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.
March 14, 2024
Patrick Lefevere sanctioned by UCI for “disparaging” comments “towards women”
Lefevere, who is never far from the headlines and has made numerous much-criticised comments over the years, will now have to make a public statement "recognising the inappropriateness of his statements and apologising therefore" or he faces a fine of 20,000 Swiss francs. The fine has been suspended for three years, on...
March 14, 2024
Inside Brooks’ CEO Transition: How Company Vet Dan Sheridan Plans to Engage New Consumers, Tackle New Markets
With Jim Weber‘s upcoming departure from Brooks, incoming chief executive officer Dan Sheridan has some big shoes to fill. The running industry — Weber included — believes the exec is the right person for the job. On March 12, Brooks announced that Weber was stepping down as CEO after 23 years. Sheridan, currently the Brooks president and chief operating...
March 13, 2024
Adidas North America Revenue Falls 25% In Q4
Adidas reported fourth quarter financial results on Wednesday that showcase the challenges the German sportswear giant continues to face amid the fallout from discontinuing its Yeezy line. Revenue for the three months ending Dec. 31 fell 8% to €4.8 billion ($5.2 billion based on current exchange rates) with a net loss of €359 million ($393...
March 13, 2024
On’s Co-CEO Says Paris Olympics Will Help Grow Brand Awareness
Despite a surprising loss in Q4, On Holding is looking towards the future, with a special focus on the Olympic Games in Paris this summer. In the fourth quarter, the Swiss running shoe brand posted a net sales increase in Q4 of 21.9 percent to 447.1 million Swiss francs. Sales came in around 1.5 percent...
March 11, 2024
Lance Armstrong’s Next Ventures targets $100M 2nd fund
Famed cyclist-turned-GP Lance Armstrong is targeting $100 million for Next Ventures’ second fund. The new fund is San Francisco-based Next Ventures’ first raise in nearly five years. Its predecessor, a 2019 vintage fund that had targeted $75 million, closed on $50 million with an additional $10 million in special purpose vehicles....
March 11, 2024
Giant Group’s February Revenue Decline Worsens Sequentially
The Giant Group reported monthly revenues for February 2024 declined 27.2 percent to NT$4.14 billion, representing a return to deeper declines after a three month trend in improving performance. January sales were down 17.7 percent and the year-to-date results were down 22.4 percent to NT$8.94 billion. The February decline is...
March 8, 2024
Freeletics Closes $45 Million Funding Round with Superstar Investors
Digital fitness company Freeletics closed on a $45 million Series A funding round led by FitLab, Causeway Media Partners and Jazz Venture Partners, with participation from Courtside Ventures, Elysian Park Ventures, ward.ventures, and business strategist Tony Robbins. The investor group is affiliated with several professional sports franchises, including the San...
March 7, 2024
Trek will cut spending by 10%
According to the memo, which Bike Retailer obtained, Burke outlined a strategy where Trek will reduce both its overall inventory volume – by some 20% measured by days in stock – and the number of SKUs (stock keeping units) in its lineup by an even larger 40% by the 2026...
March 7, 2024
Can Running Brands Like Hoka and On Help Foot Locker Get Back on Track as It Recalibrates Nike Relationship?
Foot Locker’s financial results were weaker than expected in 2023, which prompted the company to delay its long-term sales targets by two years. The company has also begun to close about 125 underperforming locations of its Champs banner. The retailer on Wednesday said its percentage of non-Nike brand sales in...
March 7, 2024
Giro hits back at UCI in helmet row, as expert says manufacturers could look at ‘legal options’
Giro, the helmet manufacturer, has insisted it "plays by the rules" after the UCI announced a review into time trial helmets, a move seemingly triggered by the launch of the new Giro Aerohead II. In a post on Instagram on Wednesday evening, Giro revealed that the UCI had authorised the...