iFIT Health & Fitness

iFIT Health & Fitness (iFIT) (formerly ICON Health and Fitness), founded in 1977, is the parent of the well-known home and commercial fitness equipment brands NordicTrack, Freemotion, ProForm, and the software platform iFit. Every piece of equipment has a built-in screen that plays on-demand workout videos and trainer-led studio classes from the iFit platform (available for a monthly subscription of USD 39). iFit also offers other workouts that do not require equipment, such as bodyweight exercises and yoga sessions. Its latest iFit ActivePulse, introduced in January 2021, includes a patent-pending heart rate armband with personalized and automatic heart rate training available on all iFit-powered equipment. The company has over 7.3 million total iFit members and 1.6 million connected fitness subscribers in more than 120 countries as of February 2022.

NordicTrack, which manufactures commercial and at-home exercise equipment, has developed its brand of connected fitness equipment that includes treadmills, bikes, ellipticals, strength trainers, rowers, and mirrors. Its key product, treadmill, includes integrated, interactive features, allowing trainers to adjust the treadmill’s speed, incline/decline, etc. The price progresses from USD 2,299 to USD 3,799 based on screen sizes; the price includes a year-long iFit membership. Furthermore, NordicTrack introduced its connected fitness mirror, “Vault,” in January 2021, featuring a rotating mirror and a touchscreen powered by iFit. It also opens up to a carbon steel locker to hold other fitness equipment. Vault with the equipment is available for USD 2,999, while the standalone version (without the additional equipment) is sold for USD 1,999; the price includes a year-long iFit membership. Vault competes directly with fitness mirror producers such as Tempo, Mirror, Forme Life, and Tonal and is priced at a slight premium compared to rivals. Its unique features (ex: the variety of equipment and one-year free membership) might justify the higher prices.

ProForm’s portfolio of connected fitness devices includes iFit-powered treadmills, bikes, and smart mirrors. The latest products introduced to the market include a treadmill, bike, and smart mirror (all launched in February 2021). The Freemotion brand also offers treadmills, bikes, and other strength training equipment, all powered by iFit.

In July 2021, iFIT acquired two companies; 1) Sweat, an Australian digital fitness app for women’s health and fitness, to operate as a standalone brand to complement iFIT’s operations and help grow its membership base. The companies will work together on fitness content development for an increased range of workouts; and 2) 29029 Everesting, a premium ultra-endurance event and community, to expand its offerings to include outdoor fitness events to its subscribers. iFIT will also provide its connected fitness equipment and workout trainers to 29029 event participants.

In August 2021, iFIT filed for an initial public offering (IPO) to be listed on Nasdaq, to raise USD 646.15 million, targeting a valuation of USD 6.61 billion. However, the planned IPO was postponed in October 2021, citing the volatility of the capital market. In February 2022, iFIT raised USD 355 million in funding led by private equity firm L Catterton, at a valuation of around USD 3 billion. The company planned to utilize the funds for investments in iFIT’s core brands, content library, and product portfolio. Further investments were to be made to enhance efficiency measures and improve profitability.