Fabletics has a simple pitch: premium leggings without the premium price tag.
The activewear brand, co-founded by Kate Hudson in 2013, is now betting that message travels well beyond the US.
Fabletics already operates more than 135 stores globally. New international markets include India, Mexico, Peru, Colombia, and the United Arab Emirates.
"We're very, very focused on growing the business," CEO Adam Goldenberg said. "At some point we will expand into China, but we're not doing it yet."
"It can be a very challenging market," he said, pointing to weak consumer spending there.
Nike's recent numbers show why. The shoemaker's China sales fell 17% year-over-year last quarter, and it ended online partnerships with major distributors in the region. Abercrombie & Fitch is reportedly exploring selling a stake in its China business or finding local partners, according to Bloomberg.
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Fabletics' momentum is not hard to spot. Revenue grew more than 14% in 2024, then more than 18% in 2025. So far this year, sales are up more than 20%. Annual revenue topped $1 billion for the first time last year.
The core of the model is a VIP membership. In the US, members pay $69.95 per month, which turns into store credit. In return, they get 20% to 50% off regular prices. The company counts over 3 million active customers, with about 2.7 million in the VIP program.
The math works because the brand keeps costs down. "The world's greatest legging shouldn't cost $100," Goldenberg said, describing the goal as "delivering superior fashion quality and trying to do it at a very affordable price point."
Khloé Kardashian and Kevin Hart have both appeared in Fabletics campaigns.
The company has grown steadily since its founding in 2013, leveraging its membership model to build a loyal customer base while expanding its physical footprint. That combination has helped it compete in a crowded activewear market.
Most of the growth ahead will stay close to home. Goldenberg said over 90% of expected growth will come from the US, though international sales are set to become a bigger part of the five-year plan.
The international stores will start without the VIP membership model, though the company may adapt it later. That suggests Fabletics is testing whether its brand alone can carry demand in new markets before layering on the subscription-style approach.
The bottom line: Fabletics is growing fast, and it is choosing its battles carefully. It is doubling down on markets where it already works while waiting out China's rough patch. For investors watching the activewear space, the question is whether that global expansion can keep the momentum going - and whether the company ever decides to go public. Goldenberg declined to comment on any potential IPO.
For now, the focus is on the stores, the memberships, and that $2 billion target. If the next five years look anything like the last few, the brand's biggest challenge may be keeping up with its own growth.
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