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.
-
September 13, 2021
Nike downgraded by BTIG amid continuing COVID-related supply chain disruptions
As a result of worsening supply chain disruption in Vietnam, BTIG has downgraded Nike’s rating from Buy to Neutral. Over the past few months, COVID-19 cases in Vietnam have continued to rise, with its fully vaccinated rate only between 4% and 5%. In response, Vietnamese government officials have responded by closing down manufacturing...
-
September 8, 2021
Goldmeiers plead guilty to PPE hoarding and price gouging
Bike industry veterans and former owners of Ross Bicycles, Steven and Allen Goldmeier, agreed to pay $1 million in restitution to the State of Oklahoma for hoarding surgical masks and selling them at "exorbitant" prices to the state. BRAIN
-
September 8, 2021
Lululemon Surges on Post-Pandemic Growth
Lululemon posted $1.45 billion in second quarter earnings, a 61% rise from the same period last year, when the pandemic had shuttered much of its in-person retail. The growth represented more than just a pandemic bounceback: Revenue was also up 64% from Q2 2019. FOS
-
September 7, 2021
On Launches Initial Public Offering
ZURICH, Sept. 7, 2021 /PRNewswire/ -- Swiss performance sportswear brand On announced today the launch of its initial public offering of 31,100,000 Class A ordinary shares. On is offering 25,442,391 Class A ordinary shares and certain selling shareholders are offering 5,657,609 Class A ordinary shares. In connection with the offering, On and...
-
September 3, 2021
Best Buy adds e-Bikes & Geek Squad assembly; Bird takes off with new BirdBike
Mega-retailer Best Buy is throwing its weight into e-mobility by offering electric transportation products including scooters, mopeds, and, yes, e-bikes. It also aims to compete with local bike shops with its Geek Squad, which will assemble and tune bicycles purchased at the store, including brake, seat, and handlebar adjustments for...
-
September 2, 2021
Company WHOOP Acquires Velocity-Based Training System PUSH
Performance wearables company WHOOP announced that it acquired velocity-based training (VBT) system PUSH. The acquisition marks WHOOP’s entrance into the VBT market and comes just days after it received a valuation of $3.6 billion. BarBend
-
September 1, 2021
iFIT Files for IPO, Could Raise Estimated $800M
Formerly known as Icon Health Fitness, iFIT offers interactive workouts, training programs, and instruction from world-class trainers. The company owns various fitness brands including FreeMotion and NordicTrack, and has more than 6.1 million members in over 120 counties — including 1.5 million paying subscribers. The company generated $1.7 billion in revenue in fiscal...
-
August 31, 2021
At least six female Afghan cyclists reach Italy, professional cyclists group announces
The Italian Professional Cyclists Association has announced that six female Afgan cyclists, along with a male athlete and some family members, arrived in Rome on Italian Air Force plane on Aug. 27. American activist Shannon Galpin has been working to help female Afghan cyclists get out of the country. She told...
-
August 30, 2021
Peloton’s full-year revenues exceed $4 billion, but growth slows and losses mount
Peloton Interactive's fourth-quarter revenue grew 54% over last year's final quarter, to $937 million, as the company's fiscal year revenues topped $4 billion for the first time. However, although the quarterly sales total was ahead of estimates, the company lost $313 million in the quarter and the growth rate declined from...
-
August 30, 2021
WHOOP Looks to Acquire Tech Companies After $200M Raise
Fitness wearable company WHOOP raised $200 million at a $3.6 billion valuation, roughly doubling its previous fundraising total and tripling its valuation from a round in October 2020. The Series F round, announced on Monday, was led by Softbank Vision Fund 2. FOS
-
August 26, 2021
Lululemon Raises Minimum Base Pay
Effective Sept. 27, 2021, lululemon will raise the minimum base pay for the majority of its store and Guest Education Centre) employees in North America. As part of the additional investments, people who are currently employed, and individuals who are hired from this point forward, will receive a new minimum...
-
August 26, 2021
Earning Announcements
Peloton shares fall after cycle maker posts disappointing earnings and outlook, cuts Bike price More Athleta’s Q2 Comps Gain 13 Percent Year-Over-Year More
-
August 26, 2021
FloSports secures London Marathon streaming rights in North America, Australia
United States-based subscription streaming platform FloSports has secured the media rights to the Virgin Money London Marathon in North America and Australia, starting this year. The iconic international race – which is scheduled to be held on Sunday, October 3 – will be exclusively streamed on the FloTrack vertical in the United...
