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.
June 29, 2020
Lululemon To Acquire In-Home Fitness Company MIRROR for $500 Million
lululemon athletica inc. announced that it has entered into a definitive agreement to acquire MIRROR, a leading in-home fitness company that created an interactive workout platform that features live and on-demand classes, for a purchase price of $500 million. Read about it on Shop-Eat-Surf.
June 25, 2020
Nike Reports $790 Million Quarterly Loss
Nike Inc. reported a loss of $790 million, or 51 cents a share, in the fourth quarter ended May 31, driven by lower revenue and gross margin as a result of the COVID-19 impact on operations. Sales decreased 38% to $6.3 billion. Read more on SGB Online.
June 24, 2020
CrossFit Has a New CEO and Owner
CrossFit announced it has a new CEO and owner, Eric Roza, replacing former CEO Greg Glassman who resigned after making an insensitive comment on Twitter regarding George Floyd. Read more on Footwear News.
June 23, 2020
Fleet Feet Finds E-Commerce Boost Amid Pandemic
Fleet Feet has reopened 170 of its 184 stores in some capacity to strong initial results for many franchisees, according to a profile in Forbes. A decision to build a shared, central e-commerce site for all stores proved to be beneficial as stores were closed. Read more on SGBMedia.
June 22, 2020
CrossFit owner fostered sexist company culture, workers say
Women report getting lewd assessments of their bodies, among other mistreatment from top male management. Read more in NYT.
June 18, 2020
New Balance is closing its stores for Juneteenth and giving all employees the day off
New Balance will close all operations — including its owned retail stores — on Friday in observance of Juneteenth. Although Juneteenth is not a federal holiday, 47 states and Washington, D.C. recognize the day as either a state holiday or a day of observance. This year, the day has taken on increased symbolic significance...
June 17, 2020
Sporting goods sales surge 88%
Retail sales rose dramatically in May as retailers and other businesses closed by the coronavirus pandemic began to reopen, although things remained well below spending levels seen during the same period a year ago, the National Retail Federation said. Sporting goods, however, was a bright spot, up 88.2 percent month-over-month...
June 16, 2020
Bike market skyrockets, with sales up 75% in April
U.S. cycling sales through all retail channels grew 75% in April to a total of about $1 billion in retail sales for the month, according to The NPD Group. NPD said April was the first month since NPD began tracking the cycling market that sales have reached $1 billion in...
June 16, 2020
How one rider got Strava to remove racially offensive segment names
Californian Nehemiah Brown pushed Strava to remove segments in his area that had racially insensitive names. Now, Brown is holding a ride to raise funds for the Equal Justice Initiative. Read more on VeloNews.
June 16, 2020
Former Wigwam CEO sues sock maker for breach of contract after sudden termination in April
The former CEO of Wigwam Mills, Inc. is suing the company for failing to follow the termination procedures outlined in his contract after he said he was fired without cause in April. The lawsuit comes weeks after the century-old sock-making company laid off 121 of its 142 employees because of "unforeseen adverse circumstances" related to...