Xponential Fitness Signs Master Franchise Agreement in Kuwait
October 21, 2022 // Franchising.com // IRVINE, Calif. - Xponential Fitness, Inc. (NYSE: XPOF) announced today it has signed a Master Franchise Agreement in Kuwait for its brands Rumble, Club Pilates, StretchLab and CycleBar. The deal, signed with Kuwait Real Estate Company, Aqarat, will result in the opening of a minimum of eight studios early in the initial 10-year term of the agreement.
The Master Franchisee for Xponential in Kuwait is the publicly traded real estate development company, Aqarat, a prominent developer and manager of commercial, residential and hospitality properties in Kuwait and the Middle East, as well as Europe and the United States. Aqarat also has investments and joint venture agreements with the hospitality brands Yotel, Courtyard by Marriott, and IFA Hotels and Resorts.
The fitness centers are a mix of local, regional and international operators, with boutique fitness early in its lifecycle and poised for growth.
“We are thrilled to be working with Aqarat to bring our world-class boutique fitness studios to Kuwait”, said John Kersh, Chief International Development Officer of Xponential Fitness. “Aqarat’s extensive real estate and hospitality experience is perfectly suited for our customer-focused brands, and they are well-equipped to deliver our immersive studio experiences to the Kuwaiti population.”
“Fitness in Kuwait is changing and growing fast,” says Saad Al-Muneefi, Vice President, Asset Management and Investor Relations of Aqarat. “We at Aquarat are invested in improving the lives of our community and are proud of this partnership with Xponential Fitness to realize our dream of bringing boutique fitness to the people of Kuwait in a very big way.”
SOURCE Xponential Fitness, Inc.
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