HK gym chain PURE Group reportedly seeking funds for China expansion

One of Hong Kong's major gym chains PURE Group is reportedly seeking about HK$780 million (US$100 million) to fund its expansion plan in China. According to multiple reports including Bloomberg, the chain's private equity owner FountainVest Partners is working with investment bank BDA Partners on funding options. The group is considering multiple options such as loans, convertible bonds and share sales. The report also cited a source familiar with the matter that deliberations are ongoing and details of the fundraising plan may change.

PURE Group is one of the major gym chains in Hong Kong. Founded in 2002, the group positions itself as a leading premium lifestyle company that includes a number of brands such as PURE Yoga, PURE Fitness, PURE Apparel, nood food, PURE Nutrition and PURECAST. With stores in Hong Kong, Shanghai, Singapore and New York.

PURE Group has been expanding in Hong Kong despite the pandemic. In June 2021, it opened its largest PURE Fitness in Asia at K11 Musea in Tsim Sha Tsui. The company said the new facility is the largest PURE Fitness in the world, covering over 30,000 square feet of net space within its two-storey warehouse-style venue that features high ceilings with skylights and spectacular views across Hong Kong’s iconic harbourfront. Under the theme of "Out Of This World", this latest location is claimed to offer invigorating experiences and renewed aspirations at a time when people cannot fulfill their love for travel. The company said that in the future, it will open new stores at prime locations.

Also, last year, PURE Fitness opened a pair of new fitness centres, with one located in Kowloon and the other on Hong Kong island, as well as launching an online wellness programme catering to the rising demand for at-home training. The 32,800 square feet centre located at the International Trade Tower in Ngau Tau Kok, including various training facilities such as athletic training turf, weight-training zones, boxing and kicking areas, stretching studios and spaces, and a cardio area. Opening in June, this addition will be the group's second centre on the Kowloon side. The other centre will be located in Wanchai. Similar to its Kowloon counterpart, it will offer similar facilities to customers along with group fitness and group cycling classes.

As the demand for indoor training was surging in light of public health concerns stemming from the COVID-19 pandemic, Pure Fitness also rolled out a Pure 360 Online Wellness Programme last year, offering private online classes aimed at helping customers train and practice at home, achieve quicker progress and hit personalised goals, and stay committed to healthy eating. Online classes include private yoga, personal training, and nutrition coaching services.

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