NANYANG ASIACASE.COM TECHNOLOGICAL THE ASIAN BUSINESS CASE CENTRE UNIVERSITY Nanyang Business School ‘SPACE & LIGHT STUDIOS: COST-VOLUME-PROFIT HOP No. NTUOBO ANALYSIS AND THE BUSINESS OF YOGA Prubieeiion i BGG: caia-D0e Print Copy Version: 8 Apr 2014 Chua Wei Hwa, Koh Wei Chern and Wee Beng Geok As yoga grew in popularity in Singapore, there were many new yoga studios set up in attempts to tap into this growing service industry. Space & Light Studios Pte Lid was one of them. A small and medium enterprise set up in December 2012, it differentiated itself by offering yoga classes that emphasised on the optimal alignment of the body. This case study explores the entrepreneurial journey of the owners of Space & Light Studios and examines the viability of this yoga business utilising Cost-Volume-Profit analysis ~a management accounting tool. Assistant Professor Chua Wei Hwa, Assistant Professor Koh Wei Chem and Dr Wee Beng Geok prepared ths case. itis ‘based on interviews and public sources. Priya Subremanian provided research support and assistance in writing this case. ‘As the case is no intended to sstrate either effective or ineectve practices or palcias, the information presented reflects (he authors interpretation of events and serves moroly to provide opportunites for classroom elscussions. ‘COPYRIGHT © 2014 Nanyang Technological Unversiy, Singapore. All sghs reserved. No part ofthis publication may be ‘Copied, stored, transmitted, altered, reproduced o- disirbutedin any form or medium whatsoover without te writen consent ‘of Nanyang Technological University For copies, please write to The Asian Business Caso Centre, Nanyang Business School, Nanyang Technological University. Nanyang Avenue, Singapore 638798 Phone: +65-6790-4864/5706, Fax: +€5.87S1-6207, E-mail: asiacasocentra@atu ecu.s9Page 2 ‘ABCE-2014-002 {tis our wish that the transformational practice of yoga will help people find contentment, happiness and peace and in this way contribute to the well-being ofthis planet. May our shared humanity encourage us to open our hearts to live ‘mindful, love deeply and shine brightly so nat together we wil ight up the world. Lynn and Sumei INTRODUCTION In December 2012, two ‘Anusara-Inspired’ yoga teachers, Lyan Yeo and Sumei Shum, (Ook over the yoga business segment of Verita. At that time, Verita was a Singapore-based health and wellness centre that offered services ranging from health and nutrition consultations, and health assessments, tospa services and fitness classes, The duo incorporated an equally ‘owned limited exempt private company, and named their new yoga business ~ Space & Light Studios Pte Lid (SLS). With @ vision to promote and share the practice of yoga with as many as possible, the two partners focused on both retaining and expanding the studio's yoga clientele. in addition, they believed that this would be the key to ensuring @ sustainable business in the long run, By May 2013, six months after taking over the yoga business, Lynn and Sumei had experienced the challenges of running @ business and made cifficut ‘choices. Central to the issues they faced was how to minimise costs while maximising revenue. They needed to find ways to maximise the studio space they had rented from Vert, negotiate shared services ‘and faciitios with Verita, and manage their team of, ASIACASE.COM yoga instructors. At the same time, to be viable, they hnad to be able to balance managing the costs oftheir ‘operations and pricing their yoga classos competitively. This was essential to retaining and attracting new ‘students, while becoming profitable. ‘THE YOGA SCENE IN SINGAPORE In 2008, the yoga industry in Singapore was reported tobe worth $815 milion to S$25 milion a year?In the first decado of tho 21st century, yoga gained traction in Singapore, rising from the 19" most popular sport in 2004 to the 13" most popular in 2011.