《FITNESSandYOGAinASIATheLast10Years过去十年亚洲》由会员分享，可在线阅读，更多相关《FITNESSandYOGAinASIATheLast10Years过去十年亚洲（22页珍藏版）》请在金锄头文库上搜索。
1、FITNESS and YOGA in ASIAThe Last 10 Years过去十年亚洲的健身与瑜伽事业过去十年亚洲的健身与瑜伽事业MARK KINVIGChief Operating OfficerThe Pure GroupPASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYReason for Choosing Topic Started in Industry in 1999 in Hong Kong with California Fitness 1999年进入加州健身，从而
2、进入健身产业Responsible for Setting Up Country Operations in: 负责以下国家与地区的事物Singapore, Taiwan, South Korea, Thailand, China 新加坡 台湾 韩国 泰国 中国Performed Due Diligence on Healthlands Australia Subsequently Bought By Fitness First in 2000 参与2000年第一健身对Healthland澳洲公司的收购Facilitated Merger Between 24 Hour Fitness and
3、 California Fitness in 2000 在2000年促进加州健身和24小时健身的合并Coordinated Asia Auction Sale Process of California Fitness in 2001 协调2001年加州健身亚洲业务的拍卖过程Participated in Sale of 24 Hour Fitness to Frostmann Little in 2005 2005年参与Frostmann对24小时的收购Joined PURE Group in 2007 to Build Out Pan Asian Lifestyle Group 2007年
4、加盟Pure集团，致力于建立泛亚地区的生活方式的企业Carried Out Extensive Due Diligence in Shanghai and Beijing in 2010 2010年关注上海和北京的健身事业PASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYLandscape of Asian Fitness and Yoga亚洲健身与瑜伽的概况亚洲健身与瑜伽的概况Focus on Asia Excluding Japan and Australia 关注亚洲除日本澳大利亚之
5、外的市场Pan Asian Operators with Local Operators in Each Country 在亚洲各国及地区管理与本地管理10 Year + History in Hong Kong, Singapore, Thailand 在香港，新加坡和泰国超过10年工作经验Degree of Critical Mass in Many Countries but Penetration Still Low vs Australia vs Europe vs US 很多国家与地区增长很快，单依然无法与欧美国家相提并论Recent Focus on India by Some
6、Operators 近期有很多俱乐部关注一度市场Interesting that No Real Success in China by Pan Regional Operators 对中国市场没有成功例证No Listed Fitness Group in Asia but Fitness First was Planning Singapore Listing 第一健身在新加坡有计划PASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYAsian MilestonesJuly 1996Ca
7、lifornia Fitness Started in Hong KongFebruary 1999McCown De Leeuw Acquires California Fitness by Grow Business RegionallyMay 2000California Fitness Merger with 24 Hour FitnessJune 2000Fitness First Acquires SPORTathlonNovember 2000Fitness First Acquires Healthland AustraliaVarious 2002-2003Pan Regio
8、nal Yoga Operators Started by Fitness GroupsVarious 2003+True Group, Celebrity Fitness and California WOW StartedNovember 2003Philip Wain Acquired by Sasa GroupMay 2005Frostmann Little Acquires 24 Hour FitnessDecember 2007Navis Capital Partners Acquires Celebrity FitnessDecember 2007Alexander Health
9、 Club Group Bankruptcy in Taiwan and ChinaMarch 2008 Dubai International Capital Invests in True GroupVarious 2008-2010Wave of Smaller Operator Bankruptcies Across the RegionSeptember 2011Fitness First Singapore IPO Planned and PostponedPASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEA
10、MWORK + HONESTYAsian Milestones 亚洲里程碑亚洲里程碑1996年7月加州健身在香港开张1999年2月McCown De Leeuw 根据市场状况收购加州健身2000年5月加州健身与24小时健身合并2000年6月Fitness First 第一健身收购 SPORTathlon2000年11月Fitness First 第一健身收购 Healthland Australia2002-2003年瑜伽产业兴起Pan Regional Yoga Operators Started by Fitness Groups2003年True集团, Celebrity健身加州WOW开
11、业2003年11月莎莎集团收购Philip Wain 2005年5月Frostmann Little 收购24小时健身2007年12月Navis资本收购Celebrity Fitness2007年12月亚历山大集团在台湾与中国大陆的破产2008年3月迪拜国际资本投资True集团2008年-2010年亚洲地区小企业破产潮2011年9月Fitness First第一健身新加坡IPO计划与推迟PASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYPan Regional Operators 区域间健
12、身俱乐部区域间健身俱乐部OPERATOR俱乐部FITNESS健身YOGA瑜伽LOCATIONS店面数量COUNTRIES分布国家数量COUNTRIES国家FITNESS FIRST第一健身X827Thailand, Philippines, Malaysia, Singapore, Indonesia, Hong Kong, India 泰，菲，马，新，印尼，香港，印度CELEBRITY FITNESSCELEBRITY健身X314Indonesia, Malaysia, India, Turkey印尼，马，印度，土耳其TRUE FITNESS and YOGATrue集团305Singapo
13、re, Malaysia, Taiwan, Thailand, India新，马，泰，台，印度PURE GROUPPURE集团184Hong Kong, Singapore, Taiwan, New York 香港，新，台，美国纽约CALIFORNIA FITNESS/MY YOGA加州健身/我的瑜伽173Hong Kong, Singapore, China香港，新加坡，中国大陆PASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTY123456789101112131415020406080
14、1001201996-2003Asian Industry Build Out1996-2003年产业发展阶段2003-2008Industry Growth Slows产业发展缓慢2008+Industry Closures and Regulation08年以来的破产与重整1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Asian Financial Crisis亚洲金融危机DotCom Bubble互联网泡沫破裂SARS Outbreak非典疫情Global Financial Cris
15、is全球金融危机Asian Market Backdrop and Economic Cycles亚洲市场背景与经济周期亚洲市场背景与经济周期PASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYAsian Dynamics vs US vs EuropeASIAN POSITIVESASIAN NEGATIVES1. Population Density1. Knowledge of Health and Fitness More Limited2. Younger Population2.
