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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August 30, 2022
Trademark filings hint at future ‘Reality’ AR/VR product from Apple
There are number of indications pointing towards a major announcement from Apple within months regarding an entirely new tech ecosystem based around a “realityOS” or “rOS.” Popular Science
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August 28, 2022
The Athlete’s Foot Launches a Council With Industry Veterans and Activists Focused on Community Empowerment
The Athlete’s Foot is increasing its focus on community empowerment with the creation of a new council. The Impact Council, according to The Athlete’s Foot, was created with uplifting neighborhoods in mind via initiatives, enrichment and outreach programs. It will cultivate and sponsor programs such as recreational sports leagues, playgrounds, college...
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August 25, 2022
Peloton Q4 net loss widens to $1.2B as revenue plummets 28%
Peloton’s Q4 2022 earnings report on Thursday showed revenue dropped 28% year over year from $936.9 million to $678.7 million. Revenue from its connected fitness products fell 55% to $295.6 million, while subscription revenue grew 36% to $383.1 million. Net loss widened 297% to $1.2 billion. Retail Dive
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August 24, 2022
Is the Great Bicycle Shortage Coming to an End, or Just Getting Started?
Depending on where you live and the types of shops around you, finding the perfect bike can still be a difficult task, even if conditions are improving. The bicycle market, in particular, was acutely impacted by shortages early in the pandemic. With people slowly getting ack to normal life, the...
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August 24, 2022
Peloton expanding distribution to Amazon
Peloton will expand the distribution of its bike, Guide, and selected accessories and apparel to Amazon's U.S. stores. Bike delivery will be available to most in the U.S. Products and accessories previously were sold exclusively through the brand's e-commerce sites, inside sales channels, and global showroom. Customers can search for...
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August 23, 2022
Dick’s Sporting Goods boosts 2022 outlook after second-quarter earnings top estimates
Dick’s Sporting Goods on Tuesday reported quarterly earnings and revenue that topped analysts’ expectations and boosted its financial outlook for the year. The sporting goods retailer said it now expects comparable store sales for 2022 to decline between 6% to 2%. It had previously forecast the figure to be down...
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August 23, 2022
Usain Bolt Files Trademark for Victory Pose
Usain Bolt has just filed a trademark for his signature victory pose. The pose in question was first made known to the masses during his record-breaking run at the 2008 Olympics in Beijing. Yahoo Life
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August 22, 2022
Adidas Initiates CEO Transition
Adidas AG’s Supervisory Board announced that it has initiated a CEO transition. Kasper Rorsted, CEO of Adidas, and the Supervisory Board have mutually agreed upon that Rorsted will hand over the CEO position during the course of 2023. The search for a successor has started. SGB Media
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August 18, 2022
Nike And Adidas Settle Flyknit Infringement Lawsuit
Nike filed paperwork with the U.S. District Court in Portland, OR, to settle its patent infringement lawsuit against Adidas over the alleged use of Nike’s knitted footwear technology. Nike charged Adidas had stolen its “game-changing” Flyknit technology to craft one-piece knitted uppers for sneakers that use fewer materials and generate...
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August 18, 2022
PushPress Secures $11 Million in Series A Funding Led by Altos Ventures
PushPress, Inc., a trailblazing fitness studio management software company, announced it has successfully raised $11 million in Series A funding led by Altos Ventures, with participation from Mucker Capital. Founded in 2013, PushPress is on a mission to make gym management the easiest part of running a fitness business through...
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August 16, 2022
SKion takes 20% stake in battery manufacturer BMZ
Investment company SKion GmbH has announced that it has taken a 20% stake in battery manufacturer and supplier to the bike industry BMZ. For SKion the investment is aligned to the investment targets related to renewable energy, plus circular economy. BMZ puts cells through a second life upon reclamation and has...
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August 14, 2022
Owners sells American Cycle & Fitness to Trek Bicycle
Co-owner Michael Reuter and Kenny Stonehouse are selling their eight-store retail chain, American Cycle & Fitness, to Trek Bicycle. The transition will be complete by mid-October and Trek reps are already present and planning for the future with the staff. Bicycle Retailer
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August 14, 2022
Xponential Fitness Generates $60M in Q2 Revenue
Xponential Fitness - the largest boutique fitness franchiser in the U.S. with 2,357 studios - generated $59.6 million in revenue in Q2 — a 66% increase year-over-year. Net income reached $31.5 million in Q2, compared to a net loss of $8 million. The company sold 251 franchise licenses and opened...
