500 (2016)
ParentEquinox Fitness
Websitesoul-cycle.com

SoulCycle is a New York City-based fitness company owned by Equinox Group which offers indoor cycling workout classes. It was founded in 2006, and has operations in the United States, Canada, and the United Kingdom.[2] In early 2020, before the COVID-19 pandemic, it operated 99 studios.[1]

Ruth Zukerman in July 2018

History

Ruth Zukerman began teaching spin classes in Manhattan in 1996.[3] In 2006, she introduced her clients Elizabeth Cutler and Julie Rice to each other over lunch, where the three women decided to start the brand that would become SoulCycle.[4][5]

Rice previously had worked as a talent manager for Benny Medina's Handprint Entertainment, and Cutler as a real estate agent.[6][7] SoulCycle opened its first studio in 2006 on the Upper West Side in Manhattan, and later expanded to several other locations in Manhattan.[5] The company is headquartered in the West Village in Manhattan.[8]

In 2009, Zukerman left SoulCycle and the next year founded competitor Flywheel Sports with Jay Galuzzo and David Seldin, leaving co-founders Cutler and Rice in executive roles.[9][10] In 2011, a majority stake in SoulCycle was acquired by The Related Companies, with the company thereon operating as a subsidiary of Related-owned Equinox Fitness.[11]

Following her role as the firm's chief operating officer, Melanie Whelan was named Soulcyle's CEO in 2015.[12] In 2016, Rice and Cutler stepped down from their roles as co-chief creative officers, selling their shares to Equinox for $90 million respectively.[7][13][14] As of 2016, Equinox owns a 97% share in the company.[14]

In July 2015, SoulCycle filed to raise $100 million in an initial public offering at a valuation of around $900 million. The company paused the process in 2016. In a May 2018 filing with the Securities and Exchange Commission the IPO was cancelled citing "market conditions."[15][16]

In October 2017, the company opened its first non-cycling-based studio, SoulAnnex, in Manhattan's Flatiron District.[17] Incorporating elements of yoga and strength training into its off-the-bike classes, the expansion served as a means of diversifying the company's fitness-based offerings.[17] In February 2018, however, a class action lawsuit by local residents over noise complaints resulted in the permanent closure of the location.[18][19]

In March 2017, SoulCycle opened its first studio outside of the United States on King Street West in Toronto.[20][21] Following its success in the Canadian market, the company opened a second studio in Toronto and another in Vancouver.[22]

In October 2018, Whelan announced that SoulCycle would begin operations in the United Kingdom, with a studio slated to open in London the following year.[23]

On June 18, 2019, SoulCycle announced it would be teaming up with SiriusXM and Pandora to launch an exclusive twenty-four hour SoulCycle music channel featuring the music heard in their studios.[24]

On November 26, 2019 it was announced that Melanie Whelan would be stepping down as CEO.[25]

Equipment

Front entrance to a Manhattan SoulCycle studio.

The stationary bicycle found in SoulCycle's original studios was a Schwinn bike with a chain drive typically used in the bigger gyms.[26]Later they would have a custom designed bike with a “split seat” model, a feature designed to relieve the discomfort often associated with riding a conventional stationary bike.[27] In 2017, SoulCycle introduced its Next Generation Bike, which featured an aluminum frame, a carbon fiber belt, and electromagnetic resistance.[28] In 2019, the company launched SoulBeat, allowing riders to track performance metrics such as distance, power, and cadence via the SoulCycle mobile app following class.[29]

COVID-19 response

In March 2020, SoulCycle closed all of its then 99 studios due to the COVID-19 pandemic.[1] As a result of accelerated consumer demand for at-home fitness options,[30] the company lost part of its market share to Peloton, a firm offering stationary bikes used to stream at-home spin classes.[1] While SoulCycle had announced a similar product in August 2019 in partnership with the digital platform Variis, it only began shipping in May 2020, six months later than initially planned.[1] They have now started selling their own bikes so people can have a similar experience to Peloton, but with Soul Cycle bikes, shoes, and instructors.

As a result of the COVID-19 pandemic, in March 2020, SoulCycle enacted furloughs and pay cuts for many employees and began laying off between five and ten percent of its staff in the following month.[31][32]

In June 2020, SoulCycle made the decision to permanently close their Scarsdale studio in Westchester, NY and riders were notified in an email. The studios in Malibu, Calabasas, Culver City, Boston's Beacon Hill, Union Square NYC, and West 60th Street in NYC closed soon after as well as a means to consolidate given the economic pressures brought on by COVID-19. Although they closed their studios, they tried to encourage people to purchase their merchandise in an effort to bring in some revenue. They had sales online and tried to encourage their repeat customers to buy new merchandise.

In July 2020, the company closed its King Street studio in Toronto. In an email sent to local customers, SoulCycle cited pandemic-related financial difficulties as reasoning for the location's abrupt closure.[33] The event marked SoulCycle's second permanent studio closure in recent history, and the first as a result of the COVID-19 pandemic.[19][failed verification]

They decided to slowly reopen at a point. In certain states, they started having outdoor classes. They moved their bikes onto rooftops or big open areas. Then, they socially distanced the bikes. Participants were still required to wear masks while on their bikes, but it was a great way to start bringing in revenue for SoulCycle again.

