Estonian fitness club chain to expand to Lithuania
MyFitness, the Estonian chain of fitness clubs, plans to expand to Lithuania next year with the opening of its first locations in Vilnius and Kaunas.
The company had been follwing and analyzing the Lithuanian market for quite some time already and, given its leading position on both the Estonian and Latvian markets, such expansion is a logical step in light of its strategy plans, MyFitness CEO Erkki Torn said.
"We see great potential in the Lithuanian market, given the size of the country's population and an rising trend in people's fitness habits," he continued. "We believe MyFitness will be a good addition to the Lithuanian health club market with its concept, quality and service prices."
The first MyFitness locations in Lithuania are slated to be opened in Vilnius and Kaunas in 2017. In addition, the company plans to open at least six new locations in Estonia and Latvia as well. "Our aim is to provide our services to as broad a target group as possible and be the most preferred chain of sports clubs in all three Bltic states," added the CEO.
Founded in 2008, MyFitness currently has 15 locations in Estonia and six in Latvia, which are visited a total of 2.5 million times per year by its combined 35,000 members.
The fitness club chain posted consolidated revenues of 11 million euros in 2015 and is targeting revenues in excess of 14 million euros in 2016. MyFitness employes more than 450 people.