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August 13, 2022
SoulCycle to hit brakes on nearly 25% of its locations
The once-hot exercise chain is closing 20 of its 82 studio locations nationwide within the next few weeks. The privately-run company, owned by Equinox Group, will shutter four New York City locations – in Midtown, Soho, West 92nd St. and Park Slope, Brooklyn — along with a Hamptons outpost in Water...
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August 12, 2022
Peloton to cut nearly 800 jobs, raise prices amid declining sales
Peloton will embark on a sweeping overhaul that includes cutting nearly 800 jobs, raising prices for its Bike Plus and Tread machines, and outsourcing functions such as equipment deliveries and customer service to outside companies. The changes, which the company disclosed Friday in a memo to employees, also includes gradually...
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August 12, 2022
Peloton must face lawsuit claiming it misled over “ever-growing” classes, judge rules
The class-action lawsuit was filed on behalf of customers who were angered by the company's decision to cut its number of exercise classes while continuing to market its service as offering an "ever-growing" library of classes. The lawsuit was filed in 2019 by the National Music Publishers Association over its alleged...
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August 12, 2022
Why Nike Is Closing Offices Around the World Next Week
Nike is again closing its global offices next week to encourage employee well-being, a move the company first announced in May. To encourage employees to enjoy some R&R and sunshine with their families, the global offices will be closed for Well-Being Week, so teammates could unplug — without worrying about...
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August 12, 2022
Cadence Performance acquires Evernden Cycles, soon to be a Giant brand store
Cadence Performance has announced the acquisition of Evernden Cycles in Kent, taking the firm’s retail portfolio to six branches. With Evernden Cycles’ owner retiring, the third-generation family business passes the torch after more than 70 years trading. Trading as Cadence initially, the store will transition to a Giant Brand Store by...
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August 11, 2022
Brooks Running Sees Double-Digit Growth In Q2
Brooks Running reported sales grew 11 percent year-over-year in the second quarter. The Seattle-based running brand said that for the second consecutive quarter, it held the top spot in the U.S. adult performance running footwear market with a 21 percent market share based on revenue, according to The NPD Group. Brooks...
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August 11, 2022
Zwift’s future direction: A doubling-down on project innovation and, eventually, VR headsets and AR
His answers are deliberately vague but Zwift CEO Eric Min has hinted at the future directions the company and the platform may take, including new product innovation and, in a matter of years, the possibility of virtual and augmented reality enhancing the riding experience. Velo News
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August 10, 2022
Life Time’s Q2 2022 Results Show Slow and Steady Growth Amidst Economic Headwinds
Total revenue increased 42.7% to $461.3 million in second quarter 2022 for Life Time Group Holdings, Inc., Chanhassen, Minnesota, leading to an upbeat albeit realistic tone in its earnings conference call on Aug. 10. Club Industry News
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August 10, 2022
Victoria Brumfield confirmed as USA Triathlon’s interim CEO
Following the departure of USA Triathlon (USAT) CEO Rocky Harris for a role at the United States Olympic & Paralympic Committee (USOPC), the US national governing body for triathlon has confirmed Victoria Brumfield as USA Triathlon’s interim CEO. Rocky Harris will join the USOPC in early September. Based in Colorado...
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August 9, 2022
Wahoo unveils sports science facility in Boulder
Wahoo has been steadily growing over the years, unveiling a string of popular trainers, bike computers, pedals, and more. The next step in creating better products for the Atlanta-based brand is a sports science facility, announced today, in outdoor and fitness hotbed Boulder, Colorado, called the Sports Science Center. Velo News
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August 9, 2022
Planet Fitness Sees Q2 Same-Store Sales Jump 13.6 Percent
Planet Fitness, Inc. reported earnings bounced back in the second quarter ended June 30 as system-wide same-store sales increased 13.6 percent. SGB Media
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August 8, 2022
Life Time Leans On Pickleball in Post-Pandemic Push
Life Time Inc. opened its first pickleball-only destination in February, but the venue is just a small part of a growth strategy projected to bring the company $1.88 billion in revenue this year. The health club operator, known for its country club culture, is committed to becoming the largest indoor...