A leader in the fitness industry in Latin America, Smart Fit’s active customer base exceeds 5 million
THE SmartFit completed 15 years on the market. The company, founded in 2009 by the entrepreneur Edgard Coronais a success in the Brazilian fitness industry. The network is present in 15 Latin American countries, being a leader in the five largest countries in which it operates: Brazil, Mexico, Colombia, Chile and Peru.
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With a mission to democratize access to fitness, quality of life and high-quality well-being, Smart Fit (SMFT3) is the leader in gyms in Latin America and the fourth largest chain in the world in terms of number of customers.
“We created a model to bring high-level fitness to people who previously didn’t have access to good gyms. This changed the market and allowed us to get to where we are with good prospects ahead of us,” says Edgard Corona.
In the second quarter of 2024, Smart Fit’s net revenue reached R$ 1,357.7 millionup 30% compared to the same period in 2023, driven by the expansion of gyms and the increase in the average ticket. In the last 12 months net revenues were equal to R$ 4,837.9 million.
The beginning of everything
The history of the Smart Fit Group begins in 1996, when the chemical engineer Edgard Corona opened the first Bio Ritmo gym. Over the years Bio Ritmo has established itself as a point of reference in the Premium segment and Edgard has become a point of reference in the Brazilian fitness market.
Thanks to the business knowledge acquired and by observing what was happening in more mature markets, such as the United States and Europe, Edgard decided to bring the concept of High Value Low Cost (HVLC) to Brazil and, in 2009, opened the first Smart Fit units , which combines high quality and affordable prices.
The model proved to be a success and, in 2010, the network received the contribution of Pátria Investimentos, strengthening its capital structure.
Expansion
In 2011 the company began its internationalization process with the opening of the first Smart Fit unit in Mexico, before expanding to Chile, Peru and Colombia.
This expansion has accelerated with the entry of new investors, such as Singapore’s sovereign wealth fund (GIC) in 2014 and Canada Pension Plan Investments (CPPIB) in 2019.
In 2017, the group expanded its activities with its own units at the Race Bootcamp and Vydia studios, which previously operated only at the Bio Ritmo units, and launched the Jab House studio, inspired by international trends.
In 2021, the group carries out the IPO of Smart Fit on the Brazilian Stock Exchange (B3), becoming the first fitness company on the Novo Mercado of B3, the highest level of corporate governance in the Brazilian market.
In 2024, the company launched Studio One Pilates and opened Nation CT, a training center aimed at the high-performance and bodybuilding crowd.
Customer base
Of the 1,529 active gyms at the end of June 2024, 736 are in Brazil, 339 in Mexico and the rest in countries such as Argentina, Chile, Colombia, Costa Rica and others. By the end of 2023, the network operated in more than 380 cities. The Company’s active customer base reached 5 million in June 2024.
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Source: Terra
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