* According to a 2011 Singapore Sports Council survey, there were approximately 37,000 regular yoga practitioners (those who practised yoge at least once a week), 85% ‘of whom were females, making yoga the 8” most popular sporting activity among women in Singapore that year Wellattended mass yoga ovonts were also testament to the increasing popularity of yoga. The first large mass yoga event, Yogamania, was held in 2009 and featured the opportunity to do yoga on the Singapore Flyer liself?” In the same year, another mass yoga event - Yoga by the Sea, 2 women-only ‘outdoor mass yoga workout event, eamed an entry in the Singapore Book of Records for 2,088 participants, doing yoga together By 2012, Yoga by the Sea had 2,700 participants.’ ‘The growing popularity of yoga had been associated by ‘some to be due toan increasing interest in maintaining a healthy worklfe balance. By the beginning of the 2tst century, yoga, an ancient Indian practice that incorporated breathing techniques, physical exercise ‘and meditation, had spread beyond its birthplace to become a popular ‘mind-body’ practice in many countries across the world, To many yoga enthusiasts, 1 Space & Lit Yous. Anuser yous Singepore, Lynn Sumel, Space & Light Yoga. Revioved tober 25,2073 rom hitpunwww space: andlighyogs.com 2 Yong, 0: (2008, November 30). Yoga practises here i seca, say instructs. Tho Swale Tinos 55 Singapore Spars Counc (2008, March 22), Sports Copoale- Mere Singaporoans Paripangin Spars Retieved May 20,2013. from psf. 90K opublah/Corpratefeninewsimeda_euaves/2006 mada, rleasesore, Segaporeers_Pariopating n_ Spars, amt 4 Slagapore Sports Cou (2011). National Spas Parjpaton Survey, 5 iat 5 The Singapore Fiyeris a Fens whoo in Singapore, which in 2013 stood asthe largest Fetis wheat inthe works, Ala ight of 165 ‘motos, i165 motes tae than tha Star of Nanchang and 30 metres ales than te London Eye, 17 Aiptonso, J. (2008, Match 18). Chance of righ wib yora ths Al. My Paper. 8 Yoga by the Soa sels record fer most partcpants. (2008, October. Channel NewsAsia, 8 Yourhesth (2012, October 3} ActaOne. Rowaved Jy 18,2073 ren Nip: iyorheats asiaone,comicontent/singnporee-argee yo9e ecord-unoulASIACASE.COM Page 3 HE ASUNBaNEES CECE the practice promoted the maintenance of 2 good physical form as well as the cultivation of a healthy mind." Furthermore, anecdotal evidence suggested that yoga could correct physical misalignments like scoliosis!" and helped in the management of lower baok pain." Ina census of sport faciities conducted by Singapore ‘Sports Council in 2010/2011, there were 336 yoga studios in Singapore. These yoga studios varied in the size of their operations. In 2013, Pure Yoga, one of the larger studios in Singapore, had two locations. {ts location in Singapore's central business district twas 11,000 square feet (sq ft). it had four studios for group classes and one personal training studio. The other Pure Yoga location, in the heart of Singapore's shopping district, was 16,000 sq ft. It had five studios ‘and offered over 160 classes per week. At that time, Pure Yoga also had establishments in Hong Kong. Taipei and New York. in 2043, customers of Pure Yoga paid an average of $196 per month (depending ‘on tenure of membership) for uniimited classes in the month.* True Yoga was another big player in the yoga industry in Singapore and had a very similar set up to Pure Yoga, In 2013, True Yoga’s location in Singapore's ‘central business district was 21,000 sq ft It had nine studios (a mix of group and personal training classes) and offered over 200 classes weekiy.”* True Yoga's branch in Singapore's central shopping district was 19,000 sq ft and had seven studios, which offered over 200 classes weekly. True Yoga’s customers paid (i) a onetime ‘drop-in’ rate of $44.90: (i) $35 {o $40 per ciass (depending on number of classes bought) for ciass packages; or (il) $160 to $190 per month (depending on tenure of membership) for tuntimited classes in the month.” Both Pure and True Yoga offered a large variety of yoga classes such as 10 US. Navoratinsttues of ith. (2013, June) Yogator Heath ‘ABCC-20%4-002 Ashtanga yoga, Hatha yoga, Hot yoga, Yin yoga and Yoga Therapy, just to name a few. {In contrast, an example of a boutique yoga studio in close physical proximity to SLS, was COMO. ‘Shambhala (COMO). In 2013, COMO offered yoga and pilates! classes, naturopathy and massage therapy, it occupied 7,000 sq ft in a shopping mall right on the Iringe of Singapore's central shopping