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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August 23, 2023
Gympass Hits $2.4B Valuation After Latest Funding Round
Gympass, a top corporate wellness platform, has raised $85 million in a Series F funding round at a valuation of $2.4 billion, an eye-watering number given the struggles of other fitness industry companies in the current economic environment. EQT Growth led the funding round, with participation from Neuberger Berman Group...
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August 22, 2023
Dick’s Lays Off 250 Workers, Cites Theft for Q2 Profit Drop
After a second quarter where profitability fell short, Dick’s Sporting Goods announced a business optimization program that involved laying off 250 employees at the corporate level, as first reported by Bloomberg Business. Dick’s said that the business optimization plan is intended to better align its talent, organization design, and spending....
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August 21, 2023
John McEnroe Tennis Academy partners with Evolution Optiks’ OcuRay for neuro fitness wearable
The John McEnroe Tennis Academy is partnering with the OcuRay division of Evolution Optkis on a vision training wearable to improve its athletes’ neuro fitness. The youth tennis players will use FalconFrames, lens-less glasses that track eye movement and use AI algorithms to detect impairments and help wearers train their vision...
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August 18, 2023
Saucony, ASICS Gaining on HOKA
HOKA’s sales grew from about $900 million to $1.4 billion from fiscal 2022 to 2023 and it’s still rocketing upward. The big movers are ASICS and Saucony and the moves are striking. Saucony has almost doubled its share, from 12 percent to 21 percent, in a 3-year span. HOKA’s lead...
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August 18, 2023
Meta Pushes Into VR Fitness: Why the Tech Giant Is Just Getting Started
In early 2023, Meta completed its acquisition of Within, maker of the popular VR fitness app Supernatural, for a reported $400 million, cementing the tech company’s entry into the space. In the four years or so between its first foray into VR and its decision to shell out big bucks...
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August 17, 2023
Peloton launches new approach to B2B service
New York-based Peloton announced the launch of Peloton for Business, its new B2B offering that will supply equipment and content to clients in the sectors of corporate wellness, multifamily residential businesses, hospitality, community wellness, healthcare, education and gyms. The company will offer access to its Peloton Bike for use by...
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August 15, 2023
Why On Running Is Soaring In North America as Other Brands Struggle
On Holding just became one of the few shoe brands to post positive results in North America this quarter. The popular Swiss running shoe brand grew 66.8 percent in North America in Q2. Net sales in EMEA, Asia-Pacific and the Americas more broadly increased in the double digits as well. FN
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August 11, 2023
Resale company Trove raises $30 million in Series E funding
Trove has raised $30 million in Series E funding, the resale technology company announced on Thursday. Wellington Management and ArcTern Ventures co-led the funding round, and Mitsui Fudosan’s CVC Fund, G2 Venture Partners, Prelude Ventures and other current Trove investors participated in the round. The funding will support the company’s...
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August 11, 2023
British Cycling could take legal action to prevent Japanese and French Federations from using new track bikes
British Cycling is considering taking legal action over potential patent infringements from the new bikes of the Japanese Track Cycling Federation and French Track Cycling Federation. Cycling Weekly understands the potential infringements relate to the wide fork and seat stay designs on the Look P24 and V-IZU TCM. This design...
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August 10, 2023
Despite surge in MTB helmet sales, Leatt revenue decreases 31% year-over-year
Leatt Corporation's second-quarter revenue decreased 31% year-over-year despite mountain bike and moto helmet sales increasing 48% compared with the same time last year. Global revenue for the quarter ending June 30 was $12.35 million, compared with $17.93 million at the same time last year. Helmet sales accounted for $3.52 million,...
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August 10, 2023
Wolverine to Close Boston Campus, Consolidate US Offices to Michigan
Wolverine on Thursday announced the planned closure of its Boston headquarters by the end of the year and the consolidation of its offices across the U.S. to its Rockford, Mich., campus. The announcement came as Wolverine Worldwide announced sagging results for the second quarter, as well as the sudden exit of CEO Brendan Hoffman. The company named Christopher...
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August 9, 2023
Many Pro Runners are Becoming Coaches. What’s the Deal?
