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Business
October 5, 2020
Parent company shutters Bike magazine
A360 Media, which acquired Bike magazine last year, is “pausing” the mountain bike magazine and its digital publications indefinitely. A360 Media notified Bike editorial and sales staffers Friday afternoon that they were being furloughed. On Friday A360 Media also furloughed staff at its Snowboarder and Surfer magazines, and Powder magazine staff will be furloughed Nov. 20. Read more on Bicycle Retailer.
October 5, 2020
Cold weather next challenge for fitness industry.
A chunk of the fitness industry has sustained itself amidst COVID-19 two ways: virtual workouts and outdoor offerings. The latter will become difficult — if not impossible — in much of the nation as fall stretches into winter. What's the plan? Read more on Front Office Sports.
October 5, 2020
A new book on Nike pulls no punches.
We're gonna check it out. According to Outside, 'Win at All Costs' is an indictment of more than just the Nike Oregon Project.
October 2, 2020
Strava Seeks New Investors at $1 Billion-Plus Valuation
Strava Inc., a social network for athletes with nearly 70 million global registered users, is looking to raise its equity by more than $1 billion, also hiring an adviser to raise between $150 million and $400 million. A deal that vaults the company to unicorn status would roughly triple Strava’s...
September 28, 2020
Flywheel Files Chapter 7 Bankruptcy, Closes All Of Its Studios
On Sept. 14, Flywheel Sports Inc. closed its 42 studios, laid off its 1,200 employees and filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court in New York. Flywheel had $10 million to $50 million in liabilities and less than $50,000 in assets. Read more on Club Industry.
September 24, 2020
Communication Issue? Echelon’s ‘Prime Bike’ Scrubbed from Amazon
Echelon Fitness went from promoting a “Prime Bike” sold exclusively on Amazon to having all its at-home spinning bikes yanked from the online retail giant for about 24 hours. Read more on Front Office News.
September 22, 2020
Nike Blows Past Analysts’ Estimates, Sending Stock Up High Single Digits
Shares for Nike Inc. are up in the high single digits at market close on Tuesday after the sportswear giant posted better-than-expected earnings and sales. For the three months ended Aug. 31, Nike’s posted diluted earnings per share of 95 cents — up 10% from the prior year and trouncing...
September 22, 2020
Tour de France draws 40m domestic TV viewers
The 2020 Tour de France proved a domestic TV ratings hit for France Télévisions (FTV) as more than 40 million viewers tuned into the public service broadcaster’s coverage of the three-week cycling grand tour. FTV reportedly saw its total viewership increase by seven million - more than 21% - on...
September 22, 2020
Amazon taps Echelon for the Prime Bike, a $500 Peloton knock-off.
Amazon teamed up with Echelon to build and sell the Prime Bike. The $500 exercise bike is a virtual clone of the $1,900 Peloton bike minus the screen — even the color scheme and design are the same. The bike is available now from Amazon (and Walmart, with slightly different...
September 21, 2020
ABC Financial Acquires Trainerize
ABC Financial (ABC), a provider of technology and related services for the fitness industry, has acquired Trainerize, a Vancouver-based mobile fitness solution for personal training and member engagement. With Trainerize, ABC can extend the health club beyond the walls of the gym to include all the aspects of fitness in...
September 17, 2020
AI-powered weight training startup Tonal raises $110 million amid home workout boom
AI gym equipment startup Tonal nabbed a $110 million round from new and existing investors. Tonal’s $2,995 equipment, which attaches to any wall with two studs, lets bodybuilders lift up to 200 pounds in one-pound increments. Adjustable arms and 17 different sensors support over 170 leg, arm, shoulder, back, core, and chest workouts....
September 17, 2020
Former track and field boss gets two years in prison
Former track federation president Lamine Diack was sentenced Wednesday to two years in prison for corruption during his nearly 16-year tenure at the IAAF, most notably a scheme that allowed Russian athletes who paid millions in hush money to keep competing when they should have been suspended for doping. Read more on...
September 16, 2020
Zwift lands whopping $450 million in funding ked by KKR.
Zwift, a 350-person, Long Beach, California-based online fitness platform that immerses cyclists and runners in 3D-generated worlds, just raised a hefty $450 million in funding led by the investment firm KKR in exchange for a minority stake in its business. Zwift has now raised $620 million altogether and is valued at north...
