Elizabeth Cutler and Julie Rice, co-chief creative directors at SoulCycle, have stepped down from the fitness company.
According to sources, the company’s initial public offering is still moving ahead, pending market conditions.
“Founders Elizabeth Cutler and Julie Rice have resigned their roles as cochief creative officers at SoulCycle to pursue new projects. They will continue to serve on the board to support the long-term vision of SoulCycle,” said a spokeswoman for SoulCycle.
Cutler and Rice said in a statement: “To see what SoulCycle has become, the community it created and serves, and the positive impact its had on the lives of our riders and our staff has been humbling. Like all entrepreneurs, our passion is to create, and that is what we are making the space to do today. As board members and as riders we remain committed to seeing SoulCycle succeed.”
Cutler and Rice, who cofounded SoulCycle in 2006 (along with Ruth Zukerman, who went on to found Flywheel Sports), cashed out last spring in anticipation of the public offering, with each receiving a payout of nearly $90 million after Equinox, which owns the majority of SoulCycle, raised its stake in the company to 97 percent. Harvey Spevak, Equinox chief executive officer, couldn’t be reached for comment.
Last July, SoulCycle filed for an IPO to take advantage of the boutique fitness craze sweeping the country. The offering is being led by Goldman, Sachs & Co., Bank of America Merrill Lynch and Citigroup.
In June, SoulCycle named its chief operating officer Melanie Whelan as ceo.
In addition to cycling classes, SoulCycle also sells branded apparel. According to the company’s filing, SoulCycle’s branded retail line of apparel is sourced from several different premium brands. The company said the apparel (and leggings) strengthens riders’ engagement and allows the company to garner a larger share of the riders’ spend. The company unveils a new, limited-production retail collection every month to generate excitement.