Membership Collective Group is best known for its Soho House member’s clubs and being unprofitable for decades. The company reported earnings on Wednesday, continuing its unprofitable streak.
But Soho house membership grew 17.6 percent to 130,919, year-over-year. The waiting list to join is at an all-time high.
“Our promising revenue growth in the quarter was led by rising membership numbers and increased demand at our existing Houses, which accelerated in February and March and grew in-house revenues by over 400% vs. the same period in 2021”, said Nick Jones, Founder and CEO of MCG.
Above, a good overview of its business progress this last quarter, above, from the earnings presentation.
It plans to add nine new Soho Houses this year:Read the Soho House parent company results