Xponential Fitness Inc. (NYSE: XPOF), an Irvine boutique fitness franchisor, said it signed a master franchise deal in Kuwait for its brands Rumble, Club Pilates, StretchLab and Cyclebar.
The 10-year agreement, signed with real estate developer Aqarat, ensures the opening of at least eight studios, with more to be developed based on market opportunity, company officials said. Aqarat has also signed joint venture agreements with hospitality companies Yotel and Courtyard by Marriott.
“Aqarat’s extensive real estate and hospitality experience is perfectly suited for our customer-focused brands, and they are well-equipped to deliver our immersive studio experiences to the Kuwaiti population,” Xponential Fitness Chief International Development Officer John Kersh said in a statement.
Xponential’s studios span across 15 countries in North America, Europe, Asia-Pacific and Australia. The company this year signed master franchise agreements for Club Pilates in Mexico and the U.K. and for CycleBar in Japan, according to Xponential officials.
Following the announcement, shares in Xponential were up 0.7% to $19.32 apiece, giving it a $947 million market cap.
