Soho House & Co’s strong membership growth boosts revenues

Commenting on Soho House & Co Inc.’s Q1 2024 financial results released today, Robyn Duffy, consumer markets senior analyst at RSM UK: 'Soho House Group’s latest results signal the strength of its burgeoning global brand with strong membership growth year-on-year and membership sales accounting for a large proportion of total revenues.  

'Upcoming strategic openings in Manchester, Sao Paulo and North America will stand the brand in good stead for the rest of 2024 and into 2025. Openings in North America in particular should aid the business in its continued quest for profitability, with America seeing robust consumer spending despite the uncertain economic climate. The North American elite are a consumer pool prime for growth with an upper-middle class in search of tailored and exclusive experiences. 

'Despite increasing membership fees, Soho House venues continue to drive better value for their members than other clubs and this should continue to appeal to its target market of the affluent end of the middle classes.'

'Going forward the focus for the group will be on profit, something that to date, has eluded the business. But with its sustained brand appeal and growing waiting list for membership, growth in demand for the business is clear. Getting a handle on operating costs will be the ultimate hurdle to overcome.'