Cult.fit goes in on fitness retail boom, looks to add 15-20 new stores this year

Fitness and lifestyle brand Cult.fit plans to open 15-20 new retail stores in the current year, continuing its expansion into fitness apparel and equipment, a segment the company sees as closely aligned with its core gym business.

“Our vision is to serve the fitness needs of customers, whether that’s good quality shoes, apparel, or home equipment,” said Naresh Krishnaswamy, CEO of Cult. “Over the last six to nine months, things have moved quickly. We’re constantly expanding our range and opening new stores.”

Cult.fit currently operates 14 stores across Bengaluru, Hyderabad, and Delhi, and also sells through its website, partner gyms, major online marketplaces, and, more recently, quick commerce via a tie-up with Zepto.

Krishnaswamy noted a growing shift in customer preferences, from polyester to cotton apparel, and toward more comfortable footwear suited for all-day wear. These trends, he said, are helping shape product decisions as the company scales up retail distribution.

Quick commerce is still early-stage for the company, but Krishnaswamy believes the channel will be increasingly relevant for smaller items such as accessories and light apparel. “For categories where size and fit aren't a major consideration, it’s a viable option,” he said.

Cult.fit’s retail play pits it against France's Decathlon, which has seen major penetration in Indian markets. For context, Decathlon swung to a Rs 197 crore profit in FY24 from an Rs 18 crore loss the previous year, though revenue growth was modest at 2.2% year-on-year. Operational revenue rose to Rs 4,008 crore from Rs 3,920 crore.

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The core gym business

Cult.fit is currently present in nearly 40 cities. While some gyms are company-owned, the business is increasingly moving toward a franchise-led model, especially in smaller cities. The company looks to partner with local entrepreneurs who understand regional markets and are aligned with the brand Cult’s goals.

“There’s no fixed model,” Krishnaswamy said. “In some cities, we open centres ourselves. In others, we work with franchisees. Density matters in this business, so we often scale city by city.”

The company Cult operates multiple gym brands—Cult.fit, Fitness First, Volt, and Gold's, across price points and formats. According to Krishnaswamy, this allows flexibility in adapting gym size and design depending on the market.

Alongside its commercial operations, Cult.fit continues to invest in community-led initiatives. At a recent event named Cult UNBOUND designed to benchmark fitness levels through structured circuits, Krishnaswamy spoke about using such gatherings to drive wider engagement.

“India still has low fitness penetration. We believe community-driven activities can help improve that,” he said. “People train together, encourage each other and it helps build consistency.”

The event saw participation across age groups and a significant number of women, suggesting a broader interest in fitness across demographics.

For now, Cult.fit has no plans to launch new verticals or raise additional capital. “We’re well-funded and focused on growing the existing lines of business,” Naresh said.

As the company expands its footprint, both in retail and through franchised gyms, its immediate focus remains on improving accessibility and deepening engagement with fitness consumers across channels.

Cult.fit underwent a leadership transition in FY24, appointing Naresh Krishnaswamy as CEO, while Mukesh Bansal moved into the role of executive chairman. Under the new leadership, the company recorded a 33.6% increase in operating revenue, which rose to Rs 927 crore from Rs 694 crore in FY23.

Fitness subscriptions—including offerings like Cultpass, Cult.fit centres, and platform services remained the primary revenue driver, contributing Rs 670 crore, or 72.3% of total revenue, up 46.6% year-on-year. The sportswear and fitness equipment vertical, led by Cultsport, added Rs 257 crore to the topline.

Despite the growth in scale, losses remained flat at Rs 535 crore in FY24, marginally higher than the Rs 534 crore reported in FY23.