district. The ‘space housed four yoga studios, two private pilates training studios, one group pilates reformer studio, one Gyrotonic studio, three massage and treatment rooms, and a retail space. COMO offered over 60 group yoga classes weekly and charged customers (i) a ‘rap-in’ rate of $40; (i) $25 to $35 per class (depending on ‘umber of classes bought) for ciass packages; or (ii) $350 to $400 per month (depending on tenure ‘of membership) for uniimited yoga and pilates group classes (packaged with naturopathy consultations, ‘massage therapy sessions and complimentary private pilates sessions). COMO offered a smaller variely of ‘yoge classes such as Hatha yoga, lyengar yoga and Pre- and PostNatal yoga." Another example of a relatively smaller yoga studio was Yoga Movement (YM). In 2013, YM was set up in two locations on the fringe of Singapore's central business distict, one of which was 2,500 sq ft and the other was 3,500 sq ft. Altogether, YM had four yoga studios for group classes and offered almost 100 group classes a week. The studio offered generic hot and non-hot yoga classes, Thelr pricing reflected the studio's no-its philosophy. In 2013, YM charged customers a $25 one-time ‘drop-in’ rate, $17.50 per class for a block of 20 classes, and $19 per class for, « block of 10 classes. However, there were additional charges for rental of towels and purchase of drinking water fonal Cente for Cmplemontary an Atematve Modine. Rotioved ‘Ouiober 26, 2013, kor ntplnecam.ih goumealtyogalneoducton him 11 Yoge helped fiche spine. (2008, July 27). Tho Stats Teres. {2 Forest, Ana. Flere medino” Breakthrough precices fo heal ho body and ont the eprt. (2011), Harper Coline Pubishers 18 U.S. Natona instzes of eat (2013, June). Yoga for Heath, National Cente for Complementary and Ateralve Meine, Ratioves (Oslaber 26,2013, rom hep eccan nh gontealtuyogatinreductin tim 14 Pure Yogs Singapore. (2013) Rovioved October 31,2013, rom Ntpvnmupure-yoga.cmlenslageporel 15 Phone taison wih Pure Yoge's custome serve offem (2013. Ap 18). {6 Tue Yoga Singapore. (2013), Retleved Ocaboe 31,2073, fom hep:www.rueyoga.comsghome 17 Phone taison wih Te Yogn’s customer sores ef. (2019, Apa 0), 1 Plates sa body condiiorang routine that lps tte Nonilty and muss aengt, 19 COMO Siiinbhsla, (2019). Yoga Singapore: Offa ste COMO Shambhala Uiban Escape Singspore. Ratieved Noverber 1, 2013, from nup:vwvoomoshamahala.comsingepare 20 Yoga is tne Movement. (2012). Youa movement Reteved November 5, 2013, om hipslyegamovement.com.3g!Page 4 ‘ABCG-2014-002 ‘THE SPACE & LIGHT STORY Lynn and Sumei's yoga journey started with Ashtanga ‘yoga, in 2001 and 2003 respectively; when Lynn was.a practising ophthalmologist and Sumei was.a corporate lawyer. In 2005, they discovered Anusara yoga. This form of yoga emphasised optimal alignment ofthe body (based on scientific principles of biomechanics} in yooa ‘poses, and also expiored the connection between yoga 288 a physical form of exercise and the philosophical aspects of its practice. Anusara yoga’s philosophy is uplifting and classes typicslly emphasised the ‘celebration of the heart?" As strong believers thal an emphasis on optimal body alignment in yoge would promote safe practice and prevent injuries, Lyan and Sumet started formally Utaining to be ‘Anusara-Inspired yoga teachers in 2009. ‘They discovered that there were limited opportunities. tolearn Anusara yoga in Singapore and decided to set up an events management company - Space & Light Yoga LLP to organise Anusara yoga workshops. Their events management company brought acclaimed yooa teachers from abroad to Singapore to conduct Anusara yoga training workshops. Meanie, Lynn and Sumei hhad also started teaching yoga to thelr friends and family. Through the many informal classes they were holding, word about their yoga events spread among yoga enthusiasts in Singapore. In April 2010, a friend introduced them to the owner of \Verita who was interested to feature yoga classes as part of his wellness centre. By September 2010, Lynn and Sumel had slarted teaching “Anusara-Inspired’ yoga classes in the then newly opened Verita, The holistic health and wellness centre was located