There was a time when F45 was everywhere—your local shopping centre, your mate’s Instagram stories, even Mark Wahlberg’s investment portfolio. It was a fitness paradigm that had arguably sprung from the loins of CrossFit — which was enjoying parallel success — with 45-minute group workouts, high fives, and the occasional near-death experience from too pushing it too far.
Then, like an overconfident gym bro going too hard on deadlifts, things got a little wobbly. Stock market struggles, leadership shake-ups, and franchise uncertainty left F45 looking less like a fitness juggernaut and more like a brand calling desperately for a spotter. But now? They’re making a comeback.
Now, after a rollercoaster few years filled with wild expansions, stock market chaos, and a Mark Wahlberg cameo, F45 is making a big play for redemption. And that play? FIT (Functional Inspired Training)—a new parent company that brings F45, FS8, and VAURA Pilates under one ultra-toned, community-driven umbrella.
Wait, What Happened to F45?
Let’s rewind to peak F45 madness. In 2013 Rob Deutsch and Adam Gilchrist (not the cricketer) founded F45 and opened the first studio in Paddington, Sydney. The Australian-born franchise exploded onto the scene with a formula so simple it was genius: short, high-intensity group workouts, a cult-like community, and a slick franchising model that turned studio owners into entrepreneurs overnight. Investors lined up, soccer moms loved it because let’s face it, HIIT works, and at one point, F45 had thousands of locations in over 50 countries.
It was happy days for a few years then things got… messy.
F45 went public in 2021 with a valuation of over $2 billion. Mark Wahlberg—yes, that Mark Wahlberg—was all over the branding. But within a year, things started crumbling. The stock tanked, franchise growth slowed, and in 2022, the company slashed 110 corporate jobs overnight. The dream of world domination suddenly looked more like a Wall Street nightmare. Fast forward to now, and F45 is trying to pivot. Enter FIT, a strategic move to not just be a gym, but an all-in-one wellness ecosystem.
According to FIT CEO Tom Dowd, this is about evolution, not just survival. “We’re not just evolving – we’re redefining ourselves as well as our brand story,” he said in the official announcement. In other words? F45 is tired of just being the go-to HIIT studio. It wants to be your one-stop fitness and wellness shop.
The Big Question: Will F45 FIT Work?
Boutique fitness has never been more competitive. Anytime, Jetts, or Barry’s Bootcamp—they’re all fighting for the same fitness-hungry audience. The F45 FIT gamble is whether this new all-in approach can breathe new life into F45’s business model or if it’s just another branding pivot that sounds great in a boardroom.
For now, one thing’s clear: F45 isn’t going down without a fight. And if F45 and FIT delivers, it might just put them back on top.
F45’s Fall From Glory: What Went Wrong?
❌ Overambitious Growth Projections
At its IPO in July 2021, F45 promised investors big things. The company expected to sell 1,500 new franchises in a year—but reality hit hard. Instead, it managed only a fraction of that.
By mid-2022, F45 slashed its growth forecast and laid off 45% of its corporate staff, a move that signaled serious financial trouble.
❌ Franchisee Struggles & Gym Closures
F45’s hyper-aggressive expansion left many gym owners drowning in debt. Between franchise fees, equipment costs, and ongoing royalty payments, running an F45 studio wasn’t cheap. When the economic downturn hit, membership numbers dropped, and franchisees were left scrambling.
In Australia alone, over 10% of F45 gyms shut down by 2023, with similar closures in the U.S. According to a report from News.com.au, many franchisees felt abandoned by F45 headquarters, which offered little support as studios struggled to stay afloat.
❌ Financial Reporting Issues
As investors started asking hard questions, F45 admitted to errors in its financial statements. In reality, the company had lost a staggering $372.3 million across 2021 and 2022, significantly more than previously reported.
This revelation, reported by Athletech News, further tanked investor confidence, causing an even steeper decline in share value.
❌ Celebrity Lawsuits & Leadership Exodus
The F45 hype train was fueled by A-list endorsements, but things turned ugly when big-name ambassadors started suing the company.
- David Beckham took legal action over a $14 million unpaid contract.
- Greg Norman also filed a lawsuit, claiming F45 failed to honor its sponsorship deals.
On top of that, CEO Adam Gilchrist (not the cricketer) resigned in July 2022, kicking off a chaotic leadership shuffle.
❌ Stock Market Delisting
By August 2023, F45’s share price had plummeted so far that the company was delisted from the New York Stock Exchange (NYSE)—an unthinkable outcome for a brand that had once been valued at over a billion dollars.
According to Two Brain Business, F45’s fall from grace was a textbook case of overexpansion, financial mismanagement, and poor leadership decisions.
📸 Photo by Victor Freitas, Facebook copyright to respective owners
