CORRECTION: An earlier version of this article incorrectly reported the dollar figure of the investment as per an earlier statement from CorePlus.
- Australian yoga and pilates company CorePlus is expanding internationally, with studios set to open in Canada and the US.
- The company secured an investment from a Canadian investor and is set to open 50 studios across Canada and the United States over the next five years.
- The first Canada-based studio is set to open in Toronto in Spring 2020.
Melbourne-based yoga and pilates company CorePlus is set to expand into Canada and the US after securing an investment from a Canadian entrepreneur.
The business was founded in 2016 by husband and wife duo Amy and Michael King, offering a combination of pilates, yoga and pilates reformer classes. It currently has five studios across Melbourne and eight new locations set to open in Melbourne mid-next year.
Now, CorePlus is embarking on its first international expansion. The company has signed a master franchise agreement with a Toronto-based entrepreneur and banker.
CorePlus’ venture into North America is set to triple the size of its operations.
Cofounder Michael King said in a statement that the company sees a lot of opportunity in Canada.
“The market is culturally and demographically quite similar to Australia and we anticipate it to be a thriving landscape for us,” he said.
CorePlus is also set to give its North American studios an Australian feel, with the inclusion of Aussie products such as soap by Thankyou which smells like eucalyptus, the Sydney Morning Herald reported.
“So, little touches like that, I feel like it’s not like in-your-face Aussie,” Amy King said, according to the SMH. “It doesn’t have to be the Australian flag or little kangaroos.”
CorePlus’s expansion comes after the success of Australian fitness company F45, which has more than 1,500 studios in 40 countries.
In March 2019 actor Mark Wahlberg secured a minority stake in F45 through the Mark Wahlberg Investment Group, together with FOD Capital. After the deal, F45 was valued at US$450 million ($634 million), the SMH reported.
“Mr. Wahlberg’s genuine passion for fitness, proven business acumen and shared vision for F45 Training made this an ideal fit for the company, and we are proud to welcome him into the F45 family,” F45 CEO Rob Deutsch said at the time.
CorePlus’s first studio in Canada is set to open in Toronto in Spring 2020.
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