周报｜lululemon 等多家公司行业大会路演 | 星球健身突然宣布 CEO 离任股价暴跌

👉 本期要点

• Xponential Fitness 的精品健身房增长策略是什么？

• lululemon 等多家公司行业大会路演都聊了什么新内容？

• 星球健身上演狗血剧情突然宣布 CEO 离任股价大跌咋回事？

• Peloton 的新广告和之前有什么区别？

风险提示：文中提及的公司并不是投资建议，投资有风险，入市需谨慎。

Xponential Fitness 举办投资者日

本周 Xponential Fitness 举行了他们的投资者日活动。根据披露显示，Xponential Fitness 已在美国开设了近 2500 家店，与第二名的 Orange Theory Fitness 相比几乎翻倍，是名副其实的美国最大精品健身工作室连锁品牌。

XPOF 精品健身房开店规模全美第一

在 Xponential Fitness 旗下各个子品牌中，增长最快的前三名分别是 Club Pilates、Stretchlab 和 Rumble 拳击工作室，增长率分别高达 75%、21% 和 35%。这三个子品牌一个共同的特点就是都提供 Pilates、拉伸和拳击等细分运动的服务，而不是传统的健身团操课程。这也从侧面体现了当前不同的细分健身类型在用户接受程度方面的存在差异。

IPO 以来增长最快的三个子品牌

另一个不容忽视的信息是 Xponential Fitness 的营收主要来源。根据他们的披露，线下会员贡献了高达 96% 的营收。这一数据表明，尽管数字化运动正在蓬勃发展，但对于精品健身房这样的业态来说，线下经营仍然是其生命线和刚性需求。若没有足够的线下门店和会员规模，光靠数字化很难达到盈利。

除了线下会员之外，Xponential Fitness 通过类似 ClassPass 这样的健身预订平台也有 3.2% 的营收贡献。这体现出聚合平台也正在成为重要的新增收入来源。但是从两者的营收占比可以看出，线下经营的重要性仍远远大于预订平台。而来自保险公司以及企业客户的营收则非常少，这些新增增长点，Xponential Fitness 目前还没有太多突破。

各渠道营收贡献占比

lululemon 等多家公司行业大会路演

财报季临近尾声，上市公司开始纷纷参加各种机构举办的投资者论坛以及行业峰会，这里稍微梳理下一些值得关注的信息。

lululemon 的管理层明确表示，不论外部经济形势如何变化，他们的目标始终是通过提供创新”购买理由“来吸引消费者，而不是依靠降价促销这类传统手

I think in good times and in challenging times what a brand needs to do is just give reasons for guests to buy and have that not be priced, which we continue to see in the market and those around us pull that lever when they don't have true innovation. So for us -- both I think anyone competing as well as for us, we focus on innovation as the driver of demand creation. And how we approach innovating in apparel is through, one, obsessing over unmet needs by the guest. So where can we bring solutions? 资料｜lululemon 在高盛第 30 届全球零售会议演讲纪要

Skechers 斯凯奇看好印度市场的巨大潜力，认为这里没有被任何大品牌主导，仍处于开拓蓝海的阶段。这与 ASICS 最近强调看好印度的判断异曲同工。这从另一个侧面印证了国际运动品牌都在积极布局这里。

Well, if you heard about India, it was probably because we were incessantly talking about it. It's actually probably in terms of a single market to get excited about, in our view, it's probably the most exciting, although I could rattle off many others as well. But one of the reasons it's so exciting from our perspective is that it's not a market that's yet dominated by any of the existing global brands. So if Robert were here, he would tell you it's the fairest fight out there because it's not a market where you have an existing 800-pound gorilla. It's a pretty fair playing field, and we like that. We think that's absolutely the right type of environment for us to succeed. 资料｜Skechers 在 Piper Sandler 增长前沿会议的演讲纪要

Peloton 透露其企业客户续约率高达 93%，再次证明了公司健身产品的强大粘性和用户忠诚度。他们也明确表示会加大通过经销商渠道进行零售终端销售，未来可能与亚马逊等进行战略合作,丰富线下销售触点。

Well, that is a relatively small part of our business today. It is an area where we have a pretty strong track record with over 93% of renewal rates for our corporate wellness clients. And we actually recently launched a partnership with Sequoia, which is the PEO to access the small to medium business market, which is a really great opportunity for us because that's been a market that up until now we haven't been able to really access efficiently. … Third-party retail is a relatively small portion of our business today. It's less than 10%, but we do believe that there is a decent amount of incrementality from that business. Now internationally, we also have a partnership with Amazon in the U.K. and in Germany. And we recently expanded our partnership with third-party retailer, John Lewis in the U.K. And actually, I don't know if any of you saw the announcement. 资料｜Peloton 参加 2023 高盛通信博览会访谈纪要

Life Time 表示匹克球业务增长强劲，与去年相比相关会员量增长了 7 倍之多。这也显示出作为综合健身连锁的 Life Time 正在积极拓展不同的专项运动领域。

So, we're rapidly expanding in this space.If you look at the number of members who play pickleball today versus who played at the start of last year, we've seen a 7-fold increase in pickleball. So, we were very proactive, very much in front of this trend. It's the fastest-growing sport in North America, as you probably all know. So, we're really pleased with pickleball.That's been incremental memberships for Life Time, some incremental revenue in terms of private lessons and leagues and things like that. 资料｜Life Time 在高盛第 30 届全球零售会议演讲纪要

星球健身突然宣布 CEO 离任

本周五还发生了一个意外事件，Planet Fitness 星球健身突然宣布 CEO Chris Rondeau 离任，由董事会成员临时接任。详细原因尚不明朗，接下来公司领导层变动和新战略方向将持续受到关注。公告发布后，股价大跌超过 15%。

Chris Rondeau 突然“被离任”

公司股价大跌

在财报季的早些时间，猫总曾提到，星球健身调低全年营收指引以及开店扩张速度，引发市场对于公司增长放缓的担忧。

财报调低全年指引

Peloton 发布新的广告宣传片 Yes. I. Can.

最后，再说说 Peloton 本周发布的新广告。这是新 CMO Leslie Berland（前 Twitter CMO）新官上任后带来的第二支广告宣传片。整体思路上摒弃了传统的营销策略，更加注重明星教练的个人特质，不再将教练仅仅呈现在自行车屏幕上，而是寻找一种新的方式来展现他们的活力。同时锻炼场景也从预设好的摆拍风格转变为着重描述不同用户在不同的生活场景下锻炼。推荐点击大屏幕欣赏广告视频原片。

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