Greek Australian woman entrepreneur and the Queen of fitness, as she is labelled by many in Australia, Kayla Itsines and her fiancée Tobi Pearce have sold their global health and fitness company ‘Sweat’ for a whopping $ 400 million.
The two of them have sold their business to a major US software firm iFIT Health & Fitness Inc.!
It is six years after they first launched Sweat app in 2015. What a run it has been!
The Deal
Kayla and her fiancé split early last year and are the parents of daughter Arna.
The two will continue to lead Sweat in Adelaide, where the business will be HQed as a separate brand within the iFIT company.
Mr Pearce wrote on Instagram that it was a day of pride for the two of them, who were committed to building the business further.
“Kayla and I have had a very strong and long working relationship and this is the beginning of chapter two for both of us. Our headquarters will remain in Adelaide, and we have a second office in Melbourne and that will remain there as well,” he said.
Starting Days Of The Company
The completed deal with iFIT comes after months of speculation that Pearce, 28, and Itsines, 30, wanted to sell the business they were building together.
The two, both training coaches when they joined together shot to fame after formulating the Bikini Body Guide Program in 2015.
The former couple were the youngest people to be included in the Australian Richest list published in 2019 for an estimated $ 487 million combined in net worth.
Wealthiest Young Woman Under 40
Ms Itsines was also nominated as the richest woman on the popular ‘2018 Financial Review Young Rich List’ aged 40 and under.
For the year to June 2020, their company generated $ 99.5m, 11.2 percent higher than 2019 as new subscribers registered during the deepening of the COVID-19 pandemic.
The US remains the company’s largest market share, earning $ 53.7m of revenue for the 2020 financial year, while Australian subscribers generate $ 8.7m.
Business Success And Exciting Future
Despite their split, the pair have continued as business partners, with Pearce as chief executive and Itsines as head trainer and the face of the platform.
They were estimated at $ 209m each in net worth on last year’s Young Rich List.
Sweat has built a strong global community of more than 50 million women on its social media channels.
Itsines said the agreement with IFIT “opened the door to a new and exciting future” for the sweat brand.
