Soho House & Co Stock

Soho House & Co Inc. operates a global membership platform of physical and digital spaces that connects a vibrant, diverse group of members from across the world. These members use its platform to both work and socialize, to connect, create, have fun and drive a positive change.

As of January 1, 2023, the company had approximately 226,800 members (including approximately 162,000 Soho House members) who engage with it through its global portfolio of 40 Soho Houses, 9 Soho Works, Scorpios Beach Club in Mykonos, Soho Home, its interiors and lifestyle retail brand, and its digital channels. The Ned hotels in London, New York and Doha and the LINE and Saguaro hotels in North America also form part of the company’s wider portfolio.

Segments

The company operates through United Kingdom; North America; Europe and Rest of the World (ROW); and All Other segments.

United Kingdom

This segment encompasses operating units in the United Kingdom (U.K.), including its thirteen Soho Houses in and around London; two townhouses encompassing bedrooms and public restaurants, five stand-alone restaurants and four apartments; Soho Friends – the U.K. membership fees; and the management fees under a hotel management contract for the operation of the Ned London.

North America

This segment encompasses operating units in North America, including its twelve United States (U.S.) Houses, the company’s Toronto (Canada) House, which is a joint venture entity, and the management fees from Soho Beach House Canouan; four stand-alone U.S. restaurants and the Willows Inn in Palm Springs, California; Soho Friends – the U.S. membership fees; and the management fees under various hotel management contracts, including the operation of the LINE and Saguaro Hotels, and the Ned NoMad in New York.

Europe and Rest of the World (ROW)

This segment encompasses operating units in continental Europe and RoW, consisted of Eleven Houses in Europe, including Soho House Barcelona and Little Beach House Barcelona, which are joint venture entities, and Soho House Istanbul which is under a management agreement; Soho House Hong Kong and the management fees from Soho House Mumbai; the company’s majority interest in Scorpios Beach Club Mykonos; Soho Friends – Europe and RoW membership fees; and the management fees under a hotel management contract for the operation of the Ned Doha in Qatar.

All Other

This segment includes its Soho Home retail offerings; cowshed products and spa services outside of the company’s Soho Houses; its Cities Without Houses membership; its Soho Works clubs; and Soho House Design which provides the design of its Houses, properties and other units.

Membership Platform

All of the company’s memberships have been built to enrich the lives of their members, as well as expand its membership offering to a broader audience.

Soho House

Soho House remains at the core of the company’s membership platform by creating a foundation upon which additional membership businesses can be built and scaled. While the company’s physical Houses provide its foundation, the people inside them are the soul of Soho House. As a membership founded for the creative industries, the company is proud to have championed members who have gone on to shape its cultural landscape as world class writers, artists, performers, directors, founders, designers, and producers – all reflecting the spirit and energy of Soho House.

The membership of each House is assembled by a select committee of influential creatives and innovators that represent the local area in which the membership is founded. The company’s members actively engage in creating the culture of each House, helping to shape and localize it by participating in member events and contributing to editorial and digital content. With a new U.S. Every House annual membership fee, providing access to all of the company’s Houses globally, its membership offering provides compelling value to its members that increases as it adds new Houses and more members to its global community. The company’s Houses attract members from every demographic, with members from ‘Generation Z’ (26 years old and younger) and ‘Millennials’(27- to 42-year-olds) constituting the fastest-growing cohorts.

The company created the following types of membership under Soho House to reach a broader audience and enhance the experience of its existing members:

Cities Without Houses: In 2017, the company introduced a new type of Soho House membership known as Cities Without Houses (CWH), which opens up the Soho House membership to people who live in cities where it does not yet have a physical House. This membership allows the company to welcome members to its global community in new geographies, generates additional revenues on its existing base of Houses and provides intelligence for future growth, which the company has employed to open new Houses in certain locations, including Nashville, the U.S. (February 2022), Brighton, the U.K. (March 2022) Copenhagen, Denmark (July 2022) and Stockholm, Sweden (December 2022). As of January 1, 2023, the company had 6,800 CWH members across 73 cities.

