fitness and yoga in asia the last 10 years 过去十年亚洲的健身与瑜伽事业 mark kinvig...

FITNESS and YOGA in ASIAThe Last 10 Years

过去十年亚洲的健身与瑜伽事业

MARK KINVIG

Chief Operating Officer

The Pure Group

PASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTY

Reason for Choosing Topic

Started in Industry in 1999 in Hong Kong with California Fitness

1999 年进入加州健身，从而进入健身产业 Responsible for Setting Up Country Operations in: 负责以下国家与地区的事物

‒ Singapore, Taiwan, South Korea, Thailand, China 新加坡台湾韩国泰国中国 Performed Due Diligence on Healthland’s Australia Subsequently Bought By Fitness First in 2000

参与 2000 年第一健身对 Healthland 澳洲公司的收购 Facilitated Merger Between 24 Hour Fitness and California Fitness in 2000

在 2000 年促进加州健身和 24 小时健身的合并 Coordinated Asia Auction Sale Process of California Fitness in 2001

协调 2001 年加州健身亚洲业务的拍卖过程 Participated in Sale of 24 Hour Fitness to Frostmann Little in 2005

2005 年参与 Frostmann 对 24 小时的收购 Joined PURE Group in 2007 to Build Out Pan Asian Lifestyle Group

2007 年加盟 Pure 集团，致力于建立泛亚地区的生活方式的企业 Carried Out Extensive Due Diligence in Shanghai and Beijing in 2010

2010 年关注上海和北京的健身事业


Landscape of Asian Fitness and Yoga亚洲健身与瑜伽的概况 Focus on Asia Excluding Japan and Australia

关注亚洲除日本澳大利亚之外的市场 Pan Asian Operators with Local Operators in Each Country

在亚洲各国及地区管理与本地管理 10 Year + History in Hong Kong, Singapore, Thailand

在香港，新加坡和泰国超过 10 年工作经验 Degree of Critical Mass in Many Countries but Penetration Still Low vs

Australia vs Europe vs US

很多国家与地区增长很快，单依然无法与欧美国家相提并论 Recent Focus on India by Some Operators

近期有很多俱乐部关注一度市场 Interesting that No Real Success in China by Pan Regional Operators

对中国市场没有成功例证 No Listed Fitness Group in Asia but Fitness First was Planning Singapore

Listing 第一健身在新加坡有计划


Asian Milestones

July 1996 California Fitness Started in Hong Kong

February 1999 McCown De Leeuw Acquires California Fitness by Grow Business Regionally

May 2000 California Fitness Merger with 24 Hour Fitness

June 2000 Fitness First Acquires SPORTathlon

November 2000 Fitness First Acquires Healthland Australia

Various 2002-2003 Pan Regional Yoga Operators Started by Fitness Groups

Various 2003+ True Group, Celebrity Fitness and California WOW Started

November 2003 Philip Wain Acquired by Sasa Group

May 2005 Frostmann Little Acquires 24 Hour Fitness

December 2007 Navis Capital Partners Acquires Celebrity Fitness

December 2007 Alexander Health Club Group Bankruptcy in Taiwan and China

March 2008 Dubai International Capital Invests in True Group

Various 2008-2010 Wave of Smaller Operator Bankruptcies Across the Region

September 2011 Fitness First Singapore IPO Planned and Postponed


Asian Milestones 亚洲里程碑1996 年 7 月加州健身在香港开张

1999 年 2 月 McCown De Leeuw 根据市场状况收购加州健身

2000 年 5 月加州健身与 24 小时健身合并

2000 年 6 月 Fitness First 第一健身收购 SPORTathlon

2000 年 11 月 Fitness First 第一健身收购 Healthland Australia

2002-2003 年瑜伽产业兴起 Pan Regional Yoga Operators Started by Fitness Groups

2003 年 True 集团 , Celebrity 健身加州 WOW 开业

2003 年 11 月莎莎集团收购 Philip Wain

2005 年 5 月 Frostmann Little 收购 24 小时健身

2007 年 12 月 Navis 资本收购 Celebrity Fitness

2007 年 12 月亚历山大集团在台湾与中国大陆的破产

2008 年 3 月迪拜国际资本投资 True 集团

2008 年 -2010 年亚洲地区小企业破产潮

2011 年 9 月 Fitness First 第一健身新加坡 IPO 计划与推迟


Pan Regional Operators 区域间健身俱乐部OPERATOR俱乐部

FITNESS健身

YOGA瑜伽

LOCATIONS店面数量

COUNTRIES分布国家数量

COUNTRIES国家

FITNESS FIRST第一健身

√ X 82 7 Thailand, Philippines, Malaysia, Singapore, Indonesia, Hong Kong, India 泰，菲，马，新，印尼，香港，印度