16、 Lower Pool of Qualified Staff3. Tax Rates and Higher Disposable Income3. Bad PR Image based on Sales Tactics4. Typically Lower Construction Costs4. Lower Pool of VC and Other Capital Funding5. Historically Less Regulation5. Less Corporate and Government Support6. Asian Focus on Service and Brand Cu
17、lture6. More Volatile Real Estate Markets With Shorter Leases and Wild Price Swings7. Provision of Outdoor Sports Limited in Some Countries7. Fewer Exit Options for Owners8. Typical Lower Penetration and Less Competition8. Several Markets Too Small So Pan Regional Businesses Suffer from High G&APASS
18、ION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYAsian Dynamics vs US vs Europe亚洲亚洲/美国美国/欧洲的比较欧洲的比较亚洲的优点亚洲的不足1.人口密度1.对健身与瑜伽的认识更有限2.年轻人口2. 合格员工数量少3. 税率更低，更高的可支配收入3. 以销售技巧为基础的公关（PR）印象差4. 低建设成本4. 风投与其他资本基金较少5. Historically Less Regulation5. 较少合作及取得政府支持6. 亚洲更关注服务与品牌文化6. 房地产行业变化无
19、偿，租期短，价格变化大7. 在一些国家提供户外活动7. 业主退出机制少8. 渗透率低，竞争相对少8. 一些市场太小，业务面临很高的管理与销售成本PASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYFactors That Have Driven Asian Industry Development驱动亚洲市场发展的因素驱动亚洲市场发展的因素Early Years Was Developed by Entrepreneurs with Overseas Fitness Experience W
20、anting to Capitalise on Gap in the Market but with Limited Holding Period Horizons 早期亚洲市场由跨国企业发展起来，想要通过资本市场运作但是Most Owner/Operators Came From Sales Background So Organisations Very Sales and Marketing Focused. Lesser Importance on Customer Experience, Internal Controls, Financial Rigour (Fitness Fir
21、st More Operational though） 大多数业主和运营者有销售背景，所以特别关注销售和市场，而不看重会员体验，内部控制和严格财务纪律。（FF）Pre Occupation with “Landgrab” Opening as Many Locations in As Many Countries as Quickly as Possible Poses its Own Problems 尽可能的多开店的方式带来问题Oversees Major Players Initially Excited By Asians Underdevelopment. Globalisation
22、 May Be A Challenge for the Industry with Groups Owned by Entrepeneurs Some Operators More “Entertainment” Than Fitness. Entertainment is Fashionable But Not Permanent. Need More Health Focus 太多俱乐部过去娱乐化，而娱乐更流行但不持久Pre Occupation with Prepaid Memberships Encouraged by Bank Instalment Plans Concentrati
23、on of Ownership by Some Groups means More Short Term Focused on Finding a Liquidation Event PASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYDifferences Between Fitness and Yoga Businesses健身与瑜伽的不同健身与瑜伽的不同FITNESSYOGATypically Between 15,000-70,000 Square FeetTypically Les
24、s than 15,000 Square FeetMore Capital Intensive with Fit Out and EquipmentCheaper Fit OutTend to be 50% Female / 50% MaleTypically 80% Female So Appealing to Smaller DemographicMultiple Revenue Streams with Membership and PT and Other AncillaryMore Dependent on Core Membership RevenuePotentially Hig
25、h Volume Daily Check InsLower Volume With Mat and Studio LimitationsTeaching and PT Staff Tend to Be More Corporate and Willing to Work Higher HoursTeaching Staff May Choose Yoga for Lifestyle ReasonsGym Users more “In and Out” UsersYoga Users tend to be More “Community” and Class Focused and Potent
26、ially More DemandingPASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYDifferences Between Fitness and Yoga Businesses健身与瑜伽的不同健身与瑜伽的不同健身瑜伽1500-1700平米一般都少于1500平米开业需要更多的投资开业投资小很多男女比例基本是1：1女性会员基本占据80%以上收入多样性如会籍、私教和其他销售收入更依靠核心会员日常到店数量更大接待能力小教练团队员工更容易协作和工作更长时间瑜伽导师们更倾向于因为甚或方式原因而
