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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January 12, 2024
Hot Shoe Brand On Running Sets Aggressive Sales Goals
Executives from rising shoe brand On Running gave an update on the company’s goals, including doubling its sales in the next three years, at the ICR Conference in Orlando, Florida, earlier this week. The Switzerland-based company is on a steep upward trajectory, with $1.58 billion in net sales for the...
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January 11, 2024
Merrell, Saucony Parent Company Sells Shoe Brand Sperry
Wolverine Worldwide, parent company of Merrell, Saucony, Chaco, and other brands, announced it has sold boat-shoe brand Sperry to Authentic Brands Group and the Aldo Group. The deal closed on Jan. 10, and is expected to generate about $130 million in the first quarter to pay down debt. The announcement...
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January 10, 2024
Giant Group Sees Another Steep Decline in December Revenues
Giant Group reported consolidated sales were NT$76.95 billion for full-year 2023 through December, a decrease of 16.4 percent compared to the 2022 full-year period. December revenues were down 25.8 percent to NT$4.17 billion, compared to NT$5.62 billion in December 2022. Still, the Taiwan-based bike manufacturing group, which reports in New...
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January 8, 2024
Planet Fitness Nears 20 Million Members Amid Strong Growth
Planet Fitness is winning over consumers as the low-price, high-value fitness franchise nears 20 million members, according to its year-end operational metrics. As of December 31, 2023, the “Judgement Free” fitness franchise grew its membership to approximately 18.7 million members, an increase of 1.7 million since the end of 2022....
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January 5, 2024
Muuvr Raises $4.2M for Rewards-Based Fitness App
Muuvr surpassed its original funding target with a $4.16 million post-seed funding round, the company announced. That, combined with $1.67 million in founder loans, sets Muuvr’s total capital increase at $5.84 million. The post-seed funding round was led by what Muuvr described as “influential private individuals and family offices. Investors...
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January 4, 2024
Peloton to bring its content to TikTok in exclusive partnership
Fitness equipment maker Peloton Interactive (PTON.O) will bring its workout content to short-form video platform TikTok in an exclusive partnership, the companies said on Thursday. The partnership comes as Peloton, shares of which extended gains to jump 9.5% in premarket trading, is pivoting from hardware and transforming into a software-focused...
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January 3, 2024
Planet Fitness busts gym barriers with help from Megan Thee Stallion
Low-cost gym chain Planet Fitness partnered with Megan Thee Stallion for a new campaign meant to break down fitness barriers in the new year, according to a press release. To capitalize on the interest in fitness that typically arrives in January, the rapper is playing the role of Mother Fitness,...
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January 3, 2024
Red Bull acquires controlling stake in Bora-Hansgrohe
According to a notice published on Austria’s Federal Competition Authority, which was spotted by keen-eyed observers and posted on Twitter/X, Red Bull has acquired a 51 per cent stake in the German WorldTour cycling outfit. The notice, filed under the category of merger control and described as a “planned purchase...
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January 3, 2024
Global Wellness Economy Projected To Hit $8.5T by 2027
A new report brings encouraging news to the wellness sector, with the total wellness economy projected to hit a staggering $8.5 trillion in 2027 after reaching $5.5 trillion in 2022. Research by the Global Wellness Institute (GWI) reveals that wellness spending is expected to profoundly impact the global economy in...
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January 3, 2024
Chipotle and Strava Want to Give You Free Guac
On Tuesday, Chipotle Mexican Grill announced a partnership with Strava, the digital fitness tracking giant, “to encourage and reward healthy habits this year.” The burrito and bowl chain has become the first restaurant brand to build customized streak and segment-based challenges on Strava. According to press release from Chipotle, the...
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January 3, 2024
Hyperice Sues Therabody Over Massage Gun Patent Infringement
Hyperice has filed a lawsuit in federal court against Therabody, asserting that the company infringed its recently issued U.S. Patent No. 11,857,482. The patent claims technology dating to 2013, which is used in Hyperice products like its Hypervolt Go 2, Hypervolt 2 and Hypervolt 2 Pro massage guns. In the...
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December 28, 2023
Who made the most triathlon prize money in 2023?
Long-distance racers dominated the prize money lists in 2023, according to the detailed analysis by Trirating.com’s Thorsten Radde. While two of the top-five money earners from the year did compete in short-course races, the lion’s share of their income came from Professional Triathletes Organisation (PTO) and Ironman races. Here’s a...
