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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May 26, 2021
The Pro’s Closet receives $40M in funding
The additional $40 million in Series B funding that will be used by the used bike and component retailer to grow its workforce, develop new technological customer solutions, and possibly expand into new regions. It is considering options to establish a presence outside Colorado, but did not provide specifics. This...
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May 26, 2021
Vista Outdoor acquires two companies, including an e-bike brand
Vista Outdoor, the parent company of CamelBak, Giro, Camp Chef, and others, has acquired e-bike maker QuietKat and the “hunt athleisure” brand Venor, adding to its portfolio of outdoor companies. OBJ
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May 26, 2021
Dick’s Sporting Goods Reports Highest-Ever Quarterly Earnings
The retailer announced its first-quarter earnings Wednesday, recording a 119% increase in revenue to $2.92 billion compared to the $1.33 billion it reported in Q1 2020 — when Dick’s was forced to shut down its stores due to the global pandemic. Front Office Sports
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May 24, 2021
European private equity firm acquires Stromer
Naxicap Partners, a European private equity firm, has reached an agreement to acquire Stromer, the Swiss-based e-bike brand. Details of the agreement were not disclosed. The transaction is subject to customary approvals. Stromer was founded in 2009. It merged with BMC in 2011 and then with new investment it separated from BMC in 2016....
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May 24, 2021
Peloton To Break Ground For First U.S. Facility This Summer
The at-home fitness company announced plans to build its first U.S. factory for $400 million, adding to its third-party manufacturers in Asia and acquired U.S. businesses. Plans for the Ohio facility come after complaints of month-long shipping delays and a string of investments focused on meeting demand. Peloton reported its first...
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May 20, 2021
Hoka Propels Deckers to Stellar Quarterly Earnings and Sales
For the three months ended March 31, the group posted an income of $54.6 million, or earnings of $1.18 per share, compared with the prior year period’s income of $16.7 million, or earnings of 57 cents per share. Hoka One One recorded a 74.2% gain to $177.5 million. FN
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May 19, 2021
Under Armour Increases Its Minimum Pay Rate to $15 Per Hour
Under Armour announced up to a 50% increase in its minimum pay rate for hourly teammates in the United States and Canada from a minimum of $10 per hour to $15 per hour. As a result, more than 8,000 part-time and full-time teammates – approximately 90% of the Retail and...
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May 18, 2021
Equinox Shifts Business Plan, Scores Big With App
Equinox is using a “tribrid” model for at-home, in-person, and outdoor workouts. Additionally, the company owns SoulCycle and began selling stationary bikes last year. Front Office News
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May 17, 2021
European equity fund acquires a third of Selle Royal Group
Selle Royal S.p.A., — which produces and markets saddles and accessories under the Selle Royal, Fizik, Crank Brothers, Brooks and PedalEd brands — has received a major investment from the Wisequity V Fund. The fund has acquired a one-third share in the company. Bicycle Retailer
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May 17, 2021
New $3.3M Seed Pumps Up DeltaTrainer’s Platform
DeltaTrainer, a one-on-one remote personal training company, raised $3.3 million in a round of seed funding to boost development of its platform and wearable technology. The Pittsburgh-based company founded in 2018 provides fitness training based on tracking a user’s movements via Apple Watch motion analysis. Crunchbase
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May 14, 2021
Authentic Brands Group Reportedly Offers $1B For Reebok
Adidas has been trying to offload Reebok since December. And now, Authentic Brands Group, owner of Sports Illustrated and athletic apparel and equipment brands like Airwalk, Prince Sports, Tapout, and Volcom, reportedly made an offer to buy Reebok for $1 billion. Front Office Sports
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May 13, 2021
Nike Reveals Details Into When Employees Will Return to HQ
The company said its plan is location-specific and includes a “3-2 flexible work model.” With this model, Nike said employees may work remotely up to two days a week. Nike said it expects employees to work from the office three days a week, however those plans are dependent upon local...
