BUSINESS NEWS
Want to stay up to date on the latest press releases and business news in the running, cycling and triathlon industries? Scroll below to view all endurance sports business news.
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February 21, 2023
Brooks Running achieves record revenue in 2022, builds momentum into the new year
Brooks Running crossed the finish line in 2022 with record global revenue, up 6% over 2021 with growth in all regions, and direct-to-consumer sales up 16%. The brand navigated supply chain obstacles during the first half of the year, returning to complete inventories in the back half with a record...
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February 21, 2023
Fox Factory Acquires Custom Wheel House
Fox Factory Holding Corp. agreed to acquire Custom Wheel House, LLC (CWH) from Thompson Street Capital Partners and other sellers for $131.6 million. This acquisition complements Fox’s upfitting and lift kit business and broadens its product offering in a growing automotive industry segment. SGB Media
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February 21, 2023
Porsche assumes complete ownership of Greyp e-bike brand
After acquiring a majority interest in the Greyp in 2021, Porsche announced it has assumed complete ownership of the e-bike brand. The sports car manufacturer's venture capital segment, Porsche Ventures, had held about a 10% stake in Greyp since 2018. Bicycle Retailer
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February 20, 2023
Quell Raises $10M In Series A Funding Round
Quell, the UK-based fitness gaming developer and publisher, completed a $10 million Series A funding round led by Tencent with follow-on investment from Khosla Ventures, Heartcore Capital, Social Impact Capital, and entrepreneur Naval Ravikant. This latest round brings Quell’s total financing to $15.6 million. The Series A round enables Quell...
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February 17, 2023
Olympia Sports Intellectual Property Sold At Auction
The intellectual property and related assets of Olympia Sports, including the trademarks for Olympia Sports, Clever Training and Surf Outfitter, were sold for $180,000 to 54 Glen Cove Realty, LLC at an auction run by Hilco Streambank. Olympia Sports filed for bankruptcy last September to liquidate its remaining 35 stores....
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February 17, 2023
Shimano forecasts 21% sales drop in 2023
In its fourth quarter and full-year financial results report, the company forecast that 2023 sales in its bike components business will produce 396 billion yen ($2.95 billion), down from the 517 million yen recorded in 2022, a 23% drop. Bike component sales make up about 79% of Shimano’s business with...
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February 14, 2023
Tonal seeks buyer or fresh investment at US$500m valuation
Tonal, the smart home gym tech startup backed by an array of leading athletes, is reportedly seeking fresh investment or a potential buyer at a valuation of US$500 million – only slightly more than a quarter of what it was said to be worth last year. The company, which manufactures...
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February 14, 2023
Shimano’s Sales Climb 15 Percent In Year, Topping Guidance
Shimano reported that net income rose 10.6 percent on a 15.1 percent revenue gain in its year ended December 31. Both earnings and sales easily topped the company’s guidance. Sales are expected to decline 20 percent in the current year. Sales increased 15.1 percent from the previous year to ¥628,909...
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February 13, 2023
Outside Is Launching a New Dynamic Paywall
Starting today all users will be able to view a limited number of articles across Outside Online each month—and soon to be rolled out on all of its sites—means readers no longer find certain stories blocked as premium only. It will also mean they need to at least register for...
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February 13, 2023
Strava’s CEO Resigns: Company Begins Search for New KOM
Strava’s CEO, Michael Horvath, has resigned, saying that “I have decided that Strava needs a CEO with the experience and skills to help us make the most of this next chapter”. The company says that “the search for Strava’s next CEO is underway”. While not listed in the letter, I’ve...
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February 10, 2023
Mark Sutton to depart CyclingIndustry.News, Jonathon Harker moves to Editor role
Mark leaves the role having established the brand in 2016 as a trade-focused website that has since drawn monthly audiences of up to 100,000 unique users through a combination of daily news, recruitment and podcasts with industry leaders. With the online presence established the title grew with the addition of...
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February 10, 2023
Adidas Expects Breakup With Yeezy to Cost Over $1B
Adidas’ separation from Yeezy, formerly known as Kanye West, may have a bigger fallout than initially anticipated. The sportswear company revealed Thursday it’s expected to lose $1.3 billion in revenue and nearly $534 million in operating profit this year after ending the relationship with the rapper in October over his...
