After the Stephen Ross controversy, workers at Equinox and SoulCycle have an unusual amount of leverage in a profitable business. They should use it, writes jbarro
Protesters outside an Equinox gym in West Hollywood. Photo: Robyn Beck/AFP/Getty Images After Stephen Ross, a key investor in Equinox and SoulCycle, outraged many customers by hosting a high-dollar fundraiser for President Donald Trump at his Hamptons home earlier this month, the companies have leaned heavily on their employees to urge customers to stay loyal. The message has been: Ross isn’t the face of the company, we are.
The workers are the most important allies Ross and his partners have right now. Only they can protect the brands, soothe displeased customers and retain business — by centering themselves, instead of him.Because the companies are private, we don’t have current details on the financial conditions of Equinox and SoulCycle. But back in 2015, SoulCycle filed documents in preparation for an initial public offering, which showed a healthy pre-tax profit margin of 23 percent.
Of course, to the extent that Ross’s choice to host the fundraiser has made it harder to sell memberships and personal training and $42 Hamptons spin classes, that may give the company an opportunity to plead poverty and say it can’t afford to pay more right now. But that gets at another benefit of unionization: A union, even an organizing campaign for a union, could serve as a vehicle to strengthen the bond between the workers and their customers and therefore increase sales.
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