For 55 years, Weight Watchers' goal has been to help people lose weight. But with dieting losing its popularity, can Weight Watchers be more than just a dieting plan?
The company already had been inching closer toward becoming a lifestyle brand over the previous few years.
Executives are targeting $2 billion in annual revenue by the end of 2020. Last year, revenue reached $1.31 billion, up 12.2 percent from $1.16 billion in 2016. They want to add new members and improve retention to fuel the growth.Investors quickly soured in August when the company said the number of subscribers slipped to 4.5 million at the end of June from 4.6 million three months before. The company's shares fell nearly 15 percent.
"This is a universal challenge that people generally speaking are much more successful in achieving initial weight loss than maintaining weight loss," said Dr. Kevin Volpp, a professor of medicine at the University of Pennsylvania and director of the Center for Health Incentives and Behavioral Economics. "I think a lot of people get frustrated and move on to something else."
WW wants Schildt and its millions of other members to stay around this time. A key component of the company's new strategy is to become a lifetime health partner rather than a diet.Turnover can be costly to the business. WW has improved its member retention to "well over nine months," a 15 percent increase from three years ago, Chief Financial Officer Nicholas Hotchkin told analysts on a call discussing its second-quarter earnings results.
With WW's new tagline, "wellness that works" the company is pinning weight loss to overall health, not dress size. Grossman says WW will never abdicate its status as the leader in weight loss, but it wants to be more than that. Jean Nidetch founded Weight Watchers International in 1963. She wanted to combine community with nutrition to help people lose weight."In general, the weight-loss industry has gone toward a more holistic approach to weight loss," said Linda Bolton Weiser, an analyst at D.A. Davidson & Co. "My theory is this is positive for the industry because it gives women permission to spend money on a weight-loss brand.
Here at the Barclays Center in Brooklyn, executives were celebrating Weight Watchers' transformation into WW. The party was built for Instagram. Bruno Mars, the night's headliner, was the ideal person to celebrate a 55-year-old company trying to balance decades of history with its quest to attract newer, younger members.
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