South Australian entrepreneurs Kayla Itsines and Tobi Pearce have regained control of their fitness empire, Sweat, which they had previously sold to iFIT for a reported $403 million in 2021.
Greek Australian Itsines, who has been the face of the brand since its inception in 2015, stated that their decision to repurchase the company was driven by their commitment to ensuring the best future for Sweat. The exact cost of the acquisition remains undisclosed.
As part of the buyback, Itsines will continue to serve as Sweat's co-founder and head trainer, while Pearce will return to the business in an advisory capacity. Adam Koch will maintain his position as CEO. Additionally, Pearce is involved in another venture as the CEO of EzLicence, an online marketplace for driving instructors that he co-founded in 2016.
The swift success of Sweat, which primarily caters to women and originated from Itsines and Pearce's Bikini Body Guide fitness program, propelled the duo to become prominent figures in Australia's entrepreneurial landscape and accumulate significant wealth. iFIT acquired the company in mid-2021, reportedly for around $403 million. However, financial documents filed by iFIT in late 2022 indicated that the actual sale amount was a maximum of $228 million. The US owners suffered an $80 million write-down in December 2022 due to fluctuations in consumer demand and the revival of gym-based workouts following the easing of COVID-19 restrictions, leading to staff layoffs.
Itsines expressed her delight in reclaiming ownership of Sweat, asserting that the company has now completed a full circle since the 2021 deal. She emphasized that Sweat is a platform built by and for women, providing a secure and supportive environment for them to share their transformation journeys. Itsines reaffirmed their unwavering commitment to the community.
The buyback comes as Itsines prepares to release her new book, "Reboot with Kayla," published by Penguin Random House, at the end of January 2024. Sweat has expanded significantly, offering over 50 fitness programs and over 13,000 workouts specifically designed for women. It is accessible in over 145 countries and available in eight languages.
