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.
May 1, 2024
Wolverine Worldwide Enters Licensing Agreements for Merrell and Saucony Brands
Wolverine World Wide, Inc. announced that it entered two new global licensing agreements as part of its ongoing “strategic transformation” into a brand-led growth company. Under the first agreement, Vida Shoes International will become the global licensee for Merrell and Saucony kids footwear, with rights to these products in almost all markets...
April 30, 2024
Adidas Swings to Q1 Profit as DTC Drives Top-Line Growth
Adidas is reporting that currency-neutral (c-n) revenues increased 8 percent in the first quarter of 2024, compared to the the 2023 first quarter. The better-than-expected performance was said to be driven by the “strong momentum” of the underlying Adidas business, which grew 5 percent in the period. In addition, the...
April 27, 2024
Rapha abruptly closes North America office and lays off staff
Rapha has abruptly closed its North American office and laid off six of its eight staff as the clothing brand says it is “realigning Rapha to better reflect our strategic priorities and current market dynamics.” Rapha CEO Francois Convercey siad that the layoffs were part of a consolidation plan. Rapha’s...
April 26, 2024
The Stages Cycling Saga Is Only Going to Get Messier
As Stages product owners know quite well, the company had seemingly been on life support for the last year, visible to both consumers and industry watchers alike. This follows nearly a year of continued degradation of their product support responsiveness, and loss of key long-term leaders at the company. The...
April 26, 2024
Bike-carrier demand helps propel Thule’s 9% Q1 net sales gain
Buoyed by Sports & Cargo Carriers, Thule Group's first-quarter net sales increased 8.7% year-over-year. Sales of Sports & Cargo Carriers, including the largest sub-category bike carriers, jumped 16% compared with the same time last year. Overall net sales of SEK 2,420 ($222 million) for the quarter topped the SEK 2,226...
April 25, 2024
Why REI Co-op Is Doubling Down on Running Shoes and Exiting Its Branded Footwear Business
REI Co-op confirmed that it is exiting its REI-branded footwear business after 2024, four years after the company said that it would begin producing its own shoes. In the time since its initial launch, REI has delivered eco-friendly hiking boots, trail runners and more. As the retailer exits one business,...
April 24, 2024
Stages Cycling executives join Giant after suit and apparent shutdown
At least four former Stages Cycling executives have joined Giant Manufacturing as the power meter and smart bike brand has apparently stopped operations. Meanwhile Giant, which manufactures many Stages products in Taiwan, is suing Stages for about $14 million in unpaid invoices. AIPS Technology, a Giant Manufacturing subsidiary, filed suit...
April 23, 2024
Shimano first-quarter sales down 20% from last year
Shimano is reporting that its first quarter sales were 100,557 million yen ($650 million), down 20.2% from the same quarter last year. In the company’s bicycle division, sales were down 22.6% to 76,090 million yen. Company-wide, ordinary income was up 0.9% from the first quarter of last year. Shimano did...
April 23, 2024
Stages Cycling lays off entire workforce
Stages Cycling is seemingly the latest casualty of the ongoing industry crisis with sources close to the company indicating it laid off all its staff last week, as the company appears to edge closer to ceasing operations. The company is synonymous with power meters and had a hugely successful range...
April 23, 2024
Kona Bicycle Brand for Sale After Dropping Out of Sea Otter Bike Show
It’s likely a tough week for the employees of Kona Bicycles. After setting up a booth at Sea Otter, one of the cycling industry’s largest annual gatherings, Kona employees were told to tear it back down before the event even started. The move was surprising for a number of reasons. Kona had...