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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October 26, 2023
Skechers Beats Profit Expectations in Q3, Nets Record Sales Over $2B
Skechers reported record quarterly sales of $2.02 billion, which were up 7.8 percent from the prior year and ahead of the company’s previously outlined projection of between $1.95 billion and $2 billion. Net earnings were $145.4 million and diluted earnings per share were up 69.1 percent to $0.93. Skechers had been aiming...
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October 26, 2023
FloBikes Got Caught Sneaking Subscriber Data to Facebook. That Means You’re Owed Money.
If you woke up to an email about a class action lawsuit against FloSport, it was about their subscribers being notified that FloSports disclosed its subscribers’ personal information to Facebook via the Facebook Tracking Pixel, without its subscribers’ consent, in violation of the Video Privacy Protection Act (the “VPPA”). This...
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October 25, 2023
Life Time Group Holdings Inc (LTH) Reports Strong Revenue Growth in Q3 2023
Life Time Group Holdings Inc (NYSE:LTH) released its Q3 2023 earnings report on October 25, 2023, revealing a significant increase in total revenue and adjusted EBITDA. Despite a decrease in net income, the company's adjusted net income showed a remarkable improvement, turning from a loss in Q3 2022 to a...
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October 24, 2023
Shimano’s Sales Tumble 20 Percent In Nine Months On Cycling Weakness
Shimano Inc.’s sales tumbled 19.8 percent in the nine months as sales in its Bicycle Components segment dropped 24.8 percent with the decline tied to high inventories in the IBD channel. The Japanese-based company nonetheless slightly raised its outlook for the year as orders in the back half weren’t as...
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October 24, 2023
Running Store Distance Lets Customers Steal — If They Can Outrun Its Security Guard
Running store Distance is allowing customers to steal products from its shelves — with a catch. On Sept. 13, the brand posted a sign outside of its store in Paris, which proclaimed “Rob It To Get It” as part of its latest campaign. Customers were allowed to steal items in-store...
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October 19, 2023
Startup Raises $3M To Help Athletes Flex Their Creator Muscles
Grandstand, the athlete empowerment startup, recently raised $2.75 million in a funding round led by Will Ventures, with plans to launch an app that would allow fans to follow and financially support their favorite players. Sportico
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October 19, 2023
Meta, Alo Yoga Hit With VR Fitness Lawsuit
Meta has again been accused of gatekeeping the burgeoning virtual reality fitness space, this time drawing the ire of an immersive VR app developer, who slapped the tech titan and athleisure brand Alo Yoga with a lawsuit. The plaintiff, California-based Andre Elijah Immersive Inc. (AEI), is a self-proclaimed new entrant...
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October 19, 2023
Wiggle future in doubt as business set to file for self administration
The parent Signa Sports United, whose largest shareholder is Signa International Sports Holding, is facing down the prospect of losing a €150 million financial commitment, on which just €7 million has thus far been drawn to support the network of companies’ trading activities. The ultimate source of the funding withdrawal...
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October 17, 2023
Peloton Expands Into Austria
Peloton announced its expansion into Austria, its fifth market outside the U.S. Starting today, the Peloton Bike, Bike+, and select accessories will be available to consumers in Austria through its expanded relationship with Amazon. Sport-Tiedje, the largest specialist retailer of home fitness equipment in Europe, will sell Peloton Bike, Bike+,...
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October 4, 2023
UK Luxury Gym Third Space Secures $107M To Fuel Growth
Third Space, a London-based luxury fitness lifestyle brand, has received £88.5 million ($107.4 million) to support the growth of its footprint and its team. The posh fitness brand is known for its opulence, having attracted high-profile clientele such as Prince Harry, David Beckham and Guy Ritchie. Neo bank OakNorth and...
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October 4, 2023
On Announces its Three Year Financial Outlook, Confirming its Ongoing Commitment to Combine Strong Growth with Increasing Profitability
Swiss performance sportswear brand On (NYSE: ONON) will today, October 4, 2023, host an Investor Day at On Labs in Zurich, Switzerland. Two years after the Company’s IPO and following the successful execution on the growth strategies presented during the listing process, the Company is providing an update on its...
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October 4, 2023
Mancini victims eager to see ‘justice done’
Victims of what prosecutors call a “Ponzi-like” scheme to buy several Italian cycling brands are asking a judge to release pre-sentencing materials for Samuel Mancini, who has pleaded guilty to securities fraud in the case. Mancini pleaded guilty in April 2022, but a sentencing hearing has been repeatedly postponed and...
