CycleBar, Cincinnati, has deals signed for more than 100 studios in markets across the country after introducing its first franchise opportunities six months ago.
The indoor cycling franchise said its goal is to have 100 studios open in markets across the country by the end of 2016, according to a media release issued Wednesday. Newly hired President Heather Harris is spearheading the franchise's development.
"I am fortunate to be joining a brand that is on the brink of making a significant impact in the boutique fitness segment. With studios already sold in more 30 markets, I will be placing a major emphasis on making sure the franchise grows the right way with flawless execution,” Harris said in a statement.
Harris, a Cincinnati native, most recently held the role of general manager and vice president at Donna Karan Intimates.
Cyclebar currently has one location in Cincinnati, one in Detroit and one in the Boston suburb of Wellesley, Massachusetts, according to its website. The company said it is looking for franchisees in New York City, Los Angeles, Dallas, Houston, Philadelphia, Chicago, Atlanta and other markets.
CycleBar was founded in 2004 by Bill Pryor and his sister, Alex Klemmer. The company bills itself as the first and only premier indoor cycling franchise.
The CycleBar workout features music, video graphics and rider-specific performance data. The classes are held in a theater that holds up to 55 bikes. CycleBar operates with a pay-per-class model with options to pay for one session or up to 100 sessions. At the Wellesley location, one class is $19, five classes are $95 and 100 classes are $1,500.
“As the only luxury boutique fitness franchise available, CycleBar has the first-to-market advantage, but we know we won’t be the only ones for long. As we grow, we will continue to fulfill our founders’ vision by consistently offering an unparalleled fitness experience,” Harris said. “We look forward to expanding through partnering with the right type of franchise owners and offering our unique business model with maximum unit-level economics.”
CycleBar said its earnings before interest, taxes, depreciation and amortization (EBITDA) margin is at more than 60 percent at its three locations.