As the sport of running grows, so do many of its cottage industries. Coaching has quickly become an industry that many are tapping into as more people enter the sport, but experiences may vary. Trailrunner
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August 8, 2023
Under Armour Limits Fiscal Q1 Downside with Strong International Growth
Under Armour, Inc.’s total net revenue was down 2.4 percent (-1.3 percent currency-neutral) year-over-year to $1.32 billion in the fiscal first quarter ended June 30. Wholesale revenues declined 6.3 percent to $742.0 million in the quarter, while direct-to-consumer sales increased 4.5 percent to $544.2 million in the period. SGB Media
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August 8, 2023
Asics Posts Another Record Quarter Thanks to Global Return of In-Person Sporting Events
Asics hit another milestone in the second quarter of 2023, reporting its highest-ever quarterly sales as business increased year-on-year in all regions and categories in the period. According to the Japan-based athletic brand, net sales in the second quarter increased 28.9 percent to 290 billion yen ($2.03 billion based on...
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August 2, 2023
Independent mountain bike magazine Cranked to cease publication
Independent mountain bike magazine Cranked is to cease publication next month, with its 34th edition the last to roll off the printers. Founded in 2015 by photographer and writer Rogers, Cranked operated with the tagline “a magazine for mountain bikers”, and each quarter delivered high quality writing and photography from...
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August 2, 2023
UCI announces creation of second division of women’s professional cycling teams
The International Cycling Union (UCI) has announced plans to create a second division of women’s professional teams, a move that would bring the sport’s team structure in line with their male counterparts. The UCI women’s pro team division is set to come into the sport in 2025 and is due...
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August 1, 2023
Under Armour Launches First-Ever Loyalty Program As It Looks to Improve North American Business
Under Armour, Inc. today announced the launch of its first-ever loyalty program, “UA Rewards,” for U.S.-based consumers 16 years and older. Eligible customers can enroll for the program for free on Under Armour’s website or digital apps and platforms. Once enrolled, they can earn points through purchases, product reviews, and...
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August 1, 2023
Running Retailers Are Sprinting Into the Pickleball Category
When Jeff Harris picked up pickleball during the pandemic, he didn’t have a business agenda. His family retail store, Run With It in Fort Walton Beach, Fla., sold running and walking gear. At the time, pickleball was just a fun way for the then 57-year-old to stay active and social...
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July 28, 2023
Hot-Selling Hoka Looks to Meet Excess Demand with DTC
High-growth running brand Hoka continued its strong performance in the first quarter for parent company Deckers Brands – so much so that the company boosted its full-year revenue outlook based on Hoka’s results despite every other brand it its portfolio recording first quarter sales declines. For the quarter ended June...
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July 28, 2023
Clif Bar Continues to Improve Profitability Under New Owner
Mondelez International said its recently-acquired Clif Bar business continued to improve profitability in the second quarter with the help of higher prices amid “robust” sales growth and as Clif Bar recently overhauled its management team, including the exit of CEO Sally Grimes. At the close of February, Alexandre Zigliara was...
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July 25, 2023
Shimano’s bike-related sales down 18% in first half
Shimano says interest in bicycles globally continues as a long-term trend, but that macro-economic conditions and industry inventory levels contributed to a 17.7% decline in sales in its bike business in the first quarter this year, compared to the same period last year. Net sales in Shimano's bike-related business were...
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July 25, 2023
Life Time’s Q2 Profits Surge
Life Time Group Holdings, Inc. raised its earnings guidance for the year after reporting a profit against a loss in the second quarter ended June 30 as adjusted operating earnings grew 115 percent. Revenue gained 21.8 percent. SGB Media
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July 20, 2023
BodyArmor Founder Acquires Majority Stake In NOBULL
Billionaire beverage mogul Mike Repole has acquired a majority stake in NOBULL, the footwear and apparel brand that has deals with the NFL combine, PGA Tour, and CrossFit Games. FOS
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July 20, 2023
Mirror mirror on the wall who is the fittest of them all? MAGIC raises $2.5 million
The UK fitness tech start-up Magic Mirror has raised $2.5 million to bring AI-powered workouts into the UK’s living rooms, or wherever you do your workouts. It will also tell you if your 'form' is incorrect and count your reps, so there is basically nowhere to hide on your workouts....
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July 20, 2023
Tour de France Cycling Boom Helps French Family Firm Make Half a Billion Euros
Groupe Amaury, the closely held family business that owns the Tour de France, saw revenue jump by nearly a fifth last year, driven in part by a surging interest in the the world's most famous bike race. Revenue climbed to €550 million ($616 million) in 2022, a gain of 17%,...