SoulCycle

SoulCycle Inc.
Company typeSubsidiary
IndustryPhysical fitness
Founded2006; 19 years ago (2006)
Founders
HeadquartersNew York City
Number of locations
  • 99 (2020)[1]
  • U.S. Locations: 60 (2023)
Key people
Evelyn Webster, CEO
ProductsExercise equipment
ServicesIndoor cycling and Spinning classes
Number of employees
1,500 (2016)
ParentEquinox Group
Websitesoul-cycle.com
Ruth Zukerman in July 2018

SoulCycle Inc. is a fitness company owned by Equinox Group which offers indoor cycling and spinning workout classes. It was founded in 2006, and has operations in the United States and the United Kingdom.[2] In early 2020, before the COVID-19 pandemic, it operated 99 studios.[1] The company is headquartered in the West Village in Manhattan, New York City.[3]

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

History

Ruth Zukerman began teaching spin classes in Manhattan in 1996.[4] In 2006, she introduced her clients Elizabeth Cutler, a real estate agent, and Julie Rice, a talent manager for Benny Medina's Handprint Entertainment, to each other over lunch, where the three women decided to start the brand that would become SoulCycle.[5][6][7][8]

SoulCycle opened its first studio in 2006 on the Upper West Side in Manhattan, and later expanded to several other locations in Manhattan.[6]

In 2009, Zukerman left SoulCycle and, in 2010, with Jay Galuzzo and David Seldin, she founded Flywheel Sports, a competitor to SoulCycle.[9][10]

In 2011, The Related Companies's Equinox Group acquired a majority stake in SoulCycle.[11]

The studios originally featured a stationary Schwinn Bicycle Company bike with a chain drive typically used in the bigger gyms.[12] In 2012, SoulCycle had Villency design a custom bike with a "split seat" model, designed to be more comfortable.[13]

In 2015, Melanie Whelan was promoted from chief operating officer to chief executive officer.[14] In 2016, Rice and Cutler stepped down from their roles as co-chief creative officers and sold their shares to Equinox for $90 million.[15][8][16][17] As of 2016, Equinox owned 97% of the company.[17]

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 U.S. Securities and Exchange Commission the IPO was cancelled citing "market conditions."[18][19]

In 2017, SoulCycle introduced its Next Generation Bike, which featured an aluminum frame, a carbon fiber belt, and electromagnetic resistance.[20]

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

In October 2017, the company diversified by opening its first non-cycling-based studio, SoulAnnex, in Manhattan's Flatiron District. The studio incorporated elements of yoga and strength training.[23] In February 2018, the studio permanently closed after a class action lawsuit by local residents due to noise pollution.[24][25][26]

In February 2018, the company launched SoulActivate, an on-the-bike class that incorporates high-intensity interval training (HIIT).[27]

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.[28]

In June 2018, SoulCycle created a media division.[29] In July 2018, SoulCycle and Equinox launched a talent agency to represent their fitness instructors, with William Morris Endeavor in an advisory role.[30][31]

In October 2018, SoulCycle partnered with Apple Music, making available instructor-curated playlists and motivational audio. It also launched live concerts during SoulCycle classes.[32]

In July 2019, the company launched SoulBeat, allowing riders to track performance metrics such as distance, power, and cadence via the SoulCycle mobile app following class.[33]

On November 26, 2019, Melanie Whelan stepped down as CEO.[34]

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,[35] the company lost market share to Peloton, a firm offering stationary bikes used to stream at-home spin classes.[1]

While SoulCycle had announced a $2,500 bike for purchase in August 2019 in partnership with Variis, it only began shipping in May 2020, six months later than initially planned.[1][36] It was available across the United States in October 2020.[37] In 2020 was renamed Equinox+ and began to offer added exercise methods via the Equinox+ app.[38]

Due to the COVID-19 pandemic, in March 2020, SoulCycle enacted furloughs and pay cuts for many employees and in April 2020, it began laying off 5%-10% of its staff.[39][40] 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 reasons for the location's abrupt closure.[41] Additional studios that were permanently closed after the COVID shutdowns in 2021 include San Jose, San Mateo, Calabasas, Culver City, Malibu, Union Square, W60th, Scarsdale, Memorial, and Beacon Hill.

In August 2019, reports that SoulCycle investor and former majority owner Stephen M. Ross would be hosting a planned fundraiser for the Donald Trump 2020 presidential campaign prompted a spokesperson to distance the company from the event.[42][43][44] It also led to boycott threats.[1]

In November 2020, 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 and that the company refused to take action.[45]

In December 2020, Evelyn Webster was named chief executive officer of the company.[46]

In 2022, the company closed its Toronto studio, which was at the time its last Canadian location and exited Canada.[47]

Exercise physiology

In a 2011 article in the Los Angeles Times, certified strength and conditioning specialist James Fell approved of the company's theatrical 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.[48]

SoulCycle was prominently featured in the 2018 film I Feel Pretty.[49]

