Edgard Corona’s journey in the fitness industry began with a vision to make high-quality exercise facilities affordable for a broader audience. After establishing Bio Ritmo in 1996 as a premium fitness center, Corona saw an opportunity to expand the market by creating a new gym concept focused on accessibility and simplicity. This idea became the foundation of Smart Fit, launched in 2009.
The concept of Smart Fit revolved around providing essential gym services at a low cost, eliminating expensive frills without compromising on quality. By identifying a gap in the market and addressing it effectively, Corona created a business model that would not only thrive but redefine fitness culture across Latin America.
The Smart Fit Membership Model
Smart Fit’s membership model is one of its most defining features. Offering gym access for a fraction of the cost of traditional fitness centers, it appealed to individuals across a range of income levels. Memberships began at prices as low as R$49 per month, making fitness attainable for millions who had previously been priced out of the market.
This approach proved successful in Brazil and was quickly adapted for international markets. Each Smart Fit location maintained the same focus on affordability and efficiency, creating a consistent experience across the chain’s expansive network. By 2024, Smart Fit had grown to serve over 4.6 million members across 15 countries.
Expansion Through Strategic Partnerships
Smart Fit’s growth was supported by strategic collaborations with prominent investment firms. Backing from organizations such as GIC and CPPIB provided the financial resources necessary to expand operations and enhance the brand’s presence across Latin America. These partnerships also allowed the company to invest in infrastructure and technology, ensuring that members received a high-quality experience.
The 2021 initial public offering (IPO) on Brazil’s B3 stock exchange was a significant milestone for the company. This move not only highlighted Smart Fit’s financial strength but also demonstrated its potential for further growth. By reinvesting funds from the IPO, the company expanded its reach and introduced additional fitness options, including specialized studios.
The Impact of Leadership
Edgard Corona’s leadership has been a driving force behind Smart Fit’s success. His ability to adapt the High Value Low Price model to meet the needs of diverse markets has positioned the brand as a leader in the fitness industry. Corona’s focus on customer satisfaction and operational efficiency has enabled Smart Fit to maintain quality while scaling rapidly.
By mid-2024, Smart Fit operated over 1,500 gyms across Latin America, generating more than R$5 billion in annual revenue. Its success has not only reshaped the fitness industry but also improved access to health and wellness for millions of people. Under Corona’s guidance, Smart Fit continues to influence how fitness services are delivered, setting a new standard for accessibility and value.