-
August 26, 2021
Chris Froome invests in Factor Bikes
Chris Froome has joined a consortium injecting capital into Factor Bikes and its parts and accessories subsidiary Black Inc, with plans for the four-time Tour de France winner to use his racing and product experience to help with product development and marketing. Cycling News
-
August 26, 2021
Athleta parent company Gap acquires Berkeley startup that allows customers to try on fits virtually
Ahead of its second quarter earnings call Thursday, Gap Inc. announced it has acquired e-commerce startup Drapr, a recent Y Combinator alum that has built technology that lets customers try on clothing virtually to ensure a better fit from home. SF Business Times
-
August 25, 2021
Dick’s Reports Huge Q2 Earnings
The retailer generated $3.27 billion in revenue in Q2 2021, a 20.7% increase compared to the same period a year prior. Dick’s surpassed Wall Street estimates of $2.85 billion in revenue. The quarter was driven by same-store sales, which increased 19.2% year-over-year. E-commerce sales decreased 28% compared to Q2 2020 following the...
-
August 23, 2021
On Running Files for IPO
On Monday, the Swiss running brand that counts Roger Federer as an investor and ambassador, filed for a $100 million initial public offering with the U.S. Securities and Exchange Commission. Yahoo! News
-
August 19, 2021
Bay Area retail powerhouse Mike’s Bikes sold to Pon Group, the owner of Santa Cruz and Cervelo
Mike's Bikes, the 12-store Northern California chain, has been purchased by Pon, the Dutch parent of Santa Cruz, Cervelo, Gazelle, Focus, Urban Arrow, and other bike, mobility, and auto brands. Pon also acquired Public Bikes, a city bike brand that Mike's bought in 2017. BRAIN
-
August 18, 2021
Lululemon Partners with Genomatica to Bring Bio-Nylon to Products
This represents lululemon’s first-ever equity investment in a sustainable materials company. The two companies will create a lower-impact, plant-based nylon to replace conventional nylon currently used to make lululemon products. SES lululemon athletica inc. (NASDAQ:LULU) today announced a multi-year collaboration with sustainable materials leader Genomatica to bring renewably-sourced, bio-based materials into lululemon’s products....
-
August 17, 2021
Nike Strips Alberto Salazar’s Name From Building After SafeSport Coaching Ban
After the U.S. Center for SafeSport revoked his coaching eligibility, Nike said it was appropriate to rename the facility. Women's Running
-
August 17, 2021
Music Remains A Priority For Fitness Companies
Equinox Media licensed the entire Universal Music Group catalog in January, but access to the world’s largest music wasn’t enough for the parent company of SoulCycle and Equinox. The fitness brand has partnered with Lorde, Calvin Harris, the Jonas Brothers, and the Supremes for a new series called “Equinox+ Features.” FOS
-
August 16, 2021
Retailer R&A Cycles institutes $150 shipping and handling charge on bikes
R&A Cycles, which operates brick-and-mortar stores in Brooklyn and Walnut Creek, California, as well as a well-known e-commerce business, has introduced a $150 charge on bikes sold at its stores, to cover shipping, handling, and assembly. Bicycle Retailer
-
August 13, 2021
Asics North America Sales Surge In Second Quarter
Asics’ performance run category grew by 51.8 percent in the United States year-over-year for the region buoyed by the success of the Gel-Kayano and Gel-Nimbus. SGBMedia
-
August 12, 2021
Authentic Brands to Acquire Reebok for $2.5B
ABG reportedly made an offer in May to acquire Reebok for $1 billion but withdrew its bid two months later due to adidas’ demands that ABG operate the brand as a standalone business. Now, ABG will pay more than double its initial bid for the footwear and clothing company. FOS
-
August 11, 2021
New Balance sues Michael Kors over letter ‘N’ shoe design
Running shoe maker New Balance Athletics sued luxury brand Michael Kors in Boston federal court on Wednesday, alleging two pairs of its shoes use a letter "N" in their designs that infringes New Balance's trademarks. Reuters