HYROX sells stake to LVMH-backed investor L Catterton
The money is good for HYROX. The exclusivity is good for Amazfit. The community should watch what happens to entry fees.
L Catterton, the private equity firm backed by the family behind LVMH, is buying a large stake in HYROX. Mark Kleinman at Sky News broke the story on Saturday.
The deal and the HYROX Valuation it Implies
No value has been disclosed. Sky News cites uncorroborated figures of approximately €140m in revenue and around €30m in EBITDA for 2025, with a margin of about 20%. Revenue has grown at 87% pa from 2023 revenues, in the region of €40m. A mature buyout changes hands at roughly 8-14 times EBITDA. At 87% annual growth, HYROX is not a mature buyout, and a growth asset of this kind commands 20 to 30 times EBITDA, implying an estimated €700m to €1bn.
L Catterton is a serious investor in the space, backing Peloton in 2015 and buying the Pilates business Solidcore at a $700m valuation in 2024. The firm is 40% owned by LVMH and the Arnault family holding company, with the balance held by its own partners. The capital it invests comes largely from funds raised from outside institutions. The seller is Infront Sports and Media, the Swiss group run by Philippe Blatter, nephew of the former FIFA president Sepp Blatter, which has owned HYROX since 2019 and took a majority stake in 2022. Whether Infront retains an interest after the deal is unclear.
What this means for HYROX
- More events, sooner. Buenos Aires, Stockholm, Jakarta, Sydney and Birmingham are already on the calendar. Private equity capital inevitably shortens the timeline for the rest.
- Participant numbers increase with the number of events. HYROX projects 90,000 competitors this year.
- Broadcast and spectator revenue become the priority. Entry fees do not build a billion-euro company on their own.
- Entry fees go up. Similar endurance properties, such as Ironman, have generally driven up pricing as they scaled under institutional ownership.
What this means for Amazfit
Amazfit holds a three-year global exclusive signed in April 2026. It covers smartwatches, rings, cameras, glasses, straps, app integrations and access to the HYROX 365 gym and coaching network. No competing wearable brand can enter the HYROX ecosystem for the term of that deal.
Amazfit fixed those terms by the time HYROX was already a €140m business. The investment effectively endorses that valuation range and confirms that HYROX is now being viewed as a major global fitness property.
Amazfit gets the marketing benefit of an indirect LVMH association at no additional cost. Being the exclusive wearable partner of a property backed by the firm behind Louis Vuitton is a different commercial proposition from being the partner of a Swiss-owned indoor race series.
Activation capacity is the open question. Zepp Health, Amazfit’s parent, posted a $19.6m net loss on $51.5m revenue in Q1 2026. I have written before about whether the company can fund a partnership of this scale. The strategic logic holds; only time will tell if the company can follow it through.
Amazfit locked in its exclusive two months ago, when HYROX was already worth €700m on any reasonable measure. That deal looks better today than it did in April. For the person paying to run eight kilometres and push a sled across a conference centre floor, the implications of the growth may hit them in the pocket the hardest.
Quick answers
How much is HYROX worth?
No deal value has been disclosed. Sky News cites uncorroborated 2025 figures of around €140m revenue and €30m EBITDA. Mature buyouts trade at 8 to 14 times EBITDA, but a business growing at 87% a year is priced as a growth asset, closer to 20 to 30 times, implying an estimated €700m to €1bn. The implied valuation could exceed €1bn if a buyer pays a premium for future growth.
Does the L Catterton deal affect Amazfit's HYROX partnership?
No. Amazfit signed a three-year global exclusive for wearables in April 2026. The deal terms are fixed, so HYROX’s accelerated growth under new ownership is incremental upside for Amazfit at no extra cost.
Last Updated on 30 June 2026 by the5krunner
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And Amazfit also seems to be intensively expanding HYROX in the software of some watches: the 6.1.114.1 Cheetah 2 Ultra update should contain (source:reddit):
Added HYROX Workout Library: The app now includes official HYROX training templates that can be synchronized with the watch for dedicated HYROX sessions.
Added HYROX Virtual Pace: The app intelligently generates a race strategy based on the actual conditions of the competition venue. You can adjust target times for each segment and see in real time whether you are ahead or behind.
Added HYROX Simulation Training: Supports HYROX training based on the full race, half race, first half, second half, or custom modes.
yes I need to add more detail on all ofthat.
A couple of notes:
1. Most of L Catterton’s money comes _not_ from Bernard Arnault’s family office. Rather, the majority is from outside investors/limited partners in funds that are managed by L Catterton (those funds also have some money from the Arnault family office).
2. 20 to 30 times EBITDA is possible (depending on stage of the company, growth projections, structure of the investment) but far higher than “a typical private equity multiple.”
thanks @SG, I’ve tweaked the article taking into account that info.