Anatomy of BOLD
A fifty-minute studio that opened on rue Croix des Petits Champs in June 2026. From the street, a polished brand. Through the company register and its own terms, a carefully designed revenue model and an unusual corporate structure.
Two rooms, two classes, a deliberate focus
BOLD Louvre occupies an 1850 building at 22 rue Croix des Petits Champs, in Paris's 1st arrondissement, 340 metres from Louvre-Rivoli station. The studio opened on 29 June 2026. It offers two core formats.
BOLD RUN: fifty minutes alternating treadmill and floor work. BOLD TRAIN: fifty minutes of strength training with dumbbells and kettlebells, without barbells or machines. Both have hybrid versions inspired by Hyrox, alongside ninety-minute formats sold separately.
No spa, restaurant, coworking or open gym floor. Where many studios add formats to broaden their audience, BOLD concentrates on two disciplines. Around them sit hotel-style amenities: changing rooms, showers, toiletries, a Club House and interiors by Rudy Guénaire.
Establishment active from this date
Two classes, two rooms
Outside a subscription
Or one unlimited week
Fixed term, automatic renewal
Twenty-one months to open, ten and a half after site incorporation
The company register sets out two companies and two different starting points. The gap helps separate brand development from preparing a physical site.
Around twenty-one and a half months from the holding company's creation to opening. In the study's comparison of recent Paris openings, the overall lead times are similar. The interval after site-company incorporation varies.
| Operator | Company to opening | Site company to opening | Facilities |
|---|---|---|---|
| La Montgolfière Canal | ~24 months | ~17 months | 2,000 m², spa, restaurant, coworking |
| La Montgolfière Lamarck | — | ~15 months | 1,800 m², café, flexible offices |
| Rune | 22 months | ~13 months | 1,300 m², six spaces, restaurant |
| BOLD Louvre | 21.5 months | 10.5 months | Two rooms, changing rooms |
The study's reading: allow roughly two years from the initial decision to opening. A more extensive programme adds construction time, particularly wet areas, kitchens and additional floors. Company dates alone do not establish the actual start of construction.
A holding company above the first studio
There are two layers. ONJOY, incorporated in September 2024 with €1,000 in share capital and no employees reported, holds the trademarks and trading name. BOLD LOUVRE, the site operator, was incorporated eleven months later with €168,000 in share capital and is chaired by ONJOY.
The original research found no BODACC notice for a BOLD LOUVRE capital increase, business sale or registered pledge. It identifies the €168,000 as founding capital, paid in at incorporation.
The terms updated on 26 August 2026 instead state holding-company share capital of €1,233.90, while the register reviewed for the study still showed €1,000.
INFERRED · A possible holding-company funding round
The study interprets the change from €1,000 to €1,233.90 as a capital increase with a share premium. In that structure, only the nominal value of new shares enters registered share capital. Additional subscription proceeds sit in the share premium account.
The €233.90 increment represents 18.96% of post-increase nominal capital. The amount raised and the valuation cannot be calculated from this figure. The discrepancy between the two documents does not itself confirm a funding round.
The proposed reading is that investors entered at holding-company level, with funds then going into the site company. The €168,000 is consistent with a round amount allocated to the first location, but its origin and the timing of a lease signature remain unconfirmed.
This would differ from raising capital separately for each address. Site investors buy exposure to one operating location; holding-company investors buy exposure to the brand, application and potential future network. The study treats BOLD Louvre as the first expression of that network thesis.
Three signals support an expansion ambition: the site company is named after its Louvre neighbourhood; the booking platform places it within a “Paris” region; and the FAQ describes BOLD Louvre as the first studio, with further addresses to follow. These signals concern the intended network, not confirmed funding or openings.
Seven rules behind the revenue model
The FAQ and terms describe rules that look administrative in isolation. Together, they shape revenue per member and how the studio fills its limited capacity. These are the policies reported in the source edition, not a fresh review of current terms.
Unused sessions expire
Monthly subscription sessions do not carry over. A member who pays for eight sessions and attends five still pays for eight. The unused credits produce revenue without an additional attended session.
No-shows carry a charge
Cancelling more than twelve hours ahead restores the credit. Cancelling less than thirty minutes ahead costs €5. A no-show costs a subscriber €10; pack holders lose the session.
Six or twelve months
The source describes fixed-term subscriptions that cannot be cancelled before the end and renew automatically for the same duration. Pauses are only allowed as an exception at the studio's discretion.
Eight a month, or one a day
Two subscriptions: eight monthly sessions, or an unlimited plan capped at one session per day. The calendar places a ceiling on usage.
Bookings open Sunday at noon
The next fourteen days become available every Sunday at noon. One release time concentrates demand, creates a weekly routine and can reinforce perceived scarcity.
A capped waiting list
The waiting list runs until one hour before the class, with a maximum number of people in the queue. Its purpose is to refill places released by cancellations.
Two ways to try the studio
Three sessions for €70, valid for one month, or one unlimited week. The week is personal and available once. Two offers for different types of prospective member.
These rules leave the headline price unchanged. They can increase realised revenue per place or help fill classes. With two rooms and a finite timetable, capacity management matters. The study has no operating data to measure the actual effect.
15,114 residents. 733.5 jobs per 100 employed residents.
Paris's 1st arrondissement had 15,114 residents in 2023, down from 2017. Across 1.83 km², that is roughly 8,260 residents per km², relatively low for Paris.
The study highlights a second INSEE figure: an employment concentration index of 733.5. That means 733.5 local jobs per 100 employed residents. Around 40% of local jobs are managerial or higher professional roles.
16,266 in 2017
A substantial daytime population
40.8% of local jobs
47.7% with five years of higher education, as reported in the source
The interpretation is that BOLD serves a working-day catchment. Fifty-minute classes, credits, two core formats and limited reasons to linger suit visits before work, at lunchtime or on the way home. Short visits are built into the product.
The source contrasts this with La Montgolfière: approximately 200,000 residents within a 1.5 km radius and a club designed for longer stays. BOLD sits in an arrondissement with 15,114 residents and a large daytime workforce. These figures use different geographic boundaries and are not directly comparable catchment counts.
The transferable lesson is that the catchment shapes the format before it shapes the price. Copying a format without checking local demand risks applying an answer to a different question.
Four lessons to carry forward
Build the brand before the site
The holding company came in September 2024, followed by four trademark filings and the site company eleven months later. The study argues for considering clothing and equipment categories before opening, so later merchandise is covered by the brand strategy.
The funding level defines the investment
Site-level funding gives investors exposure to one location and may require a new round for each opening. Holding-company funding offers exposure to a future network. The two approaches attract different investors and require different evidence.
Design the operating rules early
Credit expiry, absence charges, commitments, weekly booking releases and capped waiting lists shape the economics. The study's practical lesson is to design them before opening; changing them later affects existing customer expectations.
The digital layer is part of the offer
ONJOY's corporate purpose included software, mobile applications and digital training programmes from September 2024. The study reports an application available at opening, with speed, load and perceived-effort tracking, history and personalised recommendations. Its reading: at this price point, digital support is becoming an expected service.
What this analysis does not know
- Pack and subscription prices were not publicly visible to the original research. They were served in the booking area after account creation. Only the €29 single session and €70 introductory offer were established.
- The studio's floor area was not published. The format and building suggest a few hundred square metres, but that remains an estimate.
- The amount raised, valuation and any bank financing are unknown. No accounts had been filed; the first financial year ends on 31 December 2026.
- Actual occupancy, absence rates and retention of the first member cohorts cannot be observed from outside. Those figures would show whether the mechanics described here work.