Mirror, mirror on the wall, can you tell me if I’m fat or fit? Fiture aims to disrupt US, Europe markets with Tencent’s backing

Fiture, which stands for ‘fit for the future’, has disrupted the US$7 billion fitness market in China since its establishment two years ago

Firm has raised US$400 million over the past two years from investors such as Tencent, Sequoia Capital and New World Development’s Adrian Cheng

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Fiture’s mirror-like workout screens offer interactive classes and customised training programmes. Photo: Handout

Published: 10:00am, 1 Aug 2021Updated: 6:35pm, 2 Aug 2021

Chinese smart fitness unicorn Fiture, which has been backed by Tencent Holdings and New World Development’s Adrian Cheng Chi-kong, is eyeing expansion in Europe and the United States.

Based in Sichuan, in southwestern China, the company has developed a mirror-like workout screen that offers interactive classes and customised training programmes. Fiture, which stands for “fit for the future”, has been disrupting the US$7 billion fitness market in China with its online at-home workout platform since its establishment two years ago.

“We have almost 100 per cent market share in the sector in China. We do not have competitors at the moment,” Richard Zhang, the company’s co-founder, said without disclosing sales and user numbers.

Now, the company wants to go global and pit itself against the likes of companies such as New York-based Peloton, Lululemon’s Mirror, NordicTrack’s Vault and VAHA of Germany. Fiture has undertaken one of the biggest fundraising exercises in this sector and raised US$400 million over the past two years from investors such as Chinese social-media giant Tencent, China-based investment fund Sequoia Capital and Cheng through C Ventures, his private investment firm.

“We are looking for overseas expansion. For us, our definition of overseas expansion is the US and Europe,” Zhang said. Before establishing Fiture, Zhang was an executive president and chief financial officer at cargo platform Full Truck Alliance, which listed in the US in June.

The global online fitness market is expected to grow from US$5.5 billion in 2019 and to US$49.17 billion by 2027, growing at a compound annual growth rate of 31.5 per cent during the forecast period, according to Fior Markets, a market intelligence company focusing on the technology industry.

Fiture sells for 7,000 yuan (US$1,083) each. The company says it has also launched a new series of products recently, for which it charges 4,800 yuan each. Photo: Handout