September 10, 2020
RETAIL Peloton crushes estimates as sales surge 172%, expects strong demand to continue into 2021
Peloton’s fiscal fourth-quarter sales surged as its high-tech stationary bike and treadmill became two of the hottest commodities for people looking to work out at home. Its shares were up nearly 8% in after-hours trading; earnings per share were 27 cents vs. 10 cents expected. Revenue is $607.1 million vs....
September 9, 2020
Under Armour Is Laying Off 600 Employees
Under Armour is the latest company in the retail space to resort to mass layoffs as the pandemic continues to take its toll on the U.S. economy. The athletic apparel and footwear maker also raised its restructuring costs for the year by $75 million and now expects to incur about...
September 8, 2020
LimeLight Sports buys mass participation company Virgin Sport
Sports marketing group LimeLight Sports has announced its acquisition of Virgin Sport, the five-year-old mass participation events business. The deal means that three of the UK’s top participation events - the Asics London 10k, Oxford Half Marathon and Hackney Half Marathon - will now be run by LimeLight Sports Club,...
September 8, 2020
Lululemon quarterly sales top expectations, CEO ‘cautiously optimistic’ for rest of 2020
Lululemon reported surprise revenue growth, despite lockdowns, as stores started reopening and consumers stocked up on workout apparel and yoga accessories. Lululemon’s net income shrank during the second quarter to $86.8 million, or 66 cents a share, from $125 million, or 96 cents a share, a year earlier. Revenue rose...
September 2, 2020
Making Gyms Safer: Why The Virus Is Less Likely To Spread There Than In A Bar
America's empty gyms are beckoning the public back for a workout. To reassure wary customers, owners have put in place a variety of coronavirus control measures. The fitness industry is also trying to rehabilitate itself by pushing back against what it sees as a misleading narrative that gyms have no...
August 31, 2020
Athleta’s comps soar on strength in active
Athleta’s same-store sales climbed 19 percent in the second quarter as the chain tapped into the overall momentum in active apparel in the quarter, according to the quarterly results of its parent, Gap Inc. Online sales at Athleta grew 74 percent to offset a 45 percent drop in in-store sales....
August 31, 2020
In a world without races, how sports nutrition companies are adapting
From supporting runners virtually to donating food to frontline workers, some of your favorite brands have shifted their focus away from competition and toward community. Read more on Runner's World.
August 26, 2020
Dick’s Sporting Goods Reports 194% Q2 Increase in Online Sales
A number of sporting goods retailers have reported major boosts to their sales, with people embracing fitness and outdoor activities, while other pastimes are inaccessible. Dick’s Sporting Goods’ digital sales skyrocketed in the quarter running April to June. Online sales, including curbside pickup, grew 194% year-over-year. The company reported that...
August 20, 2020
Active Lifestyle All Over 2020 Inc. 5000 List
A number of companies in the active lifestyle space landed on the 2020 Inc. 5000. The magazine’s annual ranking of the fastest-growing private companies in America, a snapshot of how well companies were performing. The companies on this year’s list represent an average three-year growth rate of 165%, an astounding...
August 20, 2020
New job roles and expanded carbon tech as AREVO raises US$25m in Series B funding
AREVO, the Silicon Valley company behind the Superstrata custom 3D printed bike concept, has opened up a number of new job positions. The company has been buoyed by a recent US$25 million Series B funding round, bringing its total funding to US$60 million. Read more on Endurance Business.
August 17, 2020
Fitbit Premium Reaches 500,000+ Paid Subscribers in First Year
Fitbit announced that Fitbit Premium, its paid membership service that gives guidance to help users move more, manage stress, sleep better and eat well, has reached more than 500,000 paid subscribers in less than a year since launch. Read more on BusinessWire.
August 13, 2020
Runner breaks European record, disqualified for wearing NEXT% shoes
Sondre Moen of Norway broke the European one hour track record, running over 21K in an hour and clocking 56:53 in the 20,000m en route, another national record. Unfortunately, the new World Athletics shoe rules had already taken effect, and the shoes he wore disqualified him, and his record did...
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