27、任教健身会员更：“来了又走了”瑜伽会员更具社区性，更关注课程，更需要费心PASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYKey Challenges Affecting Asian Industry亚洲市场面临的严重挑战亚洲市场面临的严重挑战Overall Growth Slowed Since 2008 Crisis, Some Key Players Retrenching 2008年以来增长缓慢，某些大品牌开始削减支出Financing Becoming More Difficul
28、t. 财务状况更加困难Banks Sceptical of Industry 银行对本行业比较慎重VC Industry Have Own Challenges 风投有它本身的问题Prepaid Membership Model Brought Into Question 预付费模式带来问题Bank Instalment Restrictions 分期付款的限制Bankruptcies Pushed Regulatory Intervention In Several Countries 破产引起某些国家政府的干预Retail and Quasi Retail Operators Been S
29、queezed by Much Higher Retail Rents 租金问题导致零售业困境Exit Options More Difficult 退出机制困难Need to Focus on Long Term Sustainable Fitness and Yoga Models With Adequate Funding and “Controlled Growth” 需要根据足够的资金和控制增长而关注健身和瑜伽的长期发展模式PASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYCas
30、h EBITDA Preoccupation Why Net Income Is More Important 现金流关注现金流关注为什么净收入更重要？为什么净收入更重要？Focus on Cash EBITDA Has Been Detrimental to Industry Growth 关注税前现金流其实对产业不利Encourages Prepaid Revenue Focus With Illusion of Higher Value 怂恿关注表象的虚假的预付费收入带来的高价值Industry Professionals Believe the Industry Is “Unique”
31、 专业人员相信本行业独一无二Yes, In Some Respects 是的，在某些方面But Every Industry Is Unique to Some Extent 但是每个行业在某些方面都是Only Venture Capitalists Really Value Cash EBITDA Multiples Public Markets and Shareholders Particularly in Asia Value Net Income and Dividends Flow 只有风投关注现金流，亚洲股东更看重净收入和分红Industry Needs Longer Term
32、Capital 产业需要长期投资Many Companies Grow Profit by Opening New Locations But Limited Focus on Comparable Revenue Growth. Every other Industry Focuses on Comp Same Store Numbers 很多公司依靠开新店增长利润，单很少关注其他收入增长。其他行业关注PASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYChina Has Any One
33、Cracked The Code?中国：有人知道密码么？中国：有人知道密码么？China Represents A Huge Opportunity BUT A Huge Risk 中国代表了巨大的机会，同时也是巨大的风险Not Aware of Any Pan Regional Players Who Have Made Money in China 不清楚哪些俱乐部在中国赚到钱了Fitness First Closed Operations 第一健身退出California Fitness Only 2 Operations but None Opened in 5 Years 加州在中国
34、大陆只有2家店，并且都不超过5年Pure Carried Out Extensive Due Diligence in 2010 Pure 2010年开展了深入调查与研究Interested But Not Necessarily Top Priority as Prefer to Observe How China Develops 对中国市场有兴趣但显然不是首要考虑的Having Supportive Landlords Is Critical for Any China Build Out 在中国任何地方开业都面临非常大的困难：找到好的房东！PASSION + ATTITUDE + TE
35、AMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYKey China Issues For International Operators对于跨国品牌在中国经营的重要问题对于跨国品牌在中国经营的重要问题Regulation 规章制度Maturity of Fitness Users and Affordability of PT 健身产业会员的成熟度与对私教的可承受能力Capital Funding Requirements for Corporate Structure 资本需要对公司投资需要法律依据 Availability of
36、 Real Estate at Affordable Prices 对房地产价格的可承受力Retention of Members and Attrition Rate 会员的续会率和流失率Banking Infrastructure (Particularly Autopay) 银行/特别是信用卡自动转账Availability of Qualified Staff and Staff Retention 合格员工的能力和员工保持率PASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYPRE
37、DICTIONS ?预言？PASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYCurrent Status An Industry at the Crossroads目前的状况：面临十字路口目前的状况：面临十字路口Industry Somewhat at “Crossroads” think Consolidation Will Continue in Each Country and Across the Region 产业面临十字路口-联合经营将继续在每个国家和国家地区之间广泛存在Gre
38、ater Regulation Stemming From Bankruptcies and Historic Sales Practices Government Regulation (e.g. Taiwan) 政府制定法规（如台湾地区）More Aggressive Consumer Councils in Many Countries（很多国家有强硬的销售者保护机构）Less Support from Banking Sector 从银行获得的支持更少Withdrawal of Instalment Options 从分期付款获得提款Availability of Funding Li
