The swanky private members club Soho House might have lived its best day.
According to The Guardian, the business lost £17.4 million ($21.4 million) in 2015, and £28.4 million ($34.9 million) the year before that.
Peter York, who wrote “The Official Sloane Ranger Handbook”, explained that oversupply has ruined the magic of the exclusive club.
“Soho House is a very efficient operation, but there is one at every turn now, and they have diluted their brand to, I think, their detriment,” York said to The Guardian. “I have been going to Soho House since it opened, and going there now it feels like it has lost something. There’s nothing special about it any more.”
Soho House was founded in 1995 as a single exclusive club in central London, aimed at people in the creative industries. Since then, venues have opened across the world. New York City has two locations, one in the Meatpacking District and one on the Lower East Side.
Membership though, appears to be booming — there are reportedly 30,500 people waiting to join the chain’s existing 50,460 members. [The Guardian]