The global gym brand has signed agreements to open 80 locations across the country.
Planet Fitness has announced the signing of the largest development agreement in its history with Fitness Para Todos, S. de. R.L. de C.V. (“FPT”) to develop at least 80 locations in the next five years. Currently, there are five locations in Mexico, all in the Monterrey area.
“This significant development agreement is a testament to the progress we have made executing against our strategic international growth and development plans,” said Chris Rondeau, chief executive officer at Planet Fitness.
“With this expansion, we are meeting an important need in the market as 73 per cent of the Mexican population is overweight and 97 per cent of the population doesn’t yet belong to a gym. As we further expand the judgement free zone and bring our high-quality and affordable fitness experience to Mexico, FPT is an ideal franchise group to partner with given their deep knowledge of the local markets, and their real estate, marketing and operational expertise.”
Argonne Capital, one of Planet Fitness’ largest investors has teamed up with the Ibarra Group (IBG), a retail services company responsible for bringing many American brands into Mexico, including the likes of American Eagle, Old Navy and Aeropostale for over 30 years.
“We are eager to join the Planet Fitness system and partner with them on their continued international expansion,” said Carlos Ibarra, founder and owner of IBG. “We believe that there is a huge opportunity to serve millions of Mexicans who are searching for a non-intimidating, high-quality and affordable fitness experience. Planet Fitness’ offering far exceeds anything else offered in the Mexican market.”
“We are excited to bring world class partners like Carlos Ibarra and his management team into our system,” said Ray Miolla, chief development officer at Planet Fitness. “We believe that Mexico presents a large opportunity to further scale our brand internationally, and this new agreement will help to make Planet Fitness a national brand across all of Mexico. Looking ahead, we believe we are well-positioned to capitalize on the opportunity in Mexico and our long-term potential in current and future international markets.”
Founded in 1992, Planet Fitness has grown to 2,170 locations across 50 states, Puerto Rico, Canada, Panama, Mexico and Australia.