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October 3, 2023
Nike, Adidas and Skechers Among Top 20 US DTC Footwear Brands, According to Similarweb
Nike‘s plan to grow its DTC capabilities appears to be on the right track, according to recent data from Similarweb, which analyzes web traffic. The Swoosh earned the top spot among U.S. footwear brands with a large DTC presence. This digital ranking from Similarweb was arranged in order of total...
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October 2, 2023
Report: Vuori Mulling 2024 IPO
Fast-growing activewear brand Vuori is reportedly talking to bankers about a possible initial public offering next year. A report Friday from Bloomberg said the Encinitas, California-based company, valued at $4 billion, could look to go public as soon as mid-2024. SES
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September 29, 2023
Lululemon Lays Off 120 Employees in Wake of Peloton Deal
Lululemon is undergoing another round of layoffs this week in the wake of its new partnership with Peloton, the company confirmed to FN. Under a new five-year deal announced this week, Peloton became the official digital fitness content provider for Lululemon Studio All-Access Members and Lululemon became the primary athletic...
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September 29, 2023
Meet triathlon’s richest (former) pro
For those of us who have been in the sport for a while, we’ll always remember him as the quiet-spoken champion. He won Ironman Switzerland five times. The famed Zofingen Powerman duathlon eight times. He was the world duathlon champion three times. He was professional in every respect of the...
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September 28, 2023
Lululemon and Xponential Fitness Confirm Ongoing Retail Partnership
Peloton will develop digital fitness content for Lululemon, while Lululemon will become Peloton’s primary athletic apparel provider. Lululemon also plans to discontinue sales of its Studio Mirror product before the end of the year. SGB
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September 28, 2023
Nike Beats Profit Expectations in Q1, Misses on Sales
The athletic giant reported Q1 revenues of $12.9 billion, up 2 percent compared to the prior year. This was in line with Nike’s previously issued guidance for Q1, which projected revenues between flat to up in the low single digits. However, it fell slightly short of FactSet estimates, which expected...
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September 27, 2023
Peloton, Lululemon Partner on Content as Mirror Gets the Ax
After abandoning the connected fitness ship and pivoting to app-based experiences, Lululemon and Peloton have teamed up in a five-year global partnership to reach a combined 20 million members and guests. Lululemon is also finally shutting down its connected fitness Mirror, which it will discontinue before the end of the...
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September 27, 2023
lululemon and Peloton Announce Five-Year Strategic Global Partnership
lululemon and Peloton announced a five-year strategic global partnership through which Peloton will become the exclusive digital fitness content provider for lululemon, and lululemon will become the primary athletic apparel partner to Peloton. Together, the brands will engage their global community of members in the United States, Canada, the United...
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September 22, 2023
Former Planet Fitness CEO ‘Blindsided’ by Ouster as Gym Chain’s Stock Sinks
Chris Rondeau, who resigned as CEO of Planet Fitness last week in a stunning move, was reportedly “seriously blinded” by the board’s decision to request that he step down. The move, which surprised employees and investors, has caused shares of Planet Fitness to plummet nearly 20%, hitting a 52-week low....
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September 21, 2023
Adidas Opens USD137 Million Automated Distribution Center in China’s Suzhou
Adidas has opened its automated distribution center in the Chinese city of Suzhou after spending about CNY1 billion (USD137 million) on the project, making it the German sportswear giant's largest investment in China in the past five years. The center, covering an area of 139,000 square meters, is highly automated...
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September 20, 2023
Running on Social Media
There are many reasons to be grateful for social media as a runner. The first is — as I described above — the consolidation of community. I have no doubt that the access to one another that social media facilitates has grown the sport. It permits us to build friendships,...
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September 20, 2023
Apparel 50 2023
Nike retains its position as the world's most valuable apparel brand with a brand value of USD 31.3 billion, despite a 6% decrease, according to Brand Finance's 2023 report. Brand Directory
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September 19, 2023
Samsung and the University of Michigan team up on smartwatch technology for runners
ESSI announced a research partnership with Samsung Electronics on smartwatch technology. Together, the two companies are looking to help runners manage their health and physical activity, and to provide them with more reliable and accurate data. The eight-month long study, in which participant enrollment and data collection have already begun, is being overseen by...