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February 9, 2023
Parlee Cycles files for Chapter 11 bankruptcy protection
Custom carbon frame maker Parlee Cycles Inc. filed for Chapter 11 bankruptcy protection on Monday and will continue operations during the process. A balance sheet in its filing showed Parlee's liabilities totaled $4.4 million and total assets totaled $2.6 million at the end of January. BRAIN
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February 8, 2023
Pace-tuned run shoe start-up Vimazi aiming to secure US$1m in funding
Pacific Northwest based running shoe start-up Vimazi opened its most recent funding round for US$1 million in preferred stock this week. By engineering its shoes according to the pace of the runner, Vimazi’s pace-tuned technology claims to provide more shock absorption with less energy loss than other brands. Endurance.biz
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February 8, 2023
Under Armour Beat Expectations in Q3 — And Footwear Was a Major Growth Driver
The Baltimore-based brand reported revenues of $1.6 billion, up 3% over last year. Net income was $122 million and adjusted diluted earnings per share was $0.16. Both earnings and revenues exceeded the expectations of analysts surveyed by Yahoo Finance. Yahoo Sports
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February 5, 2023
Zwift Continues to Level Up With $620M Investment
The company isn’t turning a profit yet, co-founder Eric Min told Bloomberg, but it recently raised $620 million in funding from investors including Amazon’s Alex Fund, KKR and Co., and Permira Holdings. FOS
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February 4, 2023
Meta wins fight to buy VR startup Within
A California judge is allowing Meta to close its acquisition of virtual reality fitness startup Within despite an ongoing antitrust case by the Federal Trade Commission, according to an unsealed ruling. On Wednesday, Bloomberg reported that the court denied the FTC’s request to block the deal but with a one-week...
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February 2, 2023
Skechers Beats Expectations in Q4 Despite a 23% Drop in China Sales, Hits Annual Sales Record
Skechers sales in China dropped 23% in the fourth quarter, in part due to Covid-19 related restrictions and temporary store closures in November. Despite the slowdown, Skechers’ chief operating officer David Weinberg said in a statement that momentum will likely pick up in 2023, following recent improvements in the region....
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February 1, 2023
Peloton Fiscal Q2 Results Surge Past Wall Street Targets
Peloton Interactive, Inc. narrowed its loss in the fiscal second quarter ended December 31, boosted by revenues coming well above Wall Street targets. The connected fitness leader also provided an upbeat outlook and indicated it no longer intends to sell Precor. In the quarter, net losses shrunk to $335.4 million,...
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January 26, 2023
Running Specialty Sees Solid Gains In 2022
In a letter to the running specialty industry in its recent newsletter to members, Running Industry Association (RIA) Executive Directory Terry Schalow shed light on trends in the channel and prospects for 2023. The message included data from UQ, the association’s data partner, which analyzes weekly data from reporting retailers....
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January 26, 2023
Giant reportedly looking at US$20 million investment in Stages Cycling
According to media reports in Taiwan, leading global bike manufacturer Giant Group is looking to invest US$20 million in the power meter and indoor cycling brand Stages Cycling. Giant reportedly held an interim board meeting last week – with a strategic investment in Stages expected to be made via Giant’s...
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January 25, 2023
Adidas, MSG Sports Among Backers of Sapphire Sport’s Venture Fund
Some of the largest companies in sports have invested in a new venture capital fund. Sapphire Sport has raised $181 million from a group of investors that include Sinclair Broadcast Group, Adidas, Madison Square Garden Sports, Arctos Sports Partners, City Football Group, and AEG Worldwide. The fund will focus on investments in sports, media,...
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January 24, 2023
Strava will add high-res 3D maps for outdoor activities
Strava routes are about to get three-dimensional. The popular fitness social network announced today that it’s acquired Fatmap, a mobile app known for its 3D maps for outdoor sports like hiking, trail running, skiing, and mountain biking. The Verge
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January 20, 2023
The Fallout from the Pandemic Bike Boom
A month after lockdowns had them wondering about their future in the spring of 2020, they suddenly couldn’t keep up with demand. For a year and a half, staff worked overtime as Americans rolled out their dusty steads or bought new ones. A 50 percent increase in riding, plus supply...
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January 20, 2023
The Pro’s Closet has another round of layoffs
The company that began in 2002 as an eBay store for pre-owned bikes and quickly expanded in size and workforce did not say how many employees were affected. In October, The Pro's Closet reduced its workforce by 15%. Bicycle Retailer