in a complex made up of old colonial-siyle buildings, which was formerly a government ministry's office complex. Situated on the outskits of Singapore's central district, Veita offered a lush green and serene: environment where its customers could practice yoga in studios with open windows and fresh air. In _aduition to yoga, Verta also offered Pilates classes, spa services, corporate health retreats, educational ASIAC.ASE.COM workshops and seminars. There were also nutritional counseling and naturopathic consultations as well as, 4 café that served healthy meal options. The goal was fo provide science-based alternative methods that were complementary to conventional medical treatment programmes. In July 2012, when Verita’s yoga manager left for another job opportunity, Lynn and Sumei were asked to take over the vacant role temporary. In the months that followed and after discussions with Verita’s owner, the idea of them taking over the yoga segment of the wellness centre's business took shape. As personal believers of a healthy and holistic lifestyle, Lynn and ‘Sumei were excited at the prospact of owning and running the yoga studio at Verita THE TAKEOVER Lynn and Sumei officially took over the yoga business. ‘on f December 2012. Instead of paying Verita a lump ‘sum fo “buy over" its yoga business, SLS took on the liability of honouring all existing yoga cllent packages that remained untulfiled as of that date. There were more than 70 clients who had purchased one-year unlimited class packages at a promotional price offered by Verita and these packages had varying outstanding tenures. In addition, there were over 100 clients with fully psid, but unfulfilled classes, with varying time validity (ime validity fasted no more than a year). SLS rented a 1,900 sq ft space within the Verita building. At that time, the minimum monthly rent for a ‘commercial space in Verita’s vicinity in Singapore was $1.62 per square foot. The median rent was $5.89 per square foot and the maximum rent was $19.06 per square foot.* Initial costs outlay for SLS included @ refundable security deposit amounting to 3 months rent, paid to Verita. The lease agreement would end in August 2014, with an option to renew for another 3 to 5 years. SLS also paid a monthly fee of $3,500 10 \Vorita for the use of shared facilities and administrative services. Such faciities included SLS yoga clients' use (of shower and towel facilities in Verita, Furthermore, 21 rind, J. (2005) Anusera® Yoga Teacher Tisning Manual. (120 ed). Anusara Press 22 Office Space sump? 2 stale-ouned sts pu in song bid (2008 hy 1). The Stats Times. 23 Venta. (2013). Vota Personalised integrated Hoa, Retneved Agus 1.2013, rom hia wn.verta.cam 29 24 Figures were obtained fiom Reals Real Estat information System for canmaral xoperies a Singapore's central reson rom Jan 2013 fo Jun 2013, Reals was provided bythe Urben Radevolopmiont Azhody of Sngopore, Singapore's lad use planing and com ‘servation autor.ASIAC ASE.COM Page 5 \Verita's front desk receptionists handled some parts of SLS's misceltaneous administrative matters (for ‘example, signing clients in for yoga classes). SLS also paid Verita for use of the ‘Sait Cave" for conducting salt stretch classes at a graduated rate based on headcount. There was also discussion on revenue sharing between Verita and SLS when SLS's business bila minimum profit threshold Lynn and Sumei spent an additional $10,000 to build a partition to divide the studio into two smaller spaces of approximately 1,100 sq ft and 800 sq ft. They named the larger room, Space studio, and the smaller ‘one, Light studio. This division would enable them to increase the number of class offerings. THE SLS YOGA BUSINESS Lyna and Sumei continued to be the primary yoga teachers at SLS subsequent to the takeover. They ‘continued to teach ‘Anusara-Inspired’ yoga classes. While not all the teachers at SLS were ‘Anusara Inspired, all yoga classes at SLS were focused on proper physical alignment in yoga poses, Lynn and ‘Sumei maintained a team of teachers thal shared this teaching philosophy. In 2073, there were three main categories of yoga classes offered at SLS — (i) group classes, (i) lasses