CELEBRITY FITNESSCELEBRITY 健身

√ X 31 4 Indonesia, Malaysia, India, Turkey印尼，马，印度，土耳其

TRUE FITNESS and YOGATrue 集团

√ √ 30 5 Singapore, Malaysia, Taiwan, Thailand, India新，马，泰，台，印度

PURE GROUPPURE 集团

√ √ 18 4 Hong Kong, Singapore, Taiwan, New York 香港，新，台，美国纽约

CALIFORNIA FITNESS/MY YOGA加州健身 / 我的瑜伽

√ √ 17 3 Hong Kong, Singapore, China香港，新加坡，中国大陆


1996-2003Asian Industry Build Out

1996-2003 年产业发展阶段

2003-2008Industry Growth Slows

产业发展缓慢

2008+Industry Closures and

Regulation08 年以来的破产与重

整

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Asian Financial Crisis亚洲金融危机

DotCom Bubble互联网泡沫破裂

SARS Outbreak非典疫情

Global Financial Crisis全球金融危机

Asian Market Backdrop and Economic Cycles亚洲市场背景与经济周期


Asian Dynamics vs US vs Europe

ASIAN POSITIVES ASIAN NEGATIVES

1. Population Density 1. Knowledge of Health and Fitness More Limited

2. Younger Population 2. Lower Pool of Qualified Staff

3. Tax Rates and Higher Disposable Income

3. Bad PR Image based on Sales Tactics

4. Typically Lower Construction Costs 4. Lower Pool of VC and Other Capital Funding

5. Historically Less Regulation 5. Less Corporate and Government Support

6. Asian Focus on Service and Brand Culture

6. More Volatile Real Estate Markets With Shorter Leases and Wild Price Swings

7. Provision of Outdoor Sports Limited in Some Countries

7. Fewer Exit Options for Owners

8. Typical Lower Penetration and Less Competition

8. Several Markets Too Small So Pan Regional Businesses Suffer from High G&A


Asian Dynamics vs US vs Europe亚洲 /美国 /欧洲的比较

亚洲的优点亚洲的不足

1. 人口密度 1. 对健身与瑜伽的认识更有限

2. 年轻人口 2. 合格员工数量少

3. 税率更低，更高的可支配收入 3. 以销售技巧为基础的公关（ PR ）印象差

4. 低建设成本 4. 风投与其他资本基金较少

5. Historically Less Regulation 5. 较少合作及取得政府支持

6. 亚洲更关注服务与品牌文化 6. 房地产行业变化无偿，租期短，价格变化大

7. 在一些国家提供户外活动 7. 业主退出机制少

8. 渗透率低，竞争相对少 8. 一些市场太小，业务面临很高的管理与销售成本


Factors That Have Driven Asian Industry Development驱动亚洲市场发展的因素

Early Years Was Developed by Entrepreneurs with Overseas Fitness Experience Wanting to Capitalise on Gap in the Market but with Limited Holding Period Horizons

早期亚洲市场由跨国企业发展起来，想要通过资本市场运作但是 Most Owner/Operators Came From Sales Background So Organisations Very Sales and Marketing

Focused. Lesser Importance on Customer Experience, Internal Controls, Financial Rigour (Fitness First More Operational though ）

大多数业主和运营者有销售背景，所以特别关注销售和市场，而不看重会员体验，内部控制和严格财务纪律。（ FF ）

Pre Occupation with “Landgrab” – Opening as Many Locations in As Many Countries as Quickly as Possible Poses its Own Problems 尽可能的多开店的方式带来问题

Oversees Major Players Initially Excited By Asian’s Underdevelopment. Globalisation May Be A Challenge for the Industry with Group’s Owned by Entrepeneurs

Some Operators More “Entertainment” Than Fitness. Entertainment is Fashionable But Not Permanent. Need More Health Focus 太多俱乐部过去娱乐化，而娱乐更流行但不持久

Pre Occupation with Prepaid Memberships Encouraged by Bank Instalment Plans

Concentration of Ownership by Some Groups means More Short Term Focused on Finding a Liquidation Event


Differences Between Fitness and Yoga Businesses健身与瑜伽的不同

FITNESS YOGA

• Typically Between 15,000-70,000 Square Feet

• Typically Less than 15,000 Square Feet

• More Capital Intensive with Fit Out and Equipment

• Cheaper Fit Out

• Tend to be 50% Female / 50% Male • Typically 80% Female So Appealing to Smaller Demographic

• Multiple Revenue Streams with Membership and PT and Other Ancillary

• More Dependent on Core Membership Revenue

• Potentially High Volume Daily Check Ins • Lower Volume With Mat and Studio Limitations

• Teaching and PT Staff Tend to Be More Corporate and Willing to Work Higher Hours

