Yes. The show on Hulu, 'Chippendales', is indeed based on a true story. It's about the journey of how the Chippendales brand came to be. It shows the real - life struggles, successes, and all the drama that was involved in building this well - known male entertainment brand. There were real people behind the concept, and the story on Hulu tries to capture their experiences as accurately as possible.
The show has elements of truth to it, but like many adaptations, it might have taken some liberties in presenting the story for a better on-screen experience.