SoulCycle


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 since expanded beyond the United States to Canada and the United Kingdom. In early 2020, before the coronavirus pandemic, it operated 99 studios.
in July 2018

History

began teaching spin classes in Manhattan in 1996. 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.
Rice previously had worked as a talent manager for Benny Medina's Handprint Entertainment, and Cutler as a real estate agent. SoulCycle's first studio opened in 2006 on the Upper West Side in Manhattan, and later expanded to several other locations across the New York City borough. The company is currently headquartered in the West Village in Manhattan.
The stationary bicycle found in SoulCycle's original studios was custom built with a “split seat” model, a feature designed to relieve the discomfort often associated with riding a conventional stationary bike. In 2017, SoulCycle introduced its Next Generation Bike, which featured an aluminum frame, a carbon fiber belt, and electromagnetic resistance. 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.
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. 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.
Following her role as the firm's chief operating officer, Melanie Whelan was named Soulcyle's CEO in 2015. In 2016, Rice and Cutler stepped down from their roles as co-chief creative officers, selling their shares to Equinox for $90 million respectively. As of 2016, Equinox owns a 97% majority share in the company.
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."
In October 2017, the company opened its first non-cycling-based studio, SoulAnnex, in Manhattan’s Flatiron District. 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. In February 2018, however, a class action lawsuit by local residents over noise complaints resulted in the permanent closure of the location.
In March 2017, SoulCycle opened its first studio outside of the United States on King Street West in Toronto. Following its success in the Canadian market, the company opened a second studio in Toronto and another in Vancouver.
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.
On November 26, 2019 it was announced that Melanie Whelan would be stepping down as CEO.
SoulCycle studio.

COVID-19 response

In March 2020, SoulCycle closed all of its then 99 studios due to the COVID-19 pandemic. As a result of accelerated consumer demand for at-home fitness options, the company lost part of its market share to Peloton, a firm offering stationary bikes used to stream at-home spin classes. 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.
As a result of the ongoing pandemic, SoulCycle enacted furloughs and pay cuts for many employees in March 2020, and began laying off between five and ten percent of its staff in the following month.
In July 2020, the company quietly 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. The event marked SoulCycle’s second permanent studio closure in recent history, and the first as a result of the COVID-19 pandemic.

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. In February 2018 SoulActivate was announced, an on-the-bike class that incorporates high-intensity interval training.
In June 2018, SoulCycle created a media division to create media programs and events. In July 2018, SoulCycle and Equinox launched a talent agency to represent their fitness instructors, with WME in an advisory role. 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.
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. Elsewhere, SoulCycle has been noted for its mental health and wellness benefits and sense of community among its staff and riders. Devotees of SoulCycle typically refer to the exercise as a strong emotional experience.

In the media

SoulCycle is prominently featured in the 2018 film I Feel Pretty.
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.
In August 2019, reports that SoulCycle investor and former majority owner Stephen Ross would be hosting a planned fundraiser for Donald Trump's re-election campaign prompted a spokesperson to distance the company from the event and led to boycott threats.