conducted in the ‘Salt-Cave' (these ‘were semi-private classes); and (ii) private classes. Group yoga classes were the predominantly offered type, and there were about 40 group yoga classes a ‘week held in the Space studio and the Light studio (See Exhibit 1 - Space & Light Studios ~ Generic Weekly Group Class Schedule). SLS clients could choose to pay a ‘drop-in’ rate when they attended a class, buy a fixed number of classes with varying time valiity, or ‘buy an unlimited number of classes for a fixed period of ime. (See Exhibit 2—Space & Light Studios - Yoga Price List in 2013). Salt stretch classes were conducted in a ‘Salt Cave" within Verta. At that time, Verita offered halatherapy as part of its spa facilities. The ‘Sat Cave’ was an enclosed room where fine particles of therapeutic- grade pure salt were dispersed into the air by a ‘nebuliser. The belief was that salthad anti-bacterial and ant-inflammatory properties, which could accelerate 25 Figures have been adjusted for lass scussion ‘ABCG-2014-002, ‘wound-healing. Hence, inhaling sait particles could clear the respiratory tract and break down mucous. In addition, the anti-inflammatory qualities of salt could also possibly repair and regenerate tissue in skin conditions. Therefore, holding yoga classes in the ‘Salt Cave" had the added beneft of halotherapy. “These sait stretch classes required prior appointment and a minimum of two clients. There was also a limit Of five clients maximum in the class. For each salt stretch class, SLS would pay Verita a minimum of $30 for rental of the ‘Salt Cave’; and a maximum of $45, depending on the headcount. For clients who preferred more individual attention or required therapy for injuries, SLS offered the option of private yoga classes. These classes required prior appointment and clients had the choice of one-on-one sessions or arranging to take these classes with a Partner. (See Exhibit2 ~ Space & Light Studios ~ Yoga Price List in 2018). In the month of May 2013, SLS had 250 clients attending the group yoga classes, The average revenue that SLS earned each lime a client visited a ‘group class steadily increased from December 2012 0 ‘May 2013. In the first two months, the average revenue ‘per client visit was $10. In the subsequent two months, this number had grown to $15. By Apriland May 2013, the average revenue per client visit was $21. In the ‘same six months, the average revenue per client visit to a private and salt stretch ciass was $130 and $70 respectively. (See Exhibit 3 ~ Number of Group, Private & Salt Stretch Classes Conducted Monthly in 2013 and Exhibit 4 ~ Monthly Number of Client Visits for Group, Private & Salt Stretch Classes in 2013), {In addition to regularly scheduled classes, internal workshops were also held from time to time. Some ‘examples of such intemal workshops were foundation yoga for beginners, yoga for back pain, and yoge for athletes. Pricing for these workshops varied. From lime to time, group yoga classes were also specially organised for employees of corporate clients. External instructors could also ullise the yoga studios for a fee of $90 per hour for the Light studio and $160 per hour for the Space studio. Lynn and Sumei continued to organise workshops through their LLP outfit and held these workshops at the SLS studios,Pages ABCC 2014-002 SLS subsctibed to.a web-based business management software, MINDBODY (MB), developed for the health and weliness industry. In 2013, over 4,000 yoga studios worldwide utilised the MB software.”® The software cost SLS US$70 monthly, which included up to five administrator user accounts (regardless of the umber of client accounts set up). MB (i) allowed SLS. to keep records of their operations: (i) provided SLS a platform for managing and analysing client information that could be used for targeted marketing; and (i) provided SLS tools for officont staff and resource allocation. For instanco, gach time a cient attended a class, his or her cliont account would be updated, As such, through MB, SLS could send clients newsletters and aleris regarding expity oftheir class packages via email. Conversely, clients who wanted to Keep track of their class