Soho Friends: There are a significant number of people who enjoy the Soho House way of living and who have already visited the company’s Houses as guests, stayed in its bedrooms, or visited its public restaurants and spas, but do not have a Soho House membership. To respond to this audience, the company launched Soho Friends in November 2020. The company offers access to physical spaces, including Soho House bedrooms, and screenings, with additional benefits from its restaurants, spas and online retail brands, although Soho Friends do not have full access to the company’s Houses. As of January 1, 2023, the company had 58,222 Soho Friends members.

Soho Home

Soho Home was created as a result of the consistent requests from the company’s members to recreate the look and feel of the Houses in their own homes. Soho Home is an interiors and lifestyle retail brand that offers handcrafted furniture, lighting, textiles, tableware and accessories mostly through ecommerce. Over the past few years, the company has transformed Soho Home into a high growth retail business. At the beginning of August 2022, the company merged its SOHO HOME+ membership into Soho Friends.

Soho Works

Soho Works provides its members with the space and resources to work alongside other like-minded individuals and businesses—facilitating connections and providing the tools to flourish. Aimed primarily at existing Soho House and Soho Friends members, Soho Works draws on the same design principles and membership ethos as Soho House, but is a space purposed entirely for work and creative collaboration.

Beginning with one location in London, the company has since opened eight additional sites in London, New York and Los Angeles over the last two years and as of January 1, 2023, the company had 6,633 Soho Works members. Soho Works membership rates vary by location and Soho House membership status.

Scorpios Beach Club

Set in a cove on the southern tip of Mykonos, Scorpios offers a one of a kind beach experience with a well-established globally recognized brand. With a restaurant, terraces and daybeds, and a distinctive wellness offering, Scorpios enriches the lives of its guests who are looking to escape from their daily lives. The Scorpios concept has significant potential to expand into additional locations as a key part of the company’s platform and it expects to open its second site in Tulum, Mexico in 2024.

The Ned

The Ned brand seeks to embody a ‘city within a city’ full-service destination, by playing host to multiple restaurants, bedrooms, a range of grooming services, spa, gym and a full-service members’ club. The membership offered by The Ned (Ned’s Club), including Ned’s Friends is aimed at a broader group of professional people. As of January 1, 2023, Ned’s Club London had approximately 3,000 members. In June 2022, The Ned NoMad in New York opened which covers 117,000 sq ft and includes a Ned’s Club, Cecconi's restaurant, as well as 167 bedrooms. As of January 1, 2023, The Ned NoMad had over 1,600 members. The Ned in Doha opened in November 2022, which as of January 1, 2023 had over 360 members. The Ned offers its members The Ned’s Club app, which allows members to make bookings, publish benefits, events and club related information. The company receives management fees under hotel management contracts for each of the operations of The Ned sites.

The LINE

On June 22, 2021, the company acquired the operating agreements relating to the ‘The LINE’ and ‘Saguaro’ hotels. The hotels that are operational are located in Los Angeles, Washington, Austin, Palm Springs, and San Francisco (opened September 2022), and among them offer a variety of food and beverage offerings together with approximately 1,500 hotel rooms. The company receives management fees under hotel management contract for the operation of these hotels. The transaction has broadened the company’s geographic reach in North America.

Seasonality

The company’s revenue fluctuates quarterly. Fourth quarter (year ended January 1, 2023) revenue benefits from holiday season spending while first quarter revenue is affected by colder weather impacting tourism to some of the company’s major markets and a general reduction in in-house expenditures by members in January following the end of the holiday season.

Intellectual Property

The company’s portfolio of brand offerings, including Soho House, Soho Works, Scorpios, The Ned, the LINE and Saguaro, Cowshed, Soho House Design, Soho Home and Cecconi’s, and the digital platform that supports these are very important to it. As of February 22, 2023, the company owned approximately 84 registered U.S. trademarks, 13 pending U.S. trademark applications, 544 registered non-U.S. trademarks and 54 pending non-U.S. trademark applications. As of February 22, 2023, the company owned approximately 709 U.S. and international registered domain names, including www.sohohouse.com and www.membershipcollectivegroup.com.

History

The company was founded in 1995. It was incorporated in 2021. The company was formerly known as Membership Collective Group Inc. and changed its name to Soho House & Co Inc. in March 2023.