Revenues as of 30 September show a strong growth in the B-to-B customer segment, thanks to the re-start of the face-to-face activities following the softening of the pandemic-related restrictions in many geographical areas. At the same time, the interest in at-home products and services continues to be high, albeit with a less vigorous growth, due to the resumption of activities in public places. B-to-C revenue continues to be generated mainly in some European countries.

In terms of geographies, all regions bring double-digit growth, with the exception of the LATAM area. The performance in MEIA was particularly positive, both in reference to the UAE and in the countries covered through distributors. The region, with a growth of 50.1%, surpasses Italy for the first time; Italy grows by 17.2%. The performance in APAC was also good 32.2%, driven by China (64.2%), which records a 22.5% on 2019. In Europe, which continues to represent the main geographical area of the group, Technogym grows by 15.6% in total, the growth was mainly driven by the UK, Spain and Benelux. North America sees a growth of 13.6% despite the slow recovery of the Club segment.

With regard to the performance of turnover by sales channel, the company records a strong performance of the distributors (wholesale), which with a growth of 41.3%. Inside Sales continues the positive growth path with +32.6% thanks to the excellent performance of E-Commerce. Field Sales, the main distribution channel for the company, was impacted by a slower than expected reopening phase in some geographies and recorded growth of 12.3%.

The current market scenario differs significantly from the forecasts represented by multiple sources during the pandemic: With reference to the B-to-B segments, there is a further recovery for industry operators, with fitness clubs already returning in many countries at least to the membership levels of 2019 and with hotels occupancy improving in various geographical areas. These players have restarted their investment plans, as evidenced by the performance of the first nine months of the year.

With reference to the “home” segment, in 2021 consumers behaviour has significantly changed and people, at the end of the lockdown, have shown a quick and strong interest for returning to the gym and to outdoor activities. This led to a slowdown in the home fitness growth, to the advantage of an acceleration of the B-to-B. For these reasons, the home fitness forecast of approx. 300 EURm will not be reached next year, but the company estimate that the overall 2022 result will, in any case, be compensated by the B-to-B growth.

Nerio Alessandri, Technogym Chairman and CEO, comments: “Fitness centres have reopened all over the world and people are returning to the gym more quickly and enthusiastically than expected. The major industry operators record attendance levels in fitness clubs equal, or even higher, than the pre-pandemic scenario.

During the pandemic, people got used to training at home and now this trend is joined by a strong return to training at the gym and outdoors. To support these Wellness and Fitness beginners, we released in July the new Technogym App, a virtual coach that helps users achieve maximum results in the shortest time with personalized training programs and on-demand video workouts.

Looking at the medium term, we believe that wellness and health will remain central trends at a global level and for this reason we are confident to continue to grow and to return, from 2022, to an overall turnover higher than 2019, thanks to the anticipated recovery of B-to-B and the further growth in the Home segment, that leverages our prestige positioning, confirmed by the recent collaboration with Dior”.

Source: Technogym
Picture: Technogym