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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April 7, 2022
Cycling investment group director Samuel Mancini pleads guilty to securities fraud
Samuel Mancini, the director of a Denver-based fund that planned to invest in several well-known cycling brands, has pleaded guilty to one count of securities fraud. Mancini, arrested last July, could be sentenced to up to 20 years in prison and hit with a $5 million fine for the one...
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April 6, 2022
IFit Withdraws IPO Following Postponement In October
NordicTrack brand owner iFit Health & Fitness Inc. is scrapping its plans for an already postponed initial public offering, according to a filing with the Securities and Exchange Commission on Wednesday. MarketWatch
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April 5, 2022
Flexia Raises $4 Million In Funding Round
Flexia, the at-home Pilates start-up, announced a $4 million seed round led by ADvantage, an early-stage VC fund investing in tech companies involved in sports, fitness, health, and gaming. Other strategic investors in the round include Phoenix Capital Ventures, Techstars, and Calm Ventures. SGB Media
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April 5, 2022
Lululemon Taps Adidas, Nike Veterans for Key Footwear Roles as Brand’s New Shoe Biz Threatens Industry Giants
Lululemon announced the appointments of Simon Atkins to the role of SVP of footwear and Phil Dickinson to the role of SVP and global creative director. Atkins joins Lululemon after a 25-year stint at Adidas, where he most recently served as SVP and GM of global basketball and U.S. sports....
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April 5, 2022
Nike retains title as world’s most valuable apparel brand while luxury brands boom after COVID-19
Changing consumer and industry pressures are changing the appearance of the apparel industry as sports and luxury clothing brands surge, and cheap fast-fashion brands contract, according to a new report from leading global brand consultancy, Brand Finance. The new report finds that amongst the top 50 apparel industry brands, the...
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March 31, 2022
Nike To Pay $5 Million To Lontex Attorneys In Trademark Suit
Nike Inc. will have to pay $4.99 million to cover the attorneys’ fees and expenses that Lontex Corp. incurred in litigating to trial in an infringement case over Lontex’s “cool compression” trademark. SGB Media
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March 30, 2022
Ahead of listing Felt parent adds 50% bike and 37% e-Bike growth
In its full year 2021 report, new Felt Bicycles parent Pierer Mobility has seen pedal powered bike sales rise by 50% and electric bikes register a 37% year-on-year uptick. Now selling three times the number of electric bikes than it does pedal cycles, at 76,916 units versus 25,837 units in...
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March 29, 2022
Lululemon’s First Footwear Range Could Be ‘Another Market Game Changer,’ NPD Data Shows
NPD Group is banking on the success of Lululemon’s new footwear range. According to Matt Powell, NDP’s VP and senior industry advisor for sports, strong loyalty to the brand’s apparel will likely carry over to footwear and the category has the “potential to be another market game changer.” This insight comes...
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March 29, 2022
Strava announces three-year partnership with Tour de France and Tour de France Femmes avec Zwift
The Tour de France and the Tour de France Femmes avec Zwift will ‘come to life’ inside the Strava app with a content hub dedicated to telling the story of the riders through their daily activity uploads and photos. Fans will be able to go inside Segments and relive the...
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March 27, 2022
NordicTrack CEO Scott Watterson forced out in battle with Peloton
Investors insisted that 66-year-old Scott Watterson — a hard-charging billionaire entrepreneur who founded the company in 1977 after doing a stint as a Mormon missionary in Asia — relinquish control of the daily management of NordicTrack’s parent company, iFIT Health & Fitness, sources close to the situation said. NY Post
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March 25, 2022
US Gov suspends 25% China trade tariff on select bicycle products
A 25% trade tariff on a variety of bicycles and accessories imported into the USA, from China, has been paused, ensuring the products are excluded from the import duty. Bloomberg reports, “the U.S. Trade Representative’s office is reinstating the exclusions for 352 items.” The report further highlights, “…exemptions from Trump-era...
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March 25, 2022
New Balance Opens Factory In Methuen, MA Producing MADE 990v5 Running Shoe
New Balance opened an 80,000-square-foot footwear factory in Methuen, MA, after undergoing a $20 million renovation. The factory began production in January 2022, signaling its commitment to U.S. manufacturing. The factory currently employs more than 90 people producing the brand’s MADE 990v5 running shoe. New Balance said it plans to...
