Planet Fitness To Expand Global Footprint In Mexico
Planet Fitness (NYSE: PLNT) has signed a franchise agreement with Fitness Para Todos to expand its presence in Mexico, planning to open at least 80 new locations over the next five years. This partnership benefits from the Ibarra Group's expertise in the Mexican market and Argonne Capital Group's extensive U.S. franchise experience. Currently, Planet Fitness operates five clubs in Monterrey and aims to meet the demand of the 73% of the overweight Mexican population. The fitness chain emphasizes its affordable and high-quality services as it seeks to grow its brand internationally.
- Signing of franchise agreement to open at least 80 stores in Mexico over 5 years.
- Partnership with experienced local operator (Ibarra Group) enhances market penetration.
- Addresses significant market need with 73% of the Mexican population being overweight and 97% gym-less.
- None.
HAMPTON, N.H., Aug. 9, 2021 /PRNewswire/ -- Planet Fitness, Inc. (NYSE: PLNT), one of the largest and fastest-growing global franchisors and operators of fitness centers with more members than any other fitness brand, today announced that it has signed a franchise agreement with Fitness Para Todos, S. de. R.L. de C.V. ("FPT"), to accelerate growth and dramatically expand its footprint in Mexico with the development of a minimum of 80 new stores over the next five years.
FPT is a joint venture between the Ibarra Group (IBG), a prominent Mexican retail services company with a strong track record successfully growing several leading U.S. brands such as Old Navy, American Eagle and Aéropostale in the Mexican market for more than 30 years, and Argonne Capital Group, one of the largest investors within the Planet Fitness system with over 95 locations in the U.S.
Planet Fitness currently has 2,170 stores in 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia. There are currently five Planet Fitness clubs in Mexico, all operating in the Monterrey area.
"This significant development agreement is a testament to the progress we have made executing against our strategic international growth and development plans," said Chris Rondeau, Chief Executive Officer at Planet Fitness. "With this expansion, we are meeting an important need in the market as 73 percent of the Mexican population is overweight* and 97 percent of the population doesn't yet belong to a gym**. As we further expand the Judgement Free Zone and bring our high-quality and affordable fitness experience to Mexico, FPT is an ideal franchise group to partner with given their deep knowledge of the local markets, and their real estate, marketing and operational expertise."
"We are eager to join the Planet Fitness system and partner with them on their continued international expansion," said Carlos Ibarra, founder and owner of IBG. "We believe that there is a huge opportunity to serve millions of Mexicans who are searching for a non-intimidating, high-quality and affordable fitness experience. Planet Fitness' offering far exceeds anything else offered in the Mexican market."
"We are excited to bring world class partners like Carlos Ibarra and his management team into our system," said Ray Miolla, Chief Development Officer at Planet Fitness. "We believe that Mexico presents a large opportunity to further scale our brand internationally, and this new agreement will help to make Planet Fitness a national brand across all of Mexico. Looking ahead, we believe we are well-positioned to capitalize on the opportunity in Mexico and our long-term potential in current and future international markets."
Planet Fitness offers a high-quality fitness experience for extremely affordable prices, including a variety of benefits, such as a welcoming judgement free environment, state-of-the-art cardio machines and strength equipment, 30-Minute Express Circuit, fully equipped locker rooms and more. The Planet Fitness Black Card® membership in Mexico includes additional perks, such as access to any club in the world at no additional charge, the ability to bring a guest anytime, and additional amenities like unlimited use of massage chairs, HydroMassage® beds, Total Body Enhancement booths, a daily blow-dry or haircut, and more.
For more information on Planet Fitness and to find a club near you, visit www.PlanetFitness.com.
* OECD, "Launch of the Study: 'The Heavy Burden of Obesity: The Economics of Prevention'"
** The 2020 IHRSA Global Report "The State of the Health Club Industry"
About Planet Fitness
Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness centers in the United States by number of members and locations. As of June 30, 2021, Planet Fitness had more than 14.8 million members and 2,170 stores in 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia. The Company's mission is to enhance people's lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which we call the Judgement Free Zone®. More than
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SOURCE Planet Fitness, Inc.
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