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
Chief Operating Officer
The Pure Group
Reason for Choosing Topic
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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
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
PASSION + ATTITUDE + TEAMWORK + HONESTY
in 2000
Landscape of Asian Fitness and Yoga
亚洲健身与瑜伽的概况
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Focus on Asia Excluding Japan and Australia
关注亚洲除日本澳大利亚之外的市场
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Pan Asian Operators with Local Operators in Each Country
在亚洲各国及地区管理与本地管理
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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
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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
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Recent Focus on India by Some Operators
近期有很多俱乐部关注一度市场
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Interesting that No Real Success in China by Pan Regional Operators
对中国市场没有成功例证
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No Listed Fitness Group in Asia but Fitness First was Planning Singapore
Listing 第一健身在新加坡有计划
PASSION + ATTITUDE + TEAMWORK + HONESTY
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
PASSION + ATTITUDE + TEAMWORK + HONESTY
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
PASSION + ATTITUDE + TEAMWORK + HONESTY
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
FITNESS
CELEBRITY健身
√
X
31
4
Indonesia, Malaysia, India, Turkey
印尼，马，印度，土耳其
TRUE FITNESS
and YOGA
True集团
√
√
30
5
Singapore, Malaysia, Taiwan,
Thailand, India
新，马，泰，台，印度
PURE GROUP
PURE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
PASSION + ATTITUDE + TEAMWORK + HONESTY
Asian Market Backdrop and Economic Cycles
亚洲市场背景与经济周期
120
100
80
60
DotCom
Bubble
互联网泡
沫破裂
Asian Financial
Crisis
亚洲金融危机
40
Global Financial
Crisis
全球金融危机
SARS
Outbreak
非典疫情
20
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
1996-2003
Asian Industry Build Out
1996-2003年产业发展阶段
PASSION + ATTITUDE + TEAMWORK + HONESTY
2003-2008
Industry Growth Slows
产业发展缓慢
2008+
Industry Closures and
Regulation
08年以来的破产与重整
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
PASSION + ATTITUDE + TEAMWORK + HONESTY
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
PASSION + ATTITUDE + TEAMWORK + HONESTY
Factors That Have Driven Asian Industry Development
驱动亚洲市场发展的因素
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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
PASSION + ATTITUDE + TEAMWORK + HONESTY
Differences Between Fitness and Yoga Businesses
健身与瑜伽的不同
FITNESS
YOGA
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Typically Between 15,000-70,000
Square Feet
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Typically Less than 15,000 Square Feet
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More Capital Intensive with Fit Out and
Equipment
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Cheaper Fit Out
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Tend to be 50% Female / 50% Male
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Typically 80% Female So Appealing to
Smaller Demographic
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Multiple Revenue Streams with
Membership and PT and Other Ancillary
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More Dependent on Core Membership
Revenue
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Potentially High Volume Daily Check Ins
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Lower Volume With Mat and Studio
Limitations
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Teaching and PT Staff Tend to Be More
Corporate and Willing to Work Higher
Hours
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Teaching Staff May Choose Yoga for
Lifestyle Reasons
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Gym Users more “In and Out” Users
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Yoga Users tend to be More
“Community” and Class Focused and
Potentially More Demanding
PASSION + ATTITUDE + TEAMWORK + HONESTY
Differences Between Fitness and Yoga Businesses
健身与瑜伽的不同
健身
瑜伽
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1500-1700平米
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一般都少于1500平米
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开业需要更多的投资
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开业投资小很多
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男女比例基本是1：1
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女性会员基本占据80%以上
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收入多样性如会籍、私教和其他销售
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收入更依靠核心会员
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日常到店数量更大
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接待能力小
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教练团队员工更容易协作和工作更长时
间
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瑜伽导师们更倾向于因为甚或方式原因
而任教
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健身会员更：“来了又走了”
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瑜伽会员更具社区性，更关注课程，更
需要费心
PASSION + ATTITUDE + TEAMWORK + HONESTY
Key Challenges Affecting Asian Industry
亚洲市场面临的严重挑战
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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
PASSION + ATTITUDE + TEAMWORK + HONESTY
Cash EBITDA Preoccupation – Why Net Income Is More
Important 现金流关注—为什么净收入更重要？
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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
PASSION + ATTITUDE + TEAMWORK + HONESTY
China – Has Any One Cracked The Code?
中国：有人知道密码么？
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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
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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
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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！
PASSION + ATTITUDE + TEAMWORK + HONESTY
Key China Issues For International Operators
对于跨国品牌在中国经营的重要问题
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Regulation 规章制度
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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
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Capital Funding Requirements for Corporate Structure
资本需要对公司投资需要法律依据
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Availability of Real Estate at Affordable Prices
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Retention of Members and Attrition Rate
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Banking Infrastructure (Particularly Autopay) 银行/特别是信用卡自动转账
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Availability of Qualified Staff and Staff Retention 合格员工的能力和员工保持率
PASSION + ATTITUDE + TEAMWORK + HONESTY
对房地产价格的可承受力
会员的续会率和流失率
PREDICTIONS ?
预言？
PASSION + ATTITUDE + TEAMWORK + HONESTY
Current Status – An Industry at the Crossroads
目前的状况：面临十字路口
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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）
PASSION + ATTITUDE + TEAMWORK + HONESTY
Current Status – Consolidation 联合
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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。
PASSION + ATTITUDE + TEAMWORK + HONESTY
Current Status – Regulation 规章制度
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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
PASSION + ATTITUDE + TEAMWORK + HONESTY
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）
PASSION + ATTITUDE + TEAMWORK + HONESTY
An Optimistic End Note – The Road to Value
乐观的注释：价值之路
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
Younger
Population
年轻人口
High Disposable
Income
高额一次性消费
Propensity for
Branded
Businesses
Value ?价值？
Asia Can Be Very
Profitable
产业在亚洲的利润
将会非常客观
Strong Service
Culture
强烈的服务意识
Desire to “Look
Good” 渴望看起来
很好
Density of
Population
人口密度
Knowledge of
Spirituality
精神追求
PASSION + ATTITUDE + TEAMWORK + HONESTY