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March 25, 2022
Injured rider sues Costco and e-bike brand over right-front brake lever setup
An Arizona woman is suing San Diego e-bike company Phantom Bikes and Costco Wholesale for $6 million. Carol Penkert's suit claims her bike came set up so the right brake lever operated the front brake, which caused her to flip over the handlebar and sustain serious injuries. Bicycle Retailer
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March 24, 2022
Health-tech focus for Eckuity strategic investment in PTO
Eckuity, a global investment firm, has made a strategic investment alongside Sir Michael Moritz, partner at Sequoia Capital, in the Professional Triathletes Organisation (PTO). The amount of the investment was not disclosed. Based in New York, Paris and London, Eckuity is a global venture capital investor. It invests in early-stage...
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March 23, 2022
Giant and Orbea say they have stopped business in Russia
After initially being unavailable to comment, Giant Group and Orbea each now say they have halted business in Russia due to the country's invasion of Ukraine. Bicycle Retailer
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March 21, 2022
Who’s earning what? Report reveals top-20 pro cycling salaries
Ever wondered how much you’d earn if you won the Tour de France twice before you turned 23? Six million euros ($6.6 million) a year, that’s how much. The Calcio e Finanza study shows the top 20 salaries for male pro cyclists in 2022. Although the numbers are best-guess calculations rather...
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March 21, 2022
Nike Gets Needed Boost from Earnings Beat
Nike saw modest sales growth in its fiscal third quarter as it continues its push toward direct-to-consumer sales. The Swoosh notched $10.9 billion in revenue, up 5% year-over-year (8% on a currency-neutral basis) in the quarter ending Feb. 28. Front Office Sports
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March 21, 2022
Athleisure Brand Balance Athletica Changes Its Name After New Balance Lawsuit
Balance Athletica, a Denver-based athleisure brand, has officially changed its name following a trademark infringement lawsuit filed by New Balance. In the lawsuit filed in Nov. 2020 in the U.S. District Court of Massachusetts, New Balance alleged that Balance Athletica was using a “confusingly similar mark to sell the same...
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March 18, 2022
On Reports 70.4% Increase In Full-Year Net Sales
The sustainable footwear and activewear company saw positive results globally. In Q4, net sales in North America jumped 100.1% to roughly $142.7 million, and 96.8% to around $438 million for the full year. Net sales in Asia-Pacific jumped 35% to roughly $11.3 million during the quarter, while full-year net sales for the...
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March 18, 2022
Equity crowdfunding a new twist for bike startups
Equity crowdfunding was established in 2012, when the Obama Administration enacted the Jumpstart Our Business Startups (JOBS) Act. At first, only accredited investors could participate. Five years later, another addition to the JOBS Act opened up the industry to the general public, not just high-net-worth individuals. Bicycle Retailer
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March 16, 2022
Specialized founder Mike Sinyard steps down from CEO role
After 48 years at the helm of Specialized, founder Mike Sinyard has appointed former Dyson executive Scott Maguire as the new CEO. As Founder, Chairman and Chief Rider Advocate, Sinyard will remain the brand's 'visionary leader' but the responsibility of running the business will now fall on Maguire. Cycling Weekly
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March 14, 2022
F45 Training’s Sales Grew 63 Percent In 2021
F45 Training Holdings Inc. reported sales grew 242 percent in the fourth quarter and 63 percent in the fiscal year ended December 31. Total revenue increased $51.7 million, or 63 percent, to $134.0 million from $82.3 million as compared to the prior year. SGB Media
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March 9, 2022
New Balance and District Vision Launch Mental Health Awareness Courses accompanied by an Exclusive Collection
New Balance has officially launched a collaboration with Los Angeles-based inner peace collective, District Vision, with a collection of technical apparel and footwear, and a series of micro-courses that aim to provide consumers with tools designed to increase mental health awareness through running. The micro-courses focus on education through a...
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March 9, 2022
Therabody Files Six Lawsuits To Protect Its Intellectual Property
Therabody announced the filing of a lawsuit against the TJX Companies and five additional lawsuits against unauthorized Amazon resellers for patent and trademark infringement on its Theragun and related proprietary technologies. Filed in the U.S. District Courts of California, Delaware, Florida, Texas, and New York, the lawsuits are in addition...
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March 9, 2022
Adidas Warns That Russia Conflict Could Impact 2022 Business as it Halts Sales in the Region
Adidas is one of many retailers expecting to see a hit from sales due to impacts from Russia’s conflict with Ukraine. The German sportswear retailer on Wednesday shared an updated outlook for fiscal year 2022 that takes into account a risk of up to €250 million, or about $275 million...