Following reports that L Catterton the private equity firm supported by Bernard Arnault's LVMH group, is negotiating to acquire shares in Hyrox, a fitness competition gaining global popularity, many see that the "fitness business" may be drawn to become one of the luxury industries of the future due to this investment by the global luxury empire.
Reports indicate that, based on revenue and profit growth, analysts have valued Hyrox at approximately 700 to 1,000 million euros, a figure comparable to several fast-growing fashion and lifestyle brands, considering its core business model centers on organizing Functional Fitness competitions.
Founded in 2017, Hyrox has rapidly grown from a niche competition to a global stage. From only 650 participants in its first year, Hyrox now has about 425,000 to 550,000 athletes competing in the 2024-25 season across more than 80 events in 30 countries, with ticket sales doubling annually for two consecutive years.
It is expected to attract over 1.3 million participants in 2026, spanning competitions in 34 cities worldwide. Many events sell out months in advance and have a large fan base willing to spend on registration fees, training programs, apparel, sports equipment, travel, and recovery services.
Hyrox’s 2025 revenue is estimated at 130 to 140 million euros, a nearly 87% increase from around 40 million euros two years earlier, and is projected to reach 200 to 270 million euros in 2026. The 2025 EBITDA is about 30 million euros, or a margin of roughly 20%, which is notably high for the fitness industry.
Analysts note that what makes Hyrox attractive to investors is not just growing participant numbers but its business model that generates income from the entire ecosystem. Competitors pay not only registration fees but also ongoing expenses for training, apparel, running shoes, sports gear, travel, partner licensing fees, coach training courses, and participation in multiple events annually.
Moreover, the competition fosters strong engagement among participants who share race results, finish times, and personal bests on social media, forming a large community that drives brand growth. This acts as organic marketing and is a key factor enabling rapid company expansion, keeping customer acquisition costs low compared to typical fitness businesses.
For LVMH, owner of luxury brands such as Louis Vuitton, Dior, Fendi, Celine, Tiffany & Co., and Bulgari, Hyrox’s model resembles high-end fashion more than many realize. The core of luxury business, beyond selling products, is selling status, identity, experience, and community membership.
Historically, these were reflected in carrying branded handbags, luxury watches, or expensive jewelry. Today, especially among working-age consumers, identity is increasingly expressed through fitness activities, marathon running, Hyrox competitions, or strength-related events. In other words, the “Status Symbol” is shifting from owning items to demonstrating discipline, capability, and measurable achievement.
Most Hyrox competitors are aged 30 to 40, with prior marathon or endurance sports experience and sufficient purchasing power to afford registration, travel, and continuous training expenses.
Behaviorally, this consumer group closely resembles luxury goods customers—both buy products and experiences to express identity rather than solely for functional benefits. Whereas people once showcased luxury bags, watches, or cars, many now proudly post finish times, new records, or competition medals.
Hyrox delivers measurable results; participants post their times and can immediately compare with personal records or others, unlike typical gym memberships, which cannot provide tangible performance metrics similarly.
L Catterton’s investment is not a superficial acquisition but reflects a strategic approach maintained over time. Previously, L Catterton invested in Peloton since 2015 and acquired the Pilates studio Solidcore in 2024 for about 700 million USD, as well as holding stakes in the luxury fitness chain Equinox.
Both businesses started as communities of fitness enthusiasts before growing into large enterprises supported by institutional investors.
Several analysts compare Hyrox to Ironman, the global triathlon competition. After Ironman was acquired by institutional investors, the company increased registration fees and generated revenue from viewers, broadcast rights, and sponsorships, evolving from a registration-fee-only model to a multi-channel sports media business. Many believe Hyrox will follow a similar model.
Furthermore, investing in Hyrox aligns with the trend of luxury brands seriously entering health and sports sectors. A clear example occurred before the Paris 2024 Olympics, when LVMH’s Louis Vuitton signed contracts with top athletes like Victor Wembanyama and Carlos Alcaraz and partnered with Real Madrid. LVMH is also investing over 1 billion USD to become the main sponsor of Formula 1 for ten years. Additionally, LVMH’s Loewe collaborated with On Running to merge luxury fashion with running shoe technology.
Although Hyrox generates only around 140 million USD annually, it is valued highly at up to 1 billion euros, about 5 to 7 times revenue (Revenue Multiple), reflecting investors’ view of Hyrox as a fitness platform with significant potential to expand income from memberships, partners, licenses, media, and sponsorships.
While LVMH still primarily earns from its multi-billion-euro fashion and leather goods businesses, its interest in Hyrox signals a search for a new definition of luxury through serious investment in health and fitness ecosystems, mirroring major trends in the global fitness industry.
The market is shifting from a fitness-for-everyone model toward building distinct communities emphasizing competition, measurable results, and personal development. If luxury investors become more involved, fitness competitions could evolve into comprehensive ecosystems offering VIP packages, premium training programs, tiered memberships, and brand-designed experiences. Hyrox may mark the start of a multi-billion-dollar Fitness Economy industry in the future.
Source information Bloomberg , European Business Magazine
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