A consortium led by L Catterton, backed by luxury giant LVMH, has bought a controlling stake in Hyrox, the organizer of indoor fitness competitions involving running, rowing, kettlebells, and burpees. The deal values Hyrox at about €600mn ($700mn), roughly 2.6 times the $270mn in revenue its founder predicted for 2026.

Unlike fad-prone Peloton, Hyrox sells tickets to participants and spectators and licenses its brand to gyms. L Catterton sees potential to build a durable lifestyle brand, similar to how Red Bull evolved from energy drinks to extreme sports events.

Hyrox plans to expand into clothing via its Puma partnership and explore travel with a themed cruise. The company aims to become an Olympic sport within a decade, hedging against fitness fads like CrossFit and newer entrants such as Xenom and ATHX.