Now, they have opened a ton of their studios. There are mask checks and temperature checks at the door. The bikes are indoors and socially distanced. You have to wear your mask until you are on your own bike. You are able to complete the class with your mask off, as long as you put it on when you leave.

Services and market

The firm operates on a pay-per-class basis and does not offer memberships.

In November 2017, the company launched SoulAnnex, an off-bike fitness concept, first testing the idea at a studio in Manhattan. SoulAnnex had similar branding and pricing to SoulCycle, but the workouts do not involve bikes, and also involve yoga.[34] In February 2018 SoulActivate was announced, an on-the-bike class that incorporates high-intensity interval training (HIIT).[35]

In June 2018, SoulCycle created a media division to create media programs and events.[36] In July 2018, SoulCycle and Equinox launched a talent agency to represent their fitness instructors, with WME in an advisory role.[37][38] In October 2018, SoulCycle partnered with Apple Music, making available instructor-curated playlists and motivational audio. That same month, the company launched a series of live concerts in tandem with traditional SoulCycle classes.[39]

In a 2011 Los Angeles Times article, certified strength and conditioning specialist James Fell approved of the company's approach to entertain and motivate its customers, saying he encourages "the importance of finding an exercise you love and embracing it with fervor." However, Fell gave the company "a failing grade for exercise physiology and biomechanics" and pointed out that the co-founders do not have certification in any type of exercise.[40][41] Elsewhere, SoulCycle has been noted for its mental health and wellness benefits and sense of community among its staff and riders.[42][43] Devotees of SoulCycle typically refer to the exercise as a strong emotional experience.[44][45]

Controversy

In August 2019, reports that SoulCycle investor and former majority owner Stephen M. Ross would be hosting a planned fundraiser for Donald Trump's re-election campaign prompted a spokesperson to distance the company from the event[46][47][48] and led to boycott threats.[1]

In November 2020, current and former SoulCycle employees and customers alleged that several of the company's instructors made racist and homophobic remarks and fat shaming comments toward other staff and customers, but the company refused to take action against them due to their brand value.[49]

SoulCycle was featured in the 2018 film I Feel Pretty.[50]

