Welcome to our dedicated page for MCG news (Ticker: MCG), a resource for investors and traders seeking the latest updates and insights on MCG stock.
Membership Collective Group (MCG) operates a global network of private membership venues and digital platforms, renowned for pioneering the fusion of luxury hospitality with creative community building. This news hub provides investors and industry observers with direct access to MCG's official communications and market developments.
Our curated collection features earnings announcements, new venue openings, and strategic partnership updates directly from MCG leadership. Track the company's expansion across hospitality, coworking spaces like Soho Works, and lifestyle offerings including Soho Home retail.
Key updates cover membership growth metrics, digital platform enhancements, and sustainability initiatives within MCG's global operations. Bookmark this page for real-time insights into how the company maintains its position as the world's largest private membership network.
On March 20, 2023, Membership Collective Group began trading on the NYSE as Soho House & Co Inc. (ticker: SHCO). This rebranding emphasizes the company’s global membership business and its various hospitality and lifestyle brands, including The Ned, Soho Home, and Soho Works. CEO Andrew Carnie stated that the name change reflects the brand's heritage created by Nick Jones over 28 years. Soho House & Co Inc. aims to connect diverse and creative members through unique physical and digital spaces worldwide.
Membership Collective Group Inc. (NYSE: MCG) reported strong financial results for Q4 2022 and fiscal year 2022. Total revenues rose to $270.4 million, a 46.5% increase year-over-year, while membership revenues reached $77.1 million, also up 46.4%. The total member count grew to 226,830, with Soho House members increasing to 161,975. Adjusted EBITDA for Q4 surged to $23.2 million, reflecting a significant operational improvement. However, the company reported a net loss of $220.6 million for the fiscal year. MCG announced plans to rename itself to Soho House & Co., reinforcing its brand identity.
Membership Collective Group (MCG) will release its full year and fourth quarter 2022 financial results on March 8, 2023. A conference call and live webcast discussing these results will be held on the same day at 9:00 am ET / 2:00 pm GMT. Interested parties can access the live broadcast on MCG’s website at www.membershipcollectivegroup.com. Conference call access numbers are provided for both the USA and UK. A replay of the call will be available on MCG's website for up to 90 days.
Membership Collective Group (MCG) announced a significant leadership transition as CEO Nick Jones steps down to assume a founder role, following his recent health recovery. Andrew Carnie, previously President, will take over as CEO. Nick has been pivotal in expanding Soho House from a single location in London to a global platform with 38 locations and over 211,000 members. The leadership change aims to strengthen long-term strategy and member experience while continuing to leverage Nick’s design expertise.
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