Barry’s is exploring strategic alternatives, which may include a sale of the company. This comes after an attempt to sell in 2019 when the company dropped “Bootcamp” from its name and was valued at approximately $700 million, Bloomberg reports.
According to an anonymous company spokesperson, Barry’s has seen a significant increase in studio revenue, with a 27% rise last year compared to 2022, and profitability across all its U.S. locations. The spokesperson also noted that class attendance reached over 7.4 million in 2023. Currently, the brand is backed by North Castle Partners and LightBay Capital.
In a strategic move to bolster its growth both domestically and internationally, Barry’s has recently elevated Jonathan (JJ) Gantt to the role of co-CEO, sharing responsibilities with Joey Gonzalez. This leadership team recently highlighted Barry’s strategic initiatives at Harvard Business School, showcasing their business model as part of the school’s MBA curriculum.
Looking ahead, Gonzalez shared with Athletech News his vision for Barry’s U.S. expansion, aiming to quadruple its studio presence to about 200 by 2030. The brand has been on a rapid growth trajectory post-pandemic, currently operating 84 studios across 14 countries with plans to expand into Israel, Bahrain, Barcelona, and Egypt. Additionally, Barry’s is extending its reach in the Middle East, notably in the UAE.
On the domestic front, Barry’s continues to expand, announcing new locations in Scottsdale, Arizona, and various cities in Southern California including Santa Monica, Newport Beach, and Studio City. Barry’s is enhancing its West Hollywood location by introducing the Ride X Lift class format and collaborating with high-end brands such as Oatly, Ouai Haircare, Factor, and Therabody.
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