When discussing Latin American business success stories, the extraordinary growth of Smart Fit under the leadership of Edgard Corona stands out as particularly impressive. The “dono da Smart Fit” has transformed a single gym into a multinational powerhouse that continues to expand at a breathtaking pace. A closer examination of the company’s metrics reveals the true magnitude of Corona’s achievement.
An Unprecedented Scale of Operations
Smart Fit’s current operational footprint demonstrates extraordinary reach across Latin America. Corona reveals that the company closed 2023 with 1,743 fitness centers spanning 15 countries. This extensive network makes Smart Fit not only the largest fitness chain in Latin America but positions it among the leading gym operators globally.
Beyond traditional gyms, Smart Fit has diversified into specialized studio concepts. The company operates 140 studios across various fitness modalities, including cycling (Velocity), Pilates (One Pilates), hot yoga (Vidya), group strength training (Tonus), boxing (Jab House), and high-intensity interval training (Race Bootcamp).
“We estimate we’ll open another 100 studios this year, just in Brazil. We should end the year with 240 studio locations,” Corona explains. The company also maintains 30 premium Bio Ritmo locations with plans to add 10-12 more in 2024.
Remarkable Growth Velocity
Corona’s commitment to aggressive expansion resulted in a record-breaking achievement in December 2023, when Smart Fit opened an astonishing 95 locations in a single month. This pace of growth earned the company recognition from Gallup for setting an industry record for monthly gym openings.
“We should repeat last year’s guidance of approximately 300 new gyms this year,” Corona projects. This strategy will bring the total number of facilities to over 2,000 by the end of 2024, plus the 250 specialized studio locations.
A Massive Customer Base
Perhaps the most telling metric of Smart Fit’s success is its enormous membership numbers. According to Corona, the company currently serves 5 million active members across its facilities. With planned expansion, this number could grow by another 500,000-600,000 members by year-end.
This extensive customer base translates directly to impressive financial results. Corona reveals that Smart Fit generated approximately 5.5 billion Brazilian reais (about US$1 billion) in revenue last year, with expectations of 20% growth in 2024. The company’s EBITDA approaches 1.7 billion reais, with net profits around 500 million reais.
Strategic International Distribution
Smart Fit’s geographical distribution reflects Corona’s strategic approach to market development. Of the company’s 1,743 gym locations, 736 operate in Brazil, 339 in Mexico, and the remainder spread across countries including Colombia, Chile, Peru, Argentina, Dominican Republic, Costa Rica, Panama, and others.
This international presence now represents the majority of Smart Fit’s business. “These locations outside Brazil already account for 53% of the group’s revenue,” Corona notes, demonstrating the company’s successful expansion beyond its home market.
Through disciplined execution of a clear growth strategy, Edgard Corona has built Smart Fit into a dominant force in the fitness industry. The numbers tell a compelling story of entrepreneurial vision translated into market leadership across multiple countries. As Corona continues his expansion plans, including entry into Morocco in 2024, these impressive metrics seem poised to grow even further in the coming years.