• Teaching Staff May Choose Yoga for Lifestyle Reasons

• Gym Users more “In and Out” Users • Yoga Users tend to be More “Community” and Class Focused and Potentially More Demanding


Differences Between Fitness and Yoga Businesses健身与瑜伽的不同

健身瑜伽• 1500-1700平米 • 一般都少于 1500平米

• 开业需要更多的投资 • 开业投资小很多

• 男女比例基本是 1 ： 1 • 女性会员基本占据 80% 以上

• 收入多样性如会籍、私教和其他销售 • 收入更依靠核心会员

• 日常到店数量更大 • 接待能力小

• 教练团队员工更容易协作和工作更长时间 • 瑜伽导师们更倾向于因为甚或方式原因而任教

• 健身会员更：“来了又走了” • 瑜伽会员更具社区性，更关注课程，更需要费心


Key Challenges Affecting Asian Industry亚洲市场面临的严重挑战 Overall Growth Slowed Since 2008 Crisis, Some Key Players Retrenching

2008 年以来增长缓慢，某些大品牌开始削减支出 Financing Becoming More Difficult. 财务状况更加困难

‒ Banks Sceptical of Industry 银行对本行业比较慎重‒ VC Industry Have Own Challenges 风投有它本身的问题

Prepaid Membership Model Brought Into Question 预付费模式带来问题– Bank Instalment Restrictions 分期付款的限制– Bankruptcies Pushed Regulatory Intervention In Several Countries

破产引起某些国家政府的干预 Retail and Quasi Retail Operators Been Squeezed by Much Higher Retail

Rents 租金问题导致零售业困境 Exit Options More Difficult 退出机制困难 Need to Focus on Long Term Sustainable Fitness and Yoga Models With

Adequate Funding and “Controlled Growth”

需要根据足够的资金和控制增长而关注健身和瑜伽的长期发展模式


Cash EBITDA Preoccupation – Why Net Income Is More Important 现金流关注—为什么净收入更重要？

Focus on Cash EBITDA Has Been Detrimental to Industry Growth

关注税前现金流其实对产业不利 Encourages Prepaid Revenue Focus With Illusion of Higher Value

怂恿关注表象的虚假的预付费收入带来的高价值 Industry Professionals Believe the Industry Is “Unique” 专业人员相信本行业独一无二

‒ Yes, In Some Respects 是的，在某些方面‒ But Every Industry Is Unique to Some Extent 但是每个行业在某些方面都是

Only Venture Capitalists Really Value Cash EBITDA Multiples Public Markets and Shareholders Particularly in Asia Value Net Income and Dividends Flow

只有风投关注现金流，亚洲股东更看重净收入和分红 Industry Needs Longer Term Capital 产业需要长期投资 Many Companies Grow Profit by Opening New Locations But Limited Focus on

Comparable Revenue Growth. Every other Industry Focuses on Comp Same Store Numbers 很多公司依靠开新店增长利润，单很少关注其他收入增长。其他行业关注


China – Has Any One Cracked The Code?中国：有人知道密码么？

China Represents A Huge Opportunity BUT A Huge Risk

中国代表了巨大的机会，同时也是巨大的风险 Not Aware of Any Pan Regional Players Who Have Made Money in China

不清楚哪些俱乐部在中国赚到钱了‒ Fitness First Closed Operations 第一健身退出‒ California Fitness Only 2 Operations but None Opened in 5 Years

加州在中国大陆只有 2 家店，并且都不超过 5 年 Pure Carried Out Extensive Due Diligence in 2010

Pure 2010 年开展了深入调查与研究 Interested But Not Necessarily Top Priority as Prefer to Observe How China

Develops 对中国市场有兴趣但显然不是首要考虑的 Having Supportive Landlord’s Is Critical for Any China Build Out

在中国任何地方开业都面临非常大的困难：找到好的房东！


Key China Issues For International Operators对于跨国品牌在中国经营的重要问题

Regulation 规章制度 Maturity of Fitness Users and Affordability of PT

健身产业会员的成熟度与对私教的可承受能力 Capital Funding Requirements for Corporate Structure

资本需要对公司投资需要法律依据

Availability of Real Estate at Affordable Prices 对房地产价格的可承受力 Retention of Members and Attrition Rate 会员的续会率和流失率 Banking Infrastructure (Particularly Autopay) 银行 /特别是信用卡自动转账 Availability of Qualified Staff and Staff Retention 合格员工的能力和员工保持率


PREDICTIONS ?

