From: FitX
Date: October 19, 2020
Subject: FitX Newsletter #13 10/19
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ƒôà FitX Programming Updates
Welcome back to another exciting edition of the FitX Newsletter. We hope everyone is feeling refreshed after their “fall break.” We’ve some great events coming up starting tomorrow, Tuesday October 20th where we’ll have a panel of MBA2s with who interned in the health & wellness industry. You’ll have a chance to hear what it was like to work within the industry and of course, ask questions!
We are launching not one but TWO action-based learning projects in Fall B. We are partnering with Muse, a Canadian machine learning company that makes brain-sensing headbands intended to provide real-time audio and visual feedback on individuals' meditative and sleep state as well as 305 Fitness, a revolutionary dance cardio fitness and instructor certification company with both a digital and studio presence. The application to join the Muse team has closed and we will be reaching out to the selected candidates by the end of the day (10/19).
If you are interested in the 305 Fitness project, a small team will work with their executive team to analyze the fitness industry within the U.S. to target more customers for their certification product, define the competitors in the space and analyze their business models, and provide 305 with strategies to increase the diversity of their instructor-base. Take a look at the short and sweet application HERE and note the deadline to submit is 10/23 @ 5PM EST.
ƒôà Upcoming Event(s)
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TOMORROW! 10/20 6:00 - 7:00PM Recruiting Success Stories in the Wellness Industry. Did all of this recruiting talk come at you quick? Curious about how to intern or work within the wellness industry? FitX will be facilitating a panel discussion and Q&A, with MBA2s who gained experience working or interning within this industry. Please submit any questions or topics of interest in advance HERE and be sure to register on CampusGroups.
ƒæÅ FitX Feature - Sam Fogg ‘22
Tell us about your role at Planet Fitness (PF)? What were your main responsibilities?
I joined our four-person strategy team as a jr. analyst. For most public companies that’s a small strategy department, so it meant that I had a lot of outsized responsibilities with high impact across the organization. Essentially, my role came down to three primary responsibilities: analytics liaison to executive leadership, strategic support for our operations team, and the competitive landscape authority
Can you share some insights about how Planet Fitness managed the COVID-19 Crisis, including the shut-down and how you thought about re-opening?
Planet Fitness took the lead in the gym industry back in March by being among the first to close all gyms (franchise and corporate) and by freezing all memberships. Stopping your entire revenue stream overnight is a tough decision to make, but I was proud that Planet Fitness took the necessary step of closing gyms and no longer billing its members. I left in June when there was still a lot of work to be done, and before most of our gyms had reopened. But I’ve been following them since my departure and it’s cool to see them add features like traffic alerts (when a gym is at capacity) to their app and special air filters. Some franchisee owners got creative and moved their equipment outdoors (no small task for a 20,000 square foot gym).
What was the Planet Fitness strategy regarding in-home and digital fitness? What’s your take on the topic?
Planet Fitness has over 2,000 locations in North America, and its strength is ultimately in retail. The company’s business model is extremely robust and there’s a lot of room for growth in and outside of the US. Yet that growth is going to come in the form of additional gym space. The company likely won’t be committing significant resources to developing any physical at-home equipment, but they’ve been working on some at-home perks for their members who want to work out at home. One of these perks that I helped to launch was the new PF app that helps members to track their workouts, take live classes, and earn rewards.
Planet Fitness is known for some interesting ad campaigns, can you comment on the spirit and culture of the brand?
Planet Fitness was founded in 1992 in New Hampshire by a couple of ordinary people who wanted to make fitness more accessible. The current CEO used to be a front desk staff member and many of the current VPs and executives have grown with the company for decades. At the end of the day the company culture is the product of ordinary people looking to make fitness more attractive to the everyday person, and that’s reflected in the ad campaigns it produces. In fact, a lot of people throughout the company tend to get a say in an ad or marketing campaign, whether it be playing a part in a commercial or coming up with a catch phrase. I’ll be the first to admit that some of the ads don’t work, but there are still some really funny ones. Go check out their stationary bike commercial.
Want to learn more about Planet Fitness? Reach out to Sam (also one of our new Directors!) via email.
ÔÅ® Industry Highlights
- Peloton bans hate speech and misinformation: Peloton is putting its stake on the ground when it comes to hate speech and misinformation. We saw the struggles of Facebook and Twitter this summer when it came to such content and Peloton had their fair share as well in their virtual community. However, they are now doing something about it and recently banned political posts, hate speech, and bullying.
- Welcome to the world of clean supplements: Hilma is changing the way you think about the staples within your medicine cabinet. The founders of this natural remedy start-up realized that we have clean options for groceries, beauty products, and cleaning products, but when it came to wellness supplements, there weren’t options out there. In doing so, they created the new category “Clinical Herbal”, made with doctors and backed by science. If you want to learn more about Hilma, WellSet is partnering with them and offering free events throughout October.
- Headspace announces first female CEO: President & COO CeCe Morken has been appointed the next CEO of Headspace effective January 1, 2021. She is receiving this promotion after only being on the job for six months, but in doing so took them through the doubling of downloads during these unprecedented times. As she is already President and COO this is a role that she is ready to take on.
- Rescuing the Fitness Industry: According to the IHRSA, the fitness industry lost $13.9 billion in revenue from March through September 1, 2020. On October 1st, US Reps Michael Quigley (D-IL) and Brian Fitzpatrick (R-PA) filed the Health & Fitness Recovery Act of 2020 that if passed will allow up to $30 billion to be given out to affected businesses in the form of grants.
ƒôê Financial Highlights
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Hyperice, a recovery technology company (aka a theragun), raised $47.8M at a $700M valuation in a funding round with superstar support. Many athlete-investors participated including Patrick Mahomes, Naomi Osaka, and Lindsey Vonn
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Revenue from wearable devices and fitness apps will hit $22.5 billion in 2020, a 30.9% increase YoY
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Owners of NordicTrack and ProForm, ICON Health & Fitness, received $200M in a funding round led by L Catterton
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DTC healthcare startup Everlywell Inc., creators of an at-home food sensitivity test, and, most recently, an at-home COVID-19 test, is expected to reach a $1B valuation after receiving new funding
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Ÿnsect, makers of the world’s most expensive bug farm, raises another $224M to construct the world’s largest insect farm for edible protein production
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Country singer Brett Eldridge and Cleveland Cavaliers player Kevin Love are amongst several celebrities who invested $15M in Oxigen, makers of a pH-balanced and oxygen boosted bottled water
ƒÆ╗ Job Postings
Sr.Product Manager, Health @ FitBit
Product Manager, Inclusion @ Peloton
Brand Strategy Manager @ Peloton
Sr. Product Manager, Health & Wellness @ Walmart
ƒÿ£ FitX Fun Facts
When was the last time you worked out (just) your soul? Alexa Meyer and Dr. Emily Anhalt are hoping to change your answer through their new concept, Coa, a gym for mental health and online emotional fitness classes. Coa’s core product includes small-group studio classes taught by licensed therapists. Coa hopes to take the small-group fitness culture that made SoulCycle so successful and apply it to mental health. Beyond studio classes, Coa sells private classes, 1:1 therapy, and offers free community classes. Eventually, the founders hope to have an actual mental health gym in every major US city. We think that after a busy finals week, we all need a little soul-workout and encourage you to take some time for yourself this week!
Feedback, thoughts, or partnership ideas for us? Send a note to Sonja.
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