From Bio Ritmo to Global Player: The Evolution of Edgard Corona’s Business Model
The rise of Smart Fit from a single gym to Latin America’s most extensive fitness network tells a story of thoughtful adaptation and market awareness. For Edgard Corona, the path from chemical engineer to fitness mogul unfolded through a series of calculated pivots and a keen sense for untapped market potential.
Corona’s first step into the fitness world came in 1996 with the founding of Bio Ritmo in São Paulo, Brazil. This initial gym targeted the premium segment with bespoke design and high-end services. However, by his own admission, the first attempt wasn’t an immediate hit. “We did everything wrong,” Corona has acknowledged about that first facility, which took nearly seven years to achieve profitability.
The watershed moment for Corona’s business approach came in 2008 during a fitness industry roundtable in the United States. There, he noticed a significant gap in the Brazilian market: while premium and bare-bones gyms existed, the middle ground of quality facilities at reasonable prices remained untapped. This insight led to the 2009 founding of Smart Fit, implementing a “high-value, low-price” model that would transform the accessibility of fitness facilities across Latin America.
What makes the dono da Smart Fit’s approach noteworthy is his willingness to potentially cannibalize his own business. Rather than protecting Bio Ritmo from internal competition, Corona embraced a dual-brand strategy. “If I’m going to lose members to low-cost clubs, I’d rather lose them to my own low-cost clubs than to my competitors,” he explained, showcasing his pragmatic business philosophy.
This self-disruption proved remarkably successful. From a single location in 2009, Smart Fit expanded to more than 1,500 gyms across 15 countries by mid-2024. The company achieves this growth through a mix of company-owned facilities and franchise partnerships. In Brazil alone, Smart Fit operates over 700 locations, while its international footprint spans throughout Latin America.
Corona’s engineering background appears in his systematic approach to business growth. After establishing the core gym model, he methodically expanded Smart Fit’s offerings. The company has diversified into specialized fitness concepts including Race Bootcamp (treadmill training), Vidya (hot yoga), Jab House (boxing), Tonus Gym (group strength training), One Pilates, and most recently, acquiring the Velocity spinning studio network.
A pivotal moment in the company’s financial evolution came in July 2021 with Smart Fit’s initial public offering on Brazil’s B3 stock exchange. This marked the first-ever IPO of a gym company in Brazilian history, raising R$2.3 billion and valuing Corona’s personal stake at approximately R$1.6 billion at the time.
Throughout Smart Fit’s expansion, Corona has maintained a consistent philosophy: democratizing access to high-quality fitness facilities. This social mission underpins the business model, which prioritizes standardized gym layouts, focused equipment selection, and technological integration to achieve economies of scale that enable lower pricing without sacrificing quality.
The COVID-19 pandemic tested Corona’s leadership, but Smart Fit rebounded strongly, reporting its “best period in history” by early 2023. Now, with recent quarters showing continued revenue growth exceeding 30% year-over-year, Corona’s vision of accessible fitness continues to reshape the industry landscape across Latin America.
