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FITNESS and YOGA in ASIA The Last 10 Years 过去十年亚洲的健身与瑜伽事业

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Presentation on theme: "FITNESS and YOGA in ASIA The Last 10 Years 过去十年亚洲的健身与瑜伽事业"— Presentation transcript:

1 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

2 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

3 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

4 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 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 Alexander Health Club Group Bankruptcy in Taiwan and China March 2008 Dubai International Capital Invests in True Group Various Wave of Smaller Operator Bankruptcies Across the Region September 2011 Fitness First Singapore IPO Planned and Postponed

5 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 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 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

6 Pan Regional Operators 区域间健身俱乐部
FITNESS 健身 YOGA 瑜伽 LOCATIONS 店面数量 COUNTRIES 分布国家数量 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 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 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

7 Asian Market Backdrop and Economic Cycles 亚洲市场背景与经济周期
DotCom Bubble 互联网泡沫破裂 Asian Financial Crisis 亚洲金融危机 Global Financial Crisis 全球金融危机 SARS Outbreak 非典疫情 Asian Industry Build Out 年产业发展阶段 Industry Growth Slows 产业发展缓慢 2008+ Industry Closures and Regulation 08年以来的破产与重整

8 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

9 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

10 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

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

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

13 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

14 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

15 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!

16 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


18 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)

19 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。

20 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

21 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)

22 An Optimistic End Note – The Road to Value 乐观的注释:价值之路
Younger Population 年轻人口 High Disposable Income 高额一次性消费 Under Penetrated Markets 未渗透的市场 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 Acceptance and Penetration of Technology 对技术的接受和渗透 Desire to “Look Good” 渴望看起来很好 Later Operating Hours 营业时间长 Density of Population 人口密度 Strong Service Culture 强烈的服务意识 Knowledge of Spirituality 精神追求

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