iFIT Health and Fitness will acquire Sweat for $300M.
What it is. Sweat is a workout platform founded by popular fitness influencer Kayla Itsines and CEO Tobi Pearce.
Why it matters. In an effort to keep pace with Peloton, iFIT has been busy.
First, the company recently changed its name from ICON Health & Fitness to iFIT. The speculation? They’re gearing up for an IPO that could value the company north of $7B.
- The parent company of NordicTrack and other fitness brands, iFIT saw sales increase 600% last year — the company was profitable on more than $1.5B in revenue and 1M paid subscribers.
Sweat describes itself as one of the “world’s largest digital fitness platforms for women”.
- Across its app and social channels, Sweat’s community includes 50M women.
- Estimates put the company’s revenue near $100M for 2020.
On the podcast. Last year, Sweat CEO Tobi Pearce joined us on the Fitt Insider podcast to discuss the company’s growing user base and tactics for customer acquisition, retention, and community-building.
- Listen to the episode here.
Looking ahead: As competition in digital/connected fitness continues to heat up, expect to see more acquisitions as leading players bulk up their offerings and userbase.
As we’ve previously detailed, as users and attention shift to fitness creators and celebrity fitness instructors, the brands they’ve built will become acquisition targets for larger companies in the space.
With the battle for instructor talent and high-profile partnerships heating up, iFIT x Sweat is just the beginning.