Xponential Fitness Inc., based in Irvine, has entered the Portugal market by signing a master franchise agreement with Porto-based Mitrinha & Libelinha Lda. for its brand Club Pilates.
The partnership allows Mitrinha & Libelinha to open at least 20 Club Pilates studios in Portugal over the next 10 years. The Portuguese company is known for scaling consumer retail brands in its home market.
“The Portuguese fitness market is vibrant and growing, and Club Pilates is an ideal brand to launch in the market as interest in boutique fitness grows and as our business in Spain accelerates,” Chief International Development Officer John Kersh said in a statement.
With 10 fitness brands like Rumble and CycleBar in its portfolio, Xponential counts multiple studio locations in 16 countries. The fitness boutique franchisor has signed at least four other franchise deals this year expanding in Mexico, Japan and Kuwait.
Xponential (NYSE: XPOF) shares were relatively unchanged during midday trading falling 1% to $17.37 with a $852 million market cap. The company reported opening 128 new studios during the second quarter ended June 30.