预言？


Current Status – An Industry at the Crossroads目前的状况：面临十字路口 Industry Somewhat at “Crossroads” – think Consolidation Will Continue in Each

Country and Across the Region 产业面临十字路口 --- 联合经营将继续在每个国家和国家地区之间广泛存在

Greater Regulation Stemming From Bankruptcies and Historic Sales Practices

‒ Government Regulation (e.g. Taiwan) 政府制定法规（如台湾地区）‒ More Aggressive Consumer Councils in Many Countries （很多国家有强硬

的销售者保护机构） Less Support from Banking Sector 从银行获得的支持更少

‒ Withdrawal of Instalment Options 从分期付款获得提款‒ Availability of Funding Limited for Some Operators

Landlords In Many Countries Becoming More Selective on Tenants and their Covenant. Depends on Which Type of Landlord 很多国家的房东对租户和租约越来越挑剔。

Need to Change the Psychology of the Industry 需要改变行业的心理学‒ General Public Push for Cheaper Prices （大众对降价有期待）‒ Internal Staff (Particularly Sales Staff) 内部员工（尤其是销售部门）


Current Status – Consolidation 联合 Fitness Operators Will Consolidate 健身俱乐部之间的联营

‒ Premium Operators Will Focus on Price Increases but Fewer Locations

优秀的运营者将关注提价但是在少数店面执行‒ Mid-Tier Mass Market Operators Will Need to Differentiate Themselves But May

Have to Move From Prime CBD Areas

大量俱乐部区别本身的店面，但会从核心 CBD 地区搬离‒ Low Priced Operators Will Close. Business Not Financial Viable at US$20/pm 低

价执行者将关门。 20 美元 /平米在财务上不可行 Yoga Operators Will Shrink in Many Countries 很多国家与地区瑜伽馆将减少

‒ Model More Difficult to Execute 很难执行的模式‒ Better Run Commercial Studios With Multiple Revenue Streams Should Gain

Market Share Across the Region 多种渠道收入的商业瑜伽工作室将在跨地区间获得更大市场份额

Overall the Market Will Grow But In A Controlled Way With More Focus on Real Net Income Which Offers More Exit Options

总体上市场会增长，但是关注实际净收入的可控制方式提供更多的推出机制。


Current Status – Regulation 规章制度 Stems From Over Zealous Sales Tactics 来自热情销售技巧 Generally A Good Thing Despite Short Term Pain

‒ Moves Operators Away From Prepaid Model 放弃预付费制度‒ Allows Operators to More Easily Move or Close A Location 允许撤离或者关店‒ Focuses Operators to Deliver Best Possible Service as Autopay Members Can Quit Easily

因为分期付款会员能够很容易终止合约，所以必须关注提供最好的服务

Operators Should Work Together To Ensure Regulation Does Not Go So Far

俱乐部应该联合起来以保证规则不会走的太远 Operators Need Concerted Strategy to Educate General Population

俱乐部需要联合起来，制定教育大众的策略‒ They Want to Negotiate With Operators to Drive Membership Rates As Low as Possible

BUT 他们（公众）想要协商以使会籍费用尽可能的低，但是‒ They Want Government to Step In and Help Them If Operators Go Bankrupt

他们在俱乐部破产的时候又想要政府出面协调以保障他们的利益


Current Status – Banking and Landlord Issues银行与房东问题

Availability of Finance May Become A Critical Issue

财务能力会成为严重问题‒ If Prepaid Memberships Get Capped Because of Regulation

如果因为规则导致预付费终结‒ As No Real Assets for Security for Bank Lending 面对银行没有不动产做抵押‒ Industry May Be More Reliant on Shareholder or High Yield Funding or Internal

Free Cash Flow 产业将对股东、高息债券或内部现金流极其依赖‒ May Slow Down Growth 将会降低增长率

Landlord Support Is Critical 房东支持依然是大问题‒ Landlord’s More Sceptical of Industry 房东对产业不信赖‒ Possible Trend fro More Corporate Landlord’s Who See Gyms and Yoga Studio’s

as A “ Service” to Building to Be More Supportive

能够从愿意信赖这个行业的房东那里获得支持很困难‒ Retail Space Gyms and Yoga Studios Will Become More Scarce

健身房和瑜伽会馆的的零售区域会将来越少（小）


An Optimistic End Note – The Road to Value乐观的注释：价值之路

Value ? 价值？Asia Can Be Very

Profitable产业在亚洲的利润将会非常客观

Younger Population年轻人口

High Disposable Income

高额一次性消费Propensity for

Branded Businesses

Desire to “Look Good” 渴望看起来

很好

Density of Population人口密度

Under Penetrated Markets未渗透的市场

Acceptance and Penetration of Technology

对技术的接受和渗透

Later Operating

Hours营业时间长 Strong Service

Culture强烈的服务意识

Knowledge of Spirituality精神追求

fitness and yoga in asia the last 10 years 过去十年亚洲的健身与瑜伽事业 mark kinvig...

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