You’ve seen the photos. A rooftop pool in Shoreditch, a velvet-drenched drawing room in Manhattan, or maybe a rustic-chic farmhouse in the Cotswolds. For nearly three decades, Soho House and Co has been the ultimate shorthand for "I’ve made it—but in a cool way." It wasn't just about having a place to grab a drink; it was about belonging to a global tribe of "creative souls." If you weren't a filmmaker, an artist, or a media mogul, you probably weren't getting past the heavy front door.
But things are changing. Fast.
The company, now officially known under the umbrella of Membership Collective Group (MCG) on the New York Stock Exchange, is navigating a weirdly precarious moment. On one hand, people are desperate to get in; the waiting list is famously long, often hovering around 100,000 names. On the other hand, long-time members are complaining that the "vibe is off." They say the houses are too crowded, the service is slipping, and the "creative" requirement has been diluted by a sea of finance guys in Patagonia vests.
Nick Jones started this whole thing in 1995 above his French restaurant, Cafe Boheme, at 40 Greek Street. It was small. It was intimate. It was meant to be a refuge for people who hated traditional, stuffy gentlemen’s clubs. Fast forward to today, and Soho House and Co is a massive machine. We’re talking over 40 houses globally, a public listing, and a sprawling ecosystem that includes Soho Home, Soho Skin, and The Ned.
The Membership Dilemma: Growth vs. Soul
How do you stay cool while being a publicly traded company? Honestly, that’s the million-dollar question—or more accurately, the billion-dollar one. When you’re answerable to shareholders, "exclusivity" starts to look like a bottleneck for revenue. You need more members to pay the bills. But the more members you add, the less exclusive it feels.
It’s a classic Catch-22.
Current CEO Andrew Carnie has had to make some tough calls lately. In late 2023 and early 2024, the company actually stopped accepting new members in major hubs like London, New York, and Los Angeles. They had to. The houses were becoming so packed that you couldn't find a seat to work on your screenplay, let alone get a spicy margarita at 7:00 PM on a Thursday.
This "pause" was a rare admission that the brand might be overextending.
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The core of the Soho House and Co appeal was always the "Committees." These are groups of influential locals who vet every single applicant. If you don't have the right "creative" credentials, you're supposed to be out. Yet, anyone who has spent time in the DUMBO House or Soho House Chicago lately knows that the "no suits" rule is more of a suggestion these days. The tension between maintaining a specific culture and hitting quarterly targets is palpable.
It’s Not Just About the Houses Anymore
Soho House and Co has branched out into a staggering number of sub-brands. This isn't just a club company; it’s a lifestyle conglomerate.
- Soho Home: Ever wanted that specific green velvet sofa from the Berlin house? You can buy it. This wing of the business turns the club's aesthetic into retail gold. It’s been a massive growth driver because it lets people who aren't even members buy into the lifestyle.
- Cowshed and Soho Skin: This is their play in the high-end beauty and spa world. It started in a literal cowshed at Babington House and is now a global brand.
- The Ned: A slightly more "corporate-friendly" spin-off. It’s grand, it’s massive, and it caters to a crowd that might find the original Soho Houses a bit too bohemian.
- Scorpios: Their beach club in Mykonos. This was a genius acquisition that solidified their grip on the "summer in Europe" crowd.
The genius of this diversification is that it builds a "sticky" ecosystem. You sleep in their beds, you wash with their soap, you eat their Cecconi’s pasta, and you work in their Soho Works offices. They want to own every hour of your day.
The Financial Reality Check
Let’s talk numbers, because the business side of Soho House and Co is a bit of a roller coaster. Despite the prestige and the high membership fees (which can run several thousand dollars a year depending on your age and how many houses you want access to), the company has historically struggled with profitability.
Operating high-end real estate in the world’s most expensive cities is brutally expensive.
The debt load is a constant talking point for analysts. Building a new house isn't like opening a Starbucks. It takes years of renovations, heritage planning, and massive capital investment. When the 2024 financial reports started trickling in, investors were looking for one thing: a path to sustainable profit.
