Equinox Group

Equinox Holdings, Inc.
Company typeSubsidiary
IndustryFitness
FoundedSeptember 23, 1991; 33 years ago (1991-09-23)
FoundersDanny, Vito and Lavinia Errico
Headquarters
New York City, New York
,
United States
Key people
Harvey Spevak (chairman)
Marc Mastronardi (president) [1]
ServicesHealth club
RevenueIncrease US$7.3 billion (2023)
OwnerThe Related Companies
Number of employees
10,000+ (2023)
SubsidiariesEquinox
SoulCycle
PURE Yoga
Blink Fitness
Precision Run
Equinox Hotels
PROJECT by Equinox
Equinox Explore
Equinox Media
Websitewww.equinox.com

Equinox Holdings, Inc. is an American luxury fitness company and health club headquartered in New York City, New York. The company operates more than 300 club facilities in major cities in the United States, as well as in London, Toronto, and Vancouver in Canada.[2]

Equinox Group also has a digital platform, the Equinox+ App, that provides access to digital classes.[3] Equinox is owned by a group of investors including Harvey Spevak, executive chairman and managing partner, as well as principals of The Related Companies. It operates several lifestyle brands: Equinox, Equinox Hotels, Precision Run, Project by Equinox, Equinox Explore, Equinox Media, Furthermore, Pure Yoga, Blink Fitness, and SoulCycle.

History

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The first Equinox location opened on September 23, 1991 in Manhattan's Upper West Side. It was started by the Errico family—Danny, Vito and Lavinia Errico. In 2000, Spevak led a management buyout of Equinox to two private equity firms, North Castle Partners and J.W. Childs. In 2006, he partnered with Related Chairman principals to acquire a controlling interest in Equinox and secured a significant minority investment from private equity firm L Catterton in 2017.[4][5]

In 2008, Equinox brought Pure Yoga to the United States from Hong Kong. In 2011, Equinox launched Blink, a separate fitness company, and acquired SoulCycle.[6][7] In July 2019, Equinox launched Equinox Hotels in Hudson Yards, Manhattan.[8] In January 2023, Equinox banned gym memberships submitted on New Year's Day, to both praise and criticism.[9][10] The company said the purpose of the ban was to "snub short-term resolutions".[11][12]

Employment practices

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A 2019 article in The New York Times reported that trainers often worked long hours, sometimes as many as 80 a week, forcing some to sleep in employee locker rooms or their cars between shifts. Former and current trainers also described intense pressure from the company to recruit and retain clients drawn from the club's members.[13]

The company settled out of court two lawsuits in California in 2013, both related to unpaid overtime for trainers.[13]

Fundraising boycott

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Businesses owned by and affiliated with Equinox, primarily Equinox gyms and SoulCycle, faced prominent calls for a boycott and protests. The boycott was first prompted by a widely publicized fundraiser for then-president Donald Trump by Stephen Ross, the founder and principal owner of The Related Companies.[14] Equinox and SoulCycle responded to the boycott and protests by stating it did not endorse the fundraiser and argued Ross was a "passive investor."[15]

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On August 12, 2024, Blink Fitness filed for Chapter 11 bankruptcy protection, blaming slow sales caused by the COVID-19 pandemic and increased rising costs as part of the decision. The company plans to shutter some its locations and plans to sell itself.[16]

See also

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References

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  1. ^ "Mystery Solved: Former Michigan Dean Becomes Equinox President". Yahoo. June 7, 2021.
  2. ^ "Equinox Group announces its entry into on-demand fitness streaming". CSGA. August 14, 2019. Retrieved November 3, 2020.
  3. ^ "Equinox Luxury Fitness Club - It's Not Fitness, It's Life". www.equinox.com. Retrieved 2022-11-02.
  4. ^ Kahn, Howie (March 27, 2019). "The Hotel Where You'll Be 'Sleep-Coached' Into Bed". The Wall Street Journal. Archived from the original on January 2, 2020.
  5. ^ Tan, Gillian; Doherty, Katherine (April 1, 2021). "Equinox Group Draws SPAC Interest After $350 Million 2020 Loss". Bloomberg News. Archived from the original on May 12, 2021.
  6. ^ Beth Landman. "Sotomayor v. Equinox Fitness: The Case of the Canceled Membership". NYMag. Retrieved 2015-10-21.
  7. ^ Erika Owen (2016-02-17). "Equinox to Launch Hotel Brand with a Focus on Fitness Away From Home". TravelandLeisure. Retrieved 2019-04-19.
  8. ^ Mzezewa, Tariro (2019-07-10). "Equinox Gets Into the Hospitality Game". The New York Times. ISSN 0362-4331. Retrieved 2020-05-01.
  9. ^ Kish, Matthew (January 2, 2023). "Equinox bans new members on January 1, leading to criticisms of 'shaming' and praise of 'bold' strategy". Business Insider. Retrieved January 3, 2023.
  10. ^ Muir, Ellie (January 2, 2023). "Luxury gym club Equinox divides members with 'exclusionary' anti-new year's resolution campaign". Yahoo News. Retrieved January 2, 2024.
  11. ^ "Equinox bans new members on January 1, sparking criticism". FOX13 News. January 2, 2023. Retrieved January 3, 2023.
  12. ^ "Equinox Under Fire for Banning New Members on New Year's Day". TMZ. January 2, 2023. Retrieved January 3, 2023.
  13. ^ a b Yaffe-Bellany, David (5 December 2019). "Working at Equinox: 'It's Very Hunger Games'". The New York Times. Retrieved 14 June 2020.
  14. ^ Jennings, Rebecca (2019-08-08). "An Equinox and SoulCycle investor is hosting a Trump fundraiser. Now, members are boycotting". Vox. Retrieved 2024-01-31.
  15. ^ Rosman, Katherine (2019-08-08). "They Paid $42 for a SoulCycle Ride, Not for Trump". The New York Times. ISSN 0362-4331. Retrieved 2024-01-31.
  16. ^ Meyersohn, Nathaniel (August 12, 2024). "Blink Fitness files for bankruptcy and may close some gyms". CNN. Retrieved August 12, 2024.
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