References

  1. ^ a b c d e f Strugatz, Rachel (May 19, 2020). "How SoulCycle Got Stuck Spinning Its Wheels". The New York Times.
  2. ^ "SoulCycle Radio to Launch Instructor-Guided Virtual Workouts Beginning April 6 on SiriusXM" (Press release). PR Newswire. 6 April 2020.
  3. ^ Miller, Gerri (11 July 2018). "Ruth Zukerman Spins Cycling Into Success". The Jewish Journal of Greater Los Angeles.
  4. ^ Morris, Alex (6 January 2013). "The Carefully Cultivated Soul of SoulCycle". New York Magazine: The Cut.
  5. ^ a b Hong, Nicole (September 18, 2013). "How I Built It: Cycling Chain SoulCycle Spins Into Fast Lane". The Wall Street Journal.
  6. ^ Li, Shan (August 9, 2015). "SoulCycle founders are peddling fun in the gym". Los Angeles Times.
  7. ^ a b Romeyn, Kathryn (3 July 2017). "How an Ex-Talent Manager Co-Founded SoulCycle and Sold for $90M". Hollywood Reporter.
  8. ^ Bryant, Adam (14 May 2018). "SoulCycle CEO on her college wake-up call and the No. 1 thing women can do to get ahead". CNBC.
  9. ^ Ogunnaike, Nikki (June 16, 2016). "How One Woman Single-Handedly Changed the Indoor Cycling Game". Elle.
  10. ^ Schlossberg, Mallory (September 9, 2015). "One of Soul Cycle's founders turned on the brand and started its biggest rival". Business Insider.
  11. ^ GRIGORIADIS, VANESSA (August 15, 2012). "Soul Cycle celebrity cult following". Vanity Fair.
  12. ^ Bryant, Adam (May 14, 2018). "SoulCycle CEO on her college wake-up call and the No. 1 thing women can do to get ahead". CNBC.
  13. ^ Henry, Zoe (20 Nov 2017). "The Co-Founder of SoulCycle Joins Another Hot New York Startup". Inc.
  14. ^ a b KOWITT, BETH (April 8, 2016). "SoulCycle Co-Founders Cutler and Rice Have Resigned: Exclusive". Fortune.
  15. ^ Fournier, Elizabeth (25 May 2018). "SoulCycle Shelves Plans for U.S. IPO After Three Years in Limbo". Bloomberg News.
  16. ^ Kopytoff, Verne (25 May 2018). "SoulCycle Ends Ride Towards an IPO". Fortune.
  17. ^ a b Ruiz, Michelle. "How SoulCycle Plans to Keep the Soul without the Cycle". Vanity Fair. Retrieved 2020-07-17.
  18. ^ Marsh, Julia; Daidone, Gina (2018-02-06). "Flatiron residents sue SoulCycle over constant 'bowling-ball'-like thuds". New York Post. Retrieved 2020-07-17.
  19. ^ a b Biron, Bethany (2019-01-11). "Flywheel and SoulCycle are having an identity crisis". Vox. Retrieved 2020-07-17.
  20. ^ Johnson, Devon (10 October 2016). "SoulCycle to Enter Canada as it Commences International Expansion". Retail Insider.
  21. ^ "SoulCycle Toronto - blogTO - Toronto". www.blogto.com. Retrieved 2020-07-17.
  22. ^ Po, Ritchie (25 July 2017). "oulCycle Continues Canadian Expansion". Retail Insider.
  23. ^ Gagne, Yasmin (22 Oct 2018). "SoulCycle CEO Melanie Whelan talks expanding abroad and online". Fast Company.
  24. ^ "SiriusXM And SoulCycle Team Up To Launch 'SoulCycle Radio'" (Press release). PR Newswire. June 18, 2019.
  25. ^ Biron, Bethany. "SoulCycle CEO Melanie Whelan has resigned, marking the end of a tumultuous year for the boutique fitness company". Business Insider. Retrieved 2020-07-17.
  26. ^ Held, Lisa Elaine (6 June 2013). "The Wizard of Wellness Design". wellandgood.com.
  27. ^ "Villency, the Designer of the SoulCycle Bike". Villency.
  28. ^ Malik, Naureen (20 July 2017). "SoulCycle's New Exercise Bike Will Make Your Workout Even Harder". Bloomberg News. Retrieved 6 November 2018.
  29. ^ Lushing, Margaux (July 12, 2019). "SoulCycle Launches SoulBeat, An In-app Experience For Riders". Forbes.
  30. ^ Griffith, Erin (May 6, 2020). "People Are Panic-Buying Meat, Toilet Paper … and Pelotons?". The New York Times. ISSN 0362-4331.
  31. ^ Strachan, Maxwell (May 18, 2020). "SoulCycle Lays Off Long-Time Employees With Zero Severance". Vice.{{cite news}}: CS1 maint: url-status (link)
  32. ^ Garun, Natt (April 1, 2020). "SoulCycle cuts staff pay by 25 percent while putting studio crew on indefinite furlough". The Verge.
  33. ^ DIPLACIDO, VICTORIA (July 16, 2020). "SoulCycle Shuts Down Toronto's King Street Location". Elle.
  34. ^ Olick, Diana (22 November 2017). "SoulCycle bets on a new brand, this one is off the bike". CNBC.
  35. ^ Raphael, Rina (26 Feb 2018). "SoulCycle expands further, gets into the HIIT trend". Fast Company. Retrieved 6 November 2018.
  36. ^ Raphael, Rina (June 20, 2018). "SoulCycle just launched a new media division". Fast Company.
  37. ^ Rina Raphael, Fast Company. "Equinox and SoulCycle are launching a talent agency for fitness influencers." Jul 19, 2018. Retrieved Sep 7, 2018.
  38. ^ Mims, Taylor (24 July 2018). "Equinox & SoulCycle Launch Full-Service Management for Fitness Talent". Billboard.
  39. ^ Raphael, Rina (October 1, 2018). "SoulCycle is turning its rides into live music concerts". Fast Company.
  40. ^ Fell, James (November 28, 2011). "In-Your-Face Fitness: SoulCycle's mix of cycling and upper-body workouts raises concerns". Los Angeles Times.
  41. ^ Lutz, Ashley (April 8, 2016). "SoulCycle's founders have resigned". Business Insider.
  42. ^ Romanoff, Zan (4 Dec 2017). "The Consumerist Church of Fitness Classes". The Atlantic.
  43. ^ Acton, Annabel (13 Aug 2017). "5 Tips From SoulCycle on How to Build Brand With a Cult Following". Inc.
  44. ^ Van Dusen, Christine (25 June 2018). "The cult appeal of SoulCycle". Atlanta Magazine. Retrieved 6 November 2018.
  45. ^ Bennett, Jessica (20 Oct 2014). "Why So Many Women Are Crying at the Gym". Time. Retrieved 6 November 2018.
  46. ^ Primack, Dan (August 8, 2019). "SoulCycle faces backlash over investor plans to fundraise for Trump". Axios.
  47. ^ Gould Keil, Jennifer (5 August 2019). "Trump set to visit the Hamptons later this week". New York Post.
  48. ^ Ries, Brian (7 August 2019). "Owner of SoulCycle and the Miami Dolphins faces outrage and calls for boycott over Trump fundraiser". CNN.
  49. ^ Mazziotta, Julie (18 November 2020). "SoulCycle Instructors Accused of Racist, Sexual and Fat-Shaming Comments: Report". People. Retrieved 18 November 2020.
  50. ^ Hess, Amanda (23 April 2018). "'I Feel Pretty' and the Rise of Beauty-Standard Denialism". The New York Times.
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