There’s also been persistent talk about the company potentially going private again. Rumors swirled in early 2024 that the board was considering a buyout because the public markets just weren't valuing the company's "cultural capital" correctly. Whether that happens or not, it shows that being a "cool" brand on Wall Street is a tough gig.
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What You Really Get for Your Membership
If you’re thinking about applying, you need to know what you’re actually paying for. It’s not just a gym or a co-working space. It’s a network.
The "Cities Without Houses" (CWH) membership is one of their most clever products. It’s for people who live in places like Lisbon or Seoul where there isn't a physical house yet. They get access to local events and can use any house when they travel. It’s high-margin revenue for the company and builds brand loyalty before they even lay a single brick in a new territory.
But there are downsides. The "no photos" rule is strictly enforced—or it used to be. In the age of TikTok, keeping the interiors a secret is getting harder. Some members find the rules pretentious; others think they’re the only thing keeping the place from turning into an influencer playground.
The "Creative" Definition is Stretching
What defines a creative in 2026?
Back in the 90s, it was easy: film, fashion, music, art. Today, a tech founder is "creative." A marketing executive is "creative." A content creator is definitely "creative." This broadening of the term has led to a bit of an identity crisis for Soho House and Co.
Old-school members—the ones who remember the grime and the grit of the original Soho—often feel like the soul has been sucked out in favor of polished, corporate-approved "cool." They miss the days when you might see David Bowie in the corner and nobody would bat an eye. Now, you’re more likely to see a "fin-tech disruptor" pitching a deck over a kale salad.
However, from a business perspective, this evolution was inevitable. To grow to 40+ locations, you have to appeal to a wider demographic. You can’t survive on starving artists alone.
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Why People Still Join
Despite the grumbling, people aren't quitting in droves. Why?
Convenience.
If you travel for work, Soho House and Co provides a consistent experience. You know the coffee will be good. You know the Wi-Fi will work. You know the gym won't be a dungeon. There is a huge comfort in knowing that whether you are in Hong Kong, Mexico City, or Paris, you have a "home" that feels familiar.
It’s the "McDonald’s for the 1%," but with much better furniture and a higher price point.
Moving Forward: What’s Next for the Group?
The focus for the next few years seems to be shifting from "quantity" to "quality." Andrew Carnie has been vocal about improving the member experience. This means better tech, more curated events, and perhaps a more rigorous vetting process to bring back some of that lost "edge."
They are also looking at smaller, more "boutique" versions of the club. Not every city needs a 50-bedroom hotel and a massive pool. Sometimes, a well-placed lounge is enough.
The expansion into Latin America and Southeast Asia is also a major priority. These markets are hungry for the kind of Western prestige that Soho House and Co provides. But local competition is fierce. In London and New York, they are no longer the only game in town. Clubs like Casa Cipriani or Zero Bond are fighting for the same high-net-worth individuals.
Actionable Takeaways for Potential Members and Investors
If you're looking at Soho House and Co as either a playground or a portfolio piece, keep these things in mind:
- For the Applicant: Focus on your "community contribution" in your application. They don't want to hear how rich you are; they want to hear how you’ll add to the creative mix of the house. Having a proposer who is an active, long-standing member is still the most important factor.
- For the Traveler: Check the specific "house rules" before you go. Each location has its own vibe. Shoreditch House is a party spot; 40 Greek Street is for quiet drinks and conversation. Don't expect them to be identical.
- For the Brand Watcher: Watch the "Soho Home" revenue. If membership growth slows down, the company’s ability to sell the aesthetic to non-members will be the key to their financial survival.
- The "Waitlist" Strategy: If you're on the list, don't just sit there. Attend their public events if possible and engage with the brand's digital content. They use data to see who is actually engaged.
The story of Soho House and Co is far from over. It is a fascinating case study in how a brand scales "cool" without breaking it. Whether they can navigate the pressures of being a global corporation while keeping the spirit of 1995 alive is the big gamble. For now, the lights are still on, the Picantes are still flowing, and the waitlist isn't getting any shorter.