Soho House adds record number of sign ups to the waitlist
The Membership Collective Group, which owns Soho House, saw its membership grow by 16,663 in the third quarter to stand at 144,503.
As global lockdown restrictions lifted around the world this Summer applicants signed up to join the private members club in record numbers. The brand’s Houses, which are frequented by Victoria Beckham, Nicole Kidman and Kendall Jenner saw revenue from guests jump by 21 per cent to $51m and added over 3,000 hopefuls to the waitlist which now stands at 66,800.
Nick Jones, the chief executive of the Membership Collective Group, commented, “we’ve had a really strong quarter and have loved welcoming members back to Soho Houses around the world, to Scorpios Beach Club in Mykonos and The Ned in London.”
“We’re still seeing a strong demand for our memberships, and with our waitlist currently sitting at 66,800 we have visibility toward and confidence in our future growth,” Jones added.
Amid surging demand total Revenue increased 57 per cent from the third quarter 2020 to $180m.
However, the company still turned a loss for the period reporting an operating loss of $53m for the third quarter. Meanwhile the net loss attributable to the Membership Collective Group grew from $37m to $77m with the company blaming losses on non-cash share-based payments, foreign exchange and costs associated with its IPO which raised $388m.
Read more: Soho House hits $2.8bn valuation after New York IPO