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May 12, 2021
Asics Sees Q1 Sales Climb 25 Percent
Asics Corporation reported sales rose 24.8 percent in the first quarter. Sales in the North America region rose 20.1 percent on e-commerce gains and the region returned to profitability. Gross profit increased 32.3 percent due to the impact of the increase in net sales as well as a decrease in...
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May 12, 2021
Merrell, Saucony Lead the Way for Wolverine Even as Overall Sales Fall Short of Expectations
For the three months ended April 3, revenues rose 16.3% to $510.7 million, compared with analysts’ expectations of $511.8 million. By brand, sales at Merrell improved nearly 25%, while Saucony surged close to 60%. Footwear News
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May 11, 2021
Nautilus Rides Home Fitness Boom To Record Results
Nautilus Inc. delivered record-breaking results for the second straight quarter to produce the highest revenue quarter in the company’s 35-year history. In the quarter ended March 31, revenue was up 120 percent to $206 million. In February, Nautilus provided guidance calling for growth of 55 percent to 75 percent. SGB Media
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May 10, 2021
TSG Consumer Partners to Sell Stake in Nuun to Nestlé Health Science
TSG Consumer Partners (“TSG”), a leading private equity firm, today announced that its partner company, Nuun (the “Company”), an innovative hydration supplement brand, has entered into an agreement to be acquired by Nestlé Health Science. Businesswire
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May 10, 2021
As Nike Sales Fall in China, Competitors Cash In
Sportswear competitors Anta and Li Ning are seeing record sales and both are reportedly in the running to buy Reebok from adidas. Front Office News
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May 10, 2021
Dorel Sports sees Q1 revenue increase by 43.6%
Dorel Sports has delivered its eighth consecutive quarter of revenue growth, with first-quarter revenue increasing to $270.3 million – an increase of $82.1 million or 43.6% from $188.2 million last year. bikebiz
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May 7, 2021
Adidas Raises Outlook, Sales Jump 156% in China
Adidas released first-quarter earnings Friday, reporting net income of $605 million with revenue growing 27% for the first three months of the year.Footwear sales increased 31%; sales in China grew 156% and E-commerce sales rose another 43%, after a 35% uptick in the same quarter last year. Front Office Sports
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May 6, 2021
Fox Factory Delivers Record First Quarter Sales of $281.1 Million
Sales increased 52.5% to $281.1 million, compared to $184.4 million in the same period last fiscal year. Gross margin increased 410 basis points to 34.8%, compared to 30.7% in the same period last fiscal year. Yahoo! Finance
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May 6, 2021
Orbea to move US operations to Boulder
After nearly 15 years in Little Rock, Arkansas, Orbea is moving its U.S. offices and operations to Boulder this month. Orbea said Boulder's central location will help provide better dealer support and customer care, and the region offers a pool of talent. Bicycle Retailer
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May 6, 2021
IOC and Pfizer strike vaccine deal for Tokyo 2020 athletes
The British Olympic Association has been handed a boost in its bid to vaccinate all its athletes and support staff prior to the start of the Olympic Games in Tokyo in less than 12 weeks’ time. Under a deal struck between the International Olympic Committee and pharmaceutical giant Pfizer, vaccines...
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May 6, 2021
Peloton Sales Rise, But Treadmill Recall Looms
Peloton’s sales rose 141% in its fiscal Q3, bringing revenue to $1.26 billion as the pandemic-fueled at-home fitness boom continued into the early months of 2021. But Peloton anticipates $165 million in fiscal Q4 losses related to the recall of its two treadmills. Front Office Sports
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May 5, 2021
Fitbit CEO James Park Shares His Health and Fitness Habits
At 44, tech heavyweight James Park took his body and his workout to the next level—10 minutes at a time. Men's Health
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May 5, 2021
Adidas launches Reebok auction, China row may dent Asian interest
Adidas has launched the sale of its Reebok brand in an auction which risks being affected by a political row over possible forced labour in China's western Xinjiang region. Adidas bought the U.S. fitness label for $3.8 billion in 2006 to help compete with arch-rival Nike, but its sluggish performance led...