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. April 6, 2020.
  3. ^ 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.
  4. ^ Miller, Gerri (July 11, 2018). "Ruth Zukerman Spins Cycling Into Success". The Jewish Journal of Greater Los Angeles.
  5. ^ Morris, Alex (January 6, 2013). "The Carefully Cultivated Soul of SoulCycle". New York Magazine: The Cut.
  6. ^ a b Hong, Nicole (September 18, 2013). "How I Built It: Cycling Chain SoulCycle Spins Into Fast Lane". The Wall Street Journal.
  7. ^ Li, Shan (August 9, 2015). "SoulCycle founders are peddling fun in the gym". Los Angeles Times.
  8. ^ a b Romeyn, Kathryn (July 3, 2017). "How an Ex-Talent Manager Co-Founded SoulCycle and Sold for $90M". Hollywood Reporter.
  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. ^ WINFREY, GRAHAM (November 30, 2015). "How SoulCycle Reinvented the Stationary Wheel". Slate.
  13. ^ "Villency, the Designer of the SoulCycle Bike". Villency.
  14. ^ 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.
  15. ^ Lutz, Ashley (April 8, 2016). "SoulCycle's founders have resigned". Business Insider.
  16. ^ Henry, Zoe (November 20, 2017). "The Co-Founder of SoulCycle Joins Another Hot New York Startup". Inc.
  17. ^ a b KOWITT, BETH (April 8, 2016). "SoulCycle Co-Founders Cutler and Rice Have Resigned: Exclusive". Fortune.
  18. ^ Fournier, Elizabeth (May 25, 2018). "SoulCycle Shelves Plans for U.S. IPO After Three Years in Limbo". Bloomberg News.
  19. ^ Kopytoff, Verne (May 25, 2018). "SoulCycle Ends Ride Towards an IPO". Fortune.
  20. ^ Malik, Naureen (July 20, 2017). "SoulCycle's New Exercise Bike Will Make Your Workout Even Harder". Bloomberg News.
  21. ^ Johnson, Devon (October 10, 2016). "SoulCycle to Enter Canada as it Commences International Expansion". Retail Insider.
  22. ^ Po, Ritchie (July 25, 2017). "SoulCycle Continues Canadian Expansion". Retail Insider.
  23. ^ Ruiz, Michelle (November 15, 2017). "How SoulCycle Plans to Keep the Soul without the Cycle". Vanity Fair.
  24. ^ Marsh, Julia; Daidone, Gina (February 6, 2018). "Flatiron residents sue SoulCycle over constant 'bowling-ball'-like thuds". New York Post.
  25. ^ Biron, Bethany (January 11, 2019). "Flywheel and SoulCycle are having an identity crisis". Vox Media.
  26. ^ Olick, Diana (November 22, 2017). "SoulCycle bets on a new brand, this one is off the bike". CNBC.
  27. ^ Raphael, Rina (February 26, 2018). "SoulCycle expands further, gets into the HIIT trend". Fast Company.
  28. ^ Gagne, Yasmin (October 22, 2018). "SoulCycle CEO Melanie Whelan talks expanding abroad and online". Fast Company.
  29. ^ Raphael, Rina (June 20, 2018). "SoulCycle just launched a new media division". Fast Company.
  30. ^ Raphael, Rina (July 19, 2018). "Equinox and SoulCycle are launching a talent agency for fitness influencers". Fast Company.
  31. ^ Mims, Taylor (July 24, 2018). "Equinox & SoulCycle Launch Full-Service Management for Fitness Talent". Billboard.
  32. ^ Raphael, Rina (October 1, 2018). "SoulCycle is turning its rides into live music concerts". Fast Company.
  33. ^ Lushing, Margaux (July 12, 2019). "SoulCycle Launches SoulBeat, An In-app Experience For Riders". Forbes.
  34. ^ Biron, Bethany (November 26, 2019). "SoulCycle CEO Melanie Whelan has resigned, marking the end of a tumultuous year for the boutique fitness company". Business Insider.
  35. ^ Griffith, Erin (May 6, 2020). "People Are Panic-Buying Meat, Toilet Paper … and Pelotons?". The New York Times. ISSN 0362-4331.
  36. ^ Garun, Natt (March 9, 2020). "SoulCycle announces a $2,500 at-home bike that streams on-demand classes". The Verge.
  37. ^ Lushing, Margaux (October 7, 2020). "SoulCycle's At-Home Bike Launches Across The US, With Live Classes And New Variis Fitness App". Forbes.
  38. ^ "A Fitness App for the End of the World". W Magazine. Retrieved 2021-12-10.
  39. ^ Strachan, Maxwell (May 18, 2020). "SoulCycle Lays Off Long-Time Employees With Zero Severance". Vice.
  40. ^ Garun, Natt (April 1, 2020). "SoulCycle cuts staff pay by 25 percent while putting studio crew on indefinite furlough". The Verge.
  41. ^ DIPLACIDO, VICTORIA (July 16, 2020). "SoulCycle Shuts Down Toronto's King Street Location". Elle.
  42. ^ Primack, Dan (August 8, 2019). "SoulCycle faces backlash over investor plans to fundraise for Trump". Axios.
  43. ^ Gould Keil, Jennifer (August 5, 2019). "Trump set to visit the Hamptons later this week". New York Post.
  44. ^ Ries, Brian (August 7, 2019). "Owner of SoulCycle and the Miami Dolphins faces outrage and calls for boycott over Trump fundraiser". CNN.
  45. ^ Mazziotta, Julie (November 18, 2020). "SoulCycle Instructors Accused of Racist, Sexual and Fat-Shaming Comments: Report". People.
  46. ^ Stieg, Cory (December 1, 2020). "SoulCycle names Evelyn Webster as new CEO". CNBC.
  47. ^ Patterson, Craig (2022-08-15). "SoulCycle to Exit Canada and Shut Remaining Location in Toronto". Retail Insider. Retrieved 2024-07-10.
  48. ^ Fell, James (November 28, 2011). "In-Your-Face Fitness: SoulCycle's mix of cycling and upper-body workouts raises concerns". Los Angeles Times.
  49. ^ Hess, Amanda (April 23, 2018). "'I Feel Pretty' and the Rise of Beauty-Standard Denialism". The New York Times.

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