Publications
Publications
- February 2018 (Revised January 2020)
- HBS Case Collection
SoulCycle: The Road Ahead
By: Ashish Nanda, Eric Van den Steen and Jeffrey Boyar
Abstract
Julie Rice and Elizabeth Cutler founded SoulCycle, an indoor cycling studio chain, in 2006 as more than a health club; they wanted it to become a lifestyle brand that would “empower riders in an immersive fitness experience.” By early 2015, SoulCycle had grown to 38 studios in seven metropolitan areas. In March 2015, Equinox, a luxury fitness company that had financed SoulCycle’s expansion in 2011, approached the co-founders with an offer to buy them out for $90 million each. It was an attractive offer but one that would also likely circumscribe their responsibilities. Rice and Cutler had to decide whether to accept the Equinox offer as a prelude to smaller roles at the firm (even potential exit) or continue investing time, energy, and financial resources in growing the business.
Keywords
Fitness; Fitness Industry; Exercise; Cycling; Boutique Fitness; Exit Strategy; Growth; Bicycles; Retail; Pricing; Community; Soulcycle; Vision; Health; Leadership; Strategy; Marketing; Decision Making; Health Industry; United States
Citation
Nanda, Ashish, Eric Van den Steen, and Jeffrey Boyar. "SoulCycle: The Road Ahead." Harvard Business School Case 718-499, February 2018. (Revised January 2020.)
About The Authors
