SoulCycle

SoulCycle Inc.

File:Soulcyclelogo.png
File:Soulcycle Storefront (48089757258).jpg Main entrance of a Manhattan SoulCycle location
Company type	Subsidiary
Industry	Physical fitness
Founded	2006 (2006)
Founders	Elizabeth Cutler Julie Rice Ruth Zukerman
Headquarters	New York City
Number of locations	99 (2020) U.S. locations: 60 (2023)
Key people	Evelyn Webster (CEO)
Products	Exercise equipment
Services	Indoor cycling and spinning sessions
Number of employees	1,500 (2016)
Parent	Equinox Group
Website	soul-cycle.com

SoulCycle Inc. is a fitness brand under the ownership of the Equinox Group, specializing in indoor cycling and spinning workout programs. Established in 2006, it operates studios across the United States and the United Kingdom. Prior to the onset of the COVID-19 crisis, the company managed 99 studios. Its headquarters are located in Manhattan's West Village.

History

Spin instructor Ruth Zukerman began teaching classes in Manhattan in 1996. In 2006, she introduced Elizabeth Cutler, a real estate professional, to Julie Rice, a talent manager; this connection led to the creation of SoulCycle.

The first SoulCycle studio debuted on Manhattan’s Upper West Side in 2006, followed by further local growth. Zukerman departed in 2009 and co-founded Flywheel Sports, a rival company, in 2010.

In 2011, the Equinox Group acquired a controlling interest in SoulCycle. Originally utilizing Schwinn stationary bicycles, by 2012 the company introduced a proprietary bike featuring a split seat designed for improved rider comfort.

Melanie Whelan was appointed CEO in 2015. The following year, founders Rice and Cutler divested their holdings to Equinox for $90 million and exited the company. At that point, Equinox held a 97% ownership stake.

SoulCycle filed paperwork for an initial public offering worth $100 million in July 2015 with an estimated valuation of $900 million but retracted plans in 2018 due to unfavorable market conditions.

The year 2017 saw the launch of the Next Generation Bike, which incorporated an aluminum frame and electromagnetic resistance technology. That same year marked SoulCycle’s international expansion into Canada with studios opening in Toronto and Vancouver.

Broadening its offerings beyond cycling, SoulAnnex was introduced in late 2017 within Manhattan's Flatiron District featuring yoga and strength training classes; however, it permanently closed early in 2018 following noise complaints from neighbors.

In February 2018, SoulActivate debuted as an on-bike high-intensity interval training (HIIT) class. The company also announced plans for UK expansion with a London studio scheduled to open in 2019.

Mid-2018 brought the creation of a media division alongside launching a talent agency representing instructors; William Morris Endeavor provided advisory support. Later that year, a partnership with Apple Music was established to deliver curated playlists and live concert experiences during classes.

In July 2019, SoulBeat was unveiled as an app feature allowing riders to monitor workout performance metrics. Melanie Whelan resigned from her CEO role in November of that year.

The COVID-19 pandemic necessitated studio closures by March 2020, accelerating consumer interest in at-home fitness solutions and resulting in market share losses to competitors like Peloton. Although an at-home bike was announced through a collaboration with Variis in August 2019, shipments commenced only by May 2020 with nationwide distribution starting October. The platform was later rebranded as Equinox+, providing expanded exercise content via its app.

Due to pandemic-related challenges, staff furloughs and salary reductions were implemented beginning March-April of 2020, accompanied by permanent closures of multiple studios including locations in Toronto (King Street), San Jose, San Mateo, Calabasas, Culver City, Malibu, Manhattan (Union Square), Scarsdale, Memorial Park NY, and Beacon Hill between the years of 2020 and 2021.

Investor Stephen M. Ross's participation in a Trump fundraiser sparked public criticism and boycott threats against SoulCycle during August of 2019.

In late-2020 allegations emerged accusing certain instructors of racist and discriminatory conduct; these claims included criticism regarding insufficient corporate responses.

Evelyn Webster was named CEO in December 2020. By August 2022, the company withdrew from Canada by closing its final studio located in Toronto.

Exercise physiology

In a 2011 article from the Los Angeles Times, James Fell, a certified strength and conditioning expert, commended the company's dramatic method of inspiring clients, highlighting the importance of making exercise enjoyable. Nevertheless, he pointed out that the co-founders lacked formal qualifications in exercise physiology and biomechanics, assigning the company "a failing grade" in those specific disciplines.

Popular culture

SoulCycle's brand visibility was notably boosted by its significant appearance in the 2018 movie I Feel Pretty, contributing to wider public awareness.

External links

• featured on the NPR podcast How I Built This on January 7, 2019. This hour-long discussion includes interviews with founders Julie Rice and Elizabeth Cutler.