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.
August 5, 2024
More layoffs at Rad Power Bikes as Seattle e-bike maker aims to ensure ‘brand’s longevity’
Seattle-based Rad Power Bikes made more cuts to its workforce in July, the latest in a wave of layoffs that have impacted the well-funded electric-bike startup. A spokesperson for the company declined to share how many positions were impacted and which departments were part of the reduction. TechCrunch first reported...
August 1, 2024
Hoka Continues to Expand Wholesale Reach, Plans Apparel Push in Future
Hoka continues to post blockbuster results for parent company Deckers Brands, with double-digit growth in both wholesale and DTC channels in the quarter ended March 31. Hoka’s revenue increased 30% to $545 million during the quarter. DTC revenue jumped 33%, while wholesale rose 28%. The Daily Outdoor
August 1, 2024
Bike product sales down almost 40% at Fox Factory in the first half
Fox Factory says "ongoing channel inventory recalibration and, to a lesser extent, lower-end consumer demand" contributed to a decline in sales of bicycle products in its fiscal first half and second quarter, announced Thursday. Fox said sales of its bike products in the half were down $87.9 million — or...
August 1, 2024
Life Time Holdings Q2 Profit Surge on High-Teens Revenue Growth
Life Time Group Holdings, Inc. reported second quarter revenue increased 18.9 percent year-over-year to $667.8 million, which was attributed to continued growth in membership dues and in-center revenue, and driven by an increase in average dues, membership growth in its new and ramping centers, and higher member use of its in-center offerings. Center...
July 31, 2024
EXEC: Adidas Group Doubles Q2 Profits on Double-Digit Sales Growth X-Yeezy
Adidas Group CEO Bjørn Gulden reported that the second quarter was another that confirmed the company’s improvement and progress toward becoming healthy again. Gulden noted that consumers and retailers continue showing strong and increased interest in the Adidas brand and products. He said this was “clearly reflected” in the 16 percent growth for the underlying Adidas...
July 30, 2024
EXEC: Shimano Sees Continued Headwinds Drive H1 Sales and Profits Lower
Shimano Inc. is reporting that the pace of global economic recovery was moderate during the first half of fiscal year despite some factors that continued to exert downward pressure on the current economic climate, including tight monetary policies adopted mainly in Europe and the U.S., geopolitical risks caused by rising...
July 30, 2024
Cycling has a weight problem: a call for the industry to be more transparent about its weight limits
Cycling has a weight problem. No, I’m not talking about the pressures on the pro peloton to be as light as possible to improve their power-to-weight ratio. I’m not even talking about the rampant diet culture that assumes people ride bikes predominantly for weight loss. The weight problem I’m referring to...
July 30, 2024
Brooks Running Continues 2024 Surge with All-time Record in Quarterly Revenue
Brooks Running reached a new record in global quarterly revenue in the second quarter of 2024, up 15% year over year driven by double-digit growth in its wholesale and direct-to-consumer channels. In North America, Q2 revenue increased 19% year over year with continued success of the brand’s Glycerin 21 super franchise,...
July 26, 2024
After the bike industry’s pandemic boom and bust, what’s next?
Investment bank Houlihan Lokey, with management consulting firm Kearney, recently released a research report [PDF] attempting to predict what the next few years look like for the bike industry, and it’s overall a rosy picture: supply chains stabilizing, inventory overhang dissipating, and gradually rising sales. But the most interesting prediction was a...
July 25, 2024
Nutrition brand Maurten scores $22 million investment
Swedish sports nutrition brand Maurten has closed on a 20 million euro ($21.7 million) investment led by IRIS Ventures. The investment round also had participation from existing investors including Dan Sten Olsson, the CEO of Stena Sphere, a Swedish investment firm. Maurten, founded in 2015, offers high-carbohydrate gells, drinks and...