packages could jog into their MB client accounts. In adaition, MB gave SLS easy access to class attendance information, which facilitated ‘scheduling and resource allocation decision-making, When Lynn and Sumei took over the yoga business in December 2012, Verita had six part-time yoga teachers (including Lynn and Sumel) who were paid (on a per class basis. In the subsequent six months, SLS increased the number of yoga teachers to nine. Lynn and Sumei took the quality of theirteaching team serigusly. Teachers were selected based on factors ‘such as their training background, and whethor their ‘teaching philosophy placed an emphasis on optimal alignment of the body. Teachers in SLS were paid a flat rate per class, regardless of whether it was a ‘group class, salt stretch class or private yoga class, In the beginning of 2013, informal sources revealed that studios in Singapore paid the yoga teachers they employed a range of $35 to $150 fora class that lasted 60 to 90 minutes. At that time, the average rate for yoga teachers was known to be arcund $60 per class, Inthe case of internal workshops conducted by SLS's house yoga teachers, there were varied revenue sharing arrangements. ASIAG ASE.COM ‘CURRENT ISSUES AND CHALLENGES, InMay 2013, Lynn and Sumei assessed thal SLS was, ‘unning at only 30% to 40% of capacity. This meant that they had to (retain Verita’s clents who had unfulfilled class packages at the point of thelr takeover. beyond these clients’ existing commitmants to the studio; and (i) reach out to broader client segments and attract new clients, When SLS took over, Veita's yoga clients were mostly females in their 305 and 40s. Due to Verit’s unique location, which was off the main road, many ofits Glentele drove cars. Furthermore, the tree parking ‘spaces in the complex offered an adlitonal incentive for these clients. While the location of Verita (and correspondingly SLS), with its tush surroundings was a strong selling point; it also unfortunately rendered Verta less accessibie to those who did not own cars. In an attempt to increase cient trafic flow and accessibility, Verta sterted a shuttle bus service in ‘Apri 2018 o shuttle cients to and from a nearby Mass Rapid Transit (Train) statin, SLS paid an addtional fee of $700 monty to Veria for their share of tis shuttle bus service. Fundamentally, the yoga classes were the core of SLS's business. A key factor in attracting new clients and retaining the existing cents was the quality of yoga classes offored at SLS, which invariably depended on having effective yoge instructors. Given the competitiveness of the yoga industry at that ime, one Of SLS's key challenges was retaining and attracting good yoga instructors. On the fip side, the demand for yoga teachers was a tkely factor contributing to the prevalence of youa teacher training programmes {including the Anusara workshops). The large number Of teacher trainee graduates available mado the selection of yoga teachers no easy task. 28 Yoga Studio Sofware: Scheduing, Membership & More. (2013) MinaGody Ong. Retieved ay 16,2013, om hipster mind bodyonlne comiyenaASIAC 3S©.COM Page 7 THEASUNBUSNESSCASE CENEHE On top of quality classes, of interest to SLS's clients was the scheduling of yoga classes. Firstly, SLS had to offer a comparable number of weekly group yoga classes to competitor studios. Secondly, different ‘segments of customers had diferent preferences in torms of the class timesiots. SLS had to balance the needs of the different customer segments. In order to address these concerns, Lynn and Sumei were ity of starting lunch time yoga Of relevance was also the variety of group yoga classes offered at SLS. To thal end, Lynn and Sumei considered promoting different styles of group classes tailored to more specific needs of different target customers (for e.g. offering gentle yoga classes to attract older customers), In an effort to attract new clients, Lynn and Sumel Considered working with DEAL.com.sg to increase the publi’s awareness of their studio and to encourage new cients fo try out yoga classes at SLS. At that time, Verita had offered a ‘groupon deal’ on groupon ‘com, which attracted 600 participants to try