39、mited for Some Operators Landlords In Many Countries Becoming More Selective on Tenants and their Covenant. Depends on Which Type of Landlord 很多国家的房东对租户和租约越来越挑剔。Need to Change the Psychology of the Industry 需要改变行业的心理学General Public Push for Cheaper Prices （大众对降价有期待）Internal Staff (Particularly Sales
40、 Staff) 内部员工（尤其是销售部门）PASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYCurrent Status Consolidation 联合联合Fitness Operators Will Consolidate 健身俱乐部之间的联营Premium Operators Will Focus on Price Increases but Fewer Locations 优秀的运营者将关注提价但是在少数店面执行Mid-Tier Mass Market Operators Will
41、 Need to Differentiate Themselves But May Have to Move From Prime CBD Areas 大量俱乐部区别本身的店面，但会从核心CBD地区搬离Low Priced Operators Will Close. Business Not Financial Viable at US$20/pm 低价执行者将关门。20美元/平米在财务上不可行Yoga Operators Will Shrink in Many Countries 很多国家与地区瑜伽馆将减少Model More Difficult to Execute 很难执行的模式Bett
42、er Run Commercial Studios With Multiple Revenue Streams Should Gain Market Share Across the Region 多种渠道收入的商业瑜伽工作室将在跨地区间获得更大市场份额Overall the Market Will Grow But In A Controlled Way With More Focus on Real Net Income Which Offers More Exit Options 总体上市场会增长，但是关注实际净收入的可控制方式提供更多的推出机制。PASSION + ATTITUDE +
43、 TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYCurrent Status Regulation 规章制度规章制度Stems From Over Zealous Sales Tactics 来自热情销售技巧Generally A Good Thing Despite Short Term Pain Moves Operators Away From Prepaid Model 放弃预付费制度Allows Operators to More Easily Move or Close A Location 允许撤离或者关店Foc
44、uses Operators to Deliver Best Possible Service as Autopay Members Can Quit Easily 因为分期付款会员能够很容易终止合约，所以必须关注提供最好的服务Operators Should Work Together To Ensure Regulation Does Not Go So Far 俱乐部应该联合起来以保证规则不会走的太远Operators Need Concerted Strategy to Educate General Population 俱乐部需要联合起来，制定教育大众的策略They Want to
45、 Negotiate With Operators to Drive Membership Rates As Low as Possible BUT 他们（公众）想要协商以使会籍费用尽可能的低，但是They Want Government to Step In and Help Them If Operators Go Bankrupt 他们在俱乐部破产的时候又想要政府出面协调以保障他们的利益 PASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYCurrent Status Banking
46、and Landlord Issues银行与房东问题银行与房东问题Availability of Finance May Become A Critical Issue 财务能力会成为严重问题If Prepaid Memberships Get Capped Because of Regulation 如果因为规则导致预付费终结As No Real Assets for Security for Bank Lending 面对银行没有不动产做抵押Industry May Be More Reliant on Shareholder or High Yield Funding or Intern
47、al Free Cash Flow 产业将对股东、高息债券或内部现金流极其依赖May Slow Down Growth 将会降低增长率Landlord Support Is Critical 房东支持依然是大问题Landlords More Sceptical of Industry 房东对产业不信赖Possible Trend fro More Corporate Landlords Who See Gyms and Yoga Studios as A “ Service” to Building to Be More Supportive 能够从愿意信赖这个行业的房东那里获得支持很困难Re
48、tail Space Gyms and Yoga Studios Will Become More Scarce 健身房和瑜伽会馆的的零售区域会将来越少（小）PASSION + ATTITUDE + TEAMWORK + HONESTYPASSION + ATTITUDE + TEAMWORK + HONESTYAn Optimistic End Note The Road to Value乐观的注释：价值之路乐观的注释：价值之路Value ?价值？Asia Can Be Very Profitable产业在亚洲的利润将会非常客观Younger Population年轻人口High Disposable Income高额一次性消费Propensity for Branded BusinessesDesire to “Look Good” 渴望看起来很好Density of Population人口密度Under Penetrated Markets未渗透的市场Acceptance and Penetration of Technology对技术的接受和渗透Later Operating Hours营业时间长Strong Service Culture强烈的服务意识Knowledge of Spirituality精神追求
