Aesthetics were not valued or incorporated – many large gyms just resembled a dingy, low-lit, low ceilinged basement with mats on the floor. When Equinox first started, gyms were thought of as places where bodybuilders went. Thus they created beautiful gyms in prime locations where clients both exercised and socialized. They wanted to create an alternative to “Happy Hour” after work for the professional New Yorker. Vito Errico was a builder and interior designer. Daniel Errico’s past career had focused on money, investments and real estate. Lavinia Errico had a background in talent management. Sibling co-founders Lavinia, Daniel & Vito Errico started the company in 1991 with a single fitness club in NYC. They are exploring an IPO with a valuation of up to $9 billion. In 2020 when they received an equity round of funding, they were valued at $7 billion.The current chairman and CEO is Harvey Spevak.Is also involved in a lawsuit over unpaid rent in NY in 2020-2021. Settled a lawsuit in 2013 about unpaid overtime for their trainers.In 2020, citing the impact of the global pandemic, the company reported a $350 million loss despite bringing in $650 million in revenue. Historical sales information is not publicly available. Equinox is a private company that has had two equity fundraising rounds of undisclosed amount. Equinox started as a single, upscale, aesthetically pleasing fitness center where you could both work out and hang out.
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