Founded in Hong Kong, Pure Group has been operating Pure Yoga and Pure Fitness in Singapore, New York and Taipei. It boasts 80,000 members who are supported by more than 1,400 staff. All of its instructors work exclusively with the company, which is seen as a big advantage over other gym operators as it promises more consistent services to customers.
In October, the group, whose current investors include buyout firm Leonard Green & Partners and businessman Bruce Rockowitz, was said to be seeking a sale that could see the firm valued at $500 million, according to Bloomberg.
Talking about expansion on the mainland, Grant refused to give the number of upcoming new shops, but noted that "Shanghai is much bigger and sure to have the potential to have more outlets than Hong Kong", which now has 22 outlets including yoga and fitness centers. The team is also looking for opportunities in other cities such as Beijing.
Gyms and fitness centers started to gain popularity in China around 2003 after the outbreak of severe acute respiratory syndrome, after which many people became aware that working out is an essential method to improve one's health. The 2008 Beijing Olympic Games became another incentive attracting young people to an athletic lifestyle.
According to Ali Sports, a new venture established in 2015 under e-commerce giant Alibaba, China's sports industry consolidated a revenue of 150 billion yuan in 2017. Gyms and fitness centers make the largest contribution at 40 percent, followed by equipment, attire and sports nutrition products.
"More and more people have realized that life is about being happy and healthy, which inspires them to spend more money on leading a healthier life rather than buying an expensive handbag or things like that," said Grant. "There has been a shift among consumers. It's less about things. The new phrase is health is your wealth."
He predicted that the Shanghai flagship gym would have 1,000 members within one or two years after opening.
"I want us to be the gold standard of the industry. If they think of fitness, they think about Pure. I don't want us to be the biggest, but the best in helping people lead a healthier and happier life," Grant said.