the Plates classes offered at Verita at a discounted rate. That presented an opportunity for Lynn and Sumeito cross- sell their yoga classes to other new Verita clients, Furthermore, the duo was actively exploring the use Of social media to promote SLS. For example, SLS utilised their Facebook page fo continually update clients of new class offerings and promotions. In an effort to generate alternative forms of revenue, SLS started dabbling in relail. They were selling a healthy food bar -‘Kindbar’. Moreover, they were in talks 10 retail Lululemon®” and other imported yoga apparel. The idea was that a retail comer that carried altractive merchandise would bring more customers to SLS and might entice them to join tho yoga classes, Utimatoly, a business would only be sustainable in the long run ifitcould generate sufficient revenue in excess of the fixed and variable costsit incurred. Firstly itwas ‘orucial that SLS priced their classes competitively with respect to other studios. Needless to say, the prices of yoga classes were important to current and potential ients. Secondly, Lynn and Sumei had to considor the costs of SLS's operations. However, given that SLS had positioned itself as a boutique yoga studio, it needed to invest sufficiently in the maintenance and improvement ofits service quality to be able to retain and attract new clients. 27 LuuieronAihieica was a pope international yous red atletc apparel company, based in Vancouverwoo'sorpmsiySapueaseds mmwyiscau WOH "6102 Le JaqWECEC paroutoN "SoIpNIg WBN ® soedS “s0InEg 5¢.COM THEASANBUSHESS CASE CENTRE ASIAS As esol wis “anno rent we tit RE sé vena tt aoa of 2109 sats 19504, Rea) 2) oe a weed] watt ete TEE wn ema = wins wis ws =e inset | ea aS — ee co ae ar Se : on ese ws aR = wna wes ag Pa * 2 ‘ance. 201a-007 Page 8 31NG3HOS SSV10 dNOwO ATHIAM ORANAD ~ SOIGNLS LHOIT ® BOWES + eIASIACASE.COM ‘Fie Aspro case Coen EXHIBIT 2 Page 9 ‘ABCC-2014-002 SPACE & LIGHT STUDIOS ~ YOGA PRICE LIST IN 2013 Package Price (88) | Price Per Glass (S$) Notes, Firsttime Wal 50% off Ist cass, 3 Single Class Regular 3 Fult-iene Student 6 12-class package “S.rmonth vatity 378 3150 ‘month valalty 398 3816 2avclass package Sonth vality 28 26.16 Ganonth validity 698 20.08) s2nonth valiity 28 34.50) 36-class package ‘Scmonth valiiy 368 2a ‘month vataty 1018) 26.27 Uniimited packages mont 38 284 {at 4 classes /wook) ‘months 858 20.42 {at 3 classes /wook) B months 1598) 19.02 (at 3 classes / week) ‘year 2.400 14.28 {at 3 class0s / Wook) Salt packages (booking ‘Win 2, Max 5 pax required) Single (69 min} 70 ‘Min 2, Max 5 pax 3-cia8s package (60 min) 205 68.5, Bemonth valty 5-etass package (60 ein) 330 66.00 ‘Semonth valety Private Yoga (One-on-one) 1 lass (60 min) 150 ‘iciass package (60 min) a5 135 2month vality 10-class package (60 min) 1250 125 3.month valety Private Yoga (Ouo) {1 elass (60 min) 130 Siparciess B-class package (60 min). 160 (430/pax) ‘Béipaxictess | 2-month valicity ‘TO-class package (60 min) | 1,540 (770 pax) Tripaxicass | S-month valisty ‘Source: Space & Light Studios Brochure, 2015.Page 10 ASIACASE.COM Beco 20TeH0e ‘peacnbionse Caoecaete EXHIBIT 3 NUMBER OF GROUP, PRIVATE & SALT STRETCH CLASSES CONDUCTED MONTHLY IN 2013" No. of Classes | Group | Private] Salt Dec 2012, 2 | 7 0 Jan 2013 a37_| 21 6 Feb 2013 13 [ts | 0 Mar 2013 143 | 33 4 ‘Apr 2013 135 | 10 1 May 2013 jos | 8 | 6 ‘Note: The figures have been adjusted by the Authors for teaching purposes. EXHIBIT 4 i MONTHLY NUMBER OF CLIENT VISITS FOR GROUP, PRIVATE & SALT STRETCH CLASSES IN 2013" Giient Visits [ Group | Private [Salt ' Dee 2072 ze 7 [0 i Jan2013 | 4,008] 31] 10 | Feb 2013 ov | | 0 I Mar 2019 ve [9 8 i (Apr 2099 oor [10 [2 I May2013 | 1048 | 18 [12 “Note: The fgures havo boon adjusted by the Authors for teachiag purposes.ASIACASE.COM rage ‘hc AeeRonton Case cone "ABCO-2014-002 EXHIBIT 5 SPACE & LIGHT STUDIOS ~ PHOTOS ‘Source: Lynn Yoo & Sumoi Shum, Space & Light Stusios, (2044), ‘Source: Lynn Yeo & Surel Shur, Space & Light Studios, (2014),Page 12 ASIACASE.COM ‘Aace-2014-002 The Asan ouanEeCARECENTRE EXHIBITS: (CONTINUED) ‘SPACE & LIGHT STUDIOS - PHOTOS. Source: Lynn Yeo & Sumei Shum, Space & Light Studios, (2014),