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December 22, 2023
Muuvr secures $4.16 million in post-seed funding round
Muuvr, the activity app that motivates runners, cyclists, and triathletes to be more active through rewards and community, has announced a significant investment into the brand’s future. The $4.16 million secured capital will fuel the next chapter of Muuvr’s growth strategy. This includes advancements in app development, marketing and acquisition...
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December 22, 2023
Nike Aims to Save $2B Over Three Years With New Plan to ‘Streamline’ Organization
Nike on Thursday announced new measures to “streamline” its organization after reporting a profit beat for the second quarter. The athletic giant said in a release that it sees the potential to save up to $2 billion, although these measures involve layoffs. Nike said it could see pre-tax restructuring charges...
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December 21, 2023
Compass Diversified Receives $75.2 Million Equity Investment
Compass Diversified (CODI), owner of Velocity Outdoor, BOA, Primaloft, 5.11, and other active lifestyle brands, reported that it had completed a private placement of approximately 3.6 million of its common shares to a mutual fund managed by Allspring Global Investments to raise $75.2 million. The shares were sold for $21.18...
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December 20, 2023
Sports tech industry investments reach US$10.1 billion during Q3 2023
The global sports technology industry generated US$10.1 billion worth of deals during the third quarter of 2023, according to research from Drake Star Partners, which recorded 317 transactions during the three-month period. The quarterly study does take into account deals which include technology elements or are sports technology adjacent. For...
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December 20, 2023
The Most Innovative Fitness & Wellness Companies of 2023
Athletech News presents its list of The Most Innovative Fitness & Wellness Companies of 2023. The list serves as the ultimate authority in recognizing the organizations that are revolutionizing fitness and wellness and, by extension, positively influencing society. Athletechnews
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December 19, 2023
Nike Sues Sneaker Reseller For Allegedly Running ‘Organized Counterfeit Trafficking Community’
Nike is coming after a sneaker reseller that it claims sells fake Swoosh-branded shoes. The lawsuit describes Fox as the “ringleader of an organized counterfeit trafficking community” on messaging platform Discord that assists members in purchasing counterfeit goods. Nike also accused Fox of selling his wares via a website launched...
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December 18, 2023
Wolverine Transforming Saucony and Merrell Model in China
Wolverine World Wide, Inc. said it plans to shift its Merrell and Saucony businesses in China from a joint venture model with Xtep to a license and distribution rights model. It also agreed it sell its Asia-based Wolverine Leathers business. Both actions are expected to simplify Wolvderine’s business model and...
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December 15, 2023
Warner Bros moves cycling coverage from GCN+ to Max
The Max streaming channel will add more than 300 live pro cycling events in February, picking up events previously streamed on GCN+, including the Giro d'Italia, the UCI Mountain Bike World Series, UCI Track Champions League, and classic one-day races including E3 Saxo Bank Classic, and Kuurne–Brussels–Kuurne. BRAIN
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December 14, 2023
Why Are Triathletes Renting Bikes for World Championships?
The bond between triathlete and bicycle is deep and complex, just ask the thousands of triathletes with pet names for their bicycles. So, this begs the question, why would someone rent a bicycle to race an Ironman—especially when that might have been the reason for the bike purchase in the...
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December 13, 2023
Today’s Plan Announces Closure
Training & coaching platform Today’s Plan has announced they’ll be closing early next year. The Australian-based company has long been the chief competitor to TrainingPeaks, especially for coaches and high-performance teams. Numerous Tour de France teams have used the platform over the years (including currently), as well as many other...
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December 12, 2023
Fitbit hit with $11m fine in Australia after misleading customers over returns and warranties
The tech company Fitbit will have to pay an $11m fine in Australia after misleading consumers about smartwatches and fitness trackers that were not fit for purpose. The federal court issued the penalty against the US firm on Tuesday after it admitted making false, misleading or deceptive claims to 58...
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December 12, 2023
Nike Opens a Store in Tokyo That’s Dedicated to the City’s Running Community
Nike Ginza is the athletic giant’s new retail outpost, which is open now and is located in downtown Tokyo’s busy shopping district. Nike stated this area is also the home to a passionate running community. The store —which spans 12,765 square feet — utilizes its Nike Rise concept, one that is...
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December 7, 2023
Pierer announces agreements to sell its Felt Bicycle and Raymon brands
Pierer Mobility AG said it has agreements to sell Felt Bicycle, which it acquired in 2021, to a consortium led by a current manager. The Austrian motorcycle and e-bike company also has agreed to sell its Raymon e-bike brand to its founders, Susanne and Felix Puello, and focus on its KTM,...