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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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%,...
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July 20, 2023
Mips AB Sees Q2 Sales Halved on Tough Bike Inventories, Late Season Start
Swedish helmet technology provider Mips AB saw second-quarter revenues cut in half from the year-ago comparable period, led by a continued sharp decline in its Sport and Moto businesses. Earnings per share were cut 75 percent for the period. Net sales for the three-month period ended June 30 fell 51...
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July 19, 2023
Thule Inc’s Q2 Sales Fall on Continued Cycling Inventory Imbalances
Thule Inc. reported another challenging quarter as sales fell 15 percent in the Swedish company’s second quarter. The decline was blamed on continued weak bike-related product sales as retailers continue to focus on reducing inventory levels. The maker of car racks and bike accessories indicated inventories had returned to more...
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July 18, 2023
Giant Group Sales Inch Down in Q2 as June Decline Disappoints
Revenue was for the Taiwan-based bike manufacturing company totaled NT$22.42 billion (US$ 730.3 mm) in the second quarter, a decline of 1.24 percent from NT$22.70 billion in Q2 2022. June sales were down 13.5 percent from the prior-year comparable month, following a 3.5 percent decline in May as the declines...
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July 14, 2023
Lululemon Lays Off 100 Employees as It Reorganizes Studio Business
Lululemon has laid off about 100 employees as the company restructures its Studio business, a company spokesperson confirmed to FN. The cuts stemmed from Lululemon’s decision to “fully integrate” the recently launched fitness platform within Lululemon, the spokesperson said in a statement, adding that a majority of impacted employees were...
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July 13, 2023
VanMoof Reported To Be on the Edge of Bankruptcy
VanMoof, the maker of supremely sleek and widely popular e-bikes, is close to potential collapse and on the verge of bankruptcy. The start-up was founded in Amsterdam in 2009, with the goal of creating "the perfect city bike." Since then, the company has expanded across nine different time zones, with...
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June 29, 2023
Pinarello has been sold
Global investment firm L Catterton – whose owners include luxury behemoth LVMH – announced the sale of iconic Italian bicycle brand Pinarello to a “private family office.” The assumption is that the total was greater than the €90 million LVMH reportedly paid for Pinarello in 2016. Fausto Pinarello – the son...
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June 23, 2023
Skechers U.S.A. Named To Fortune 500 List For First Time
Skechers U.S.A., Inc. made the Fortune 500 list for the first time following record annual sales of $7.4 billion in 2022. Skechers is one of only four brands in the apparel industry sector to make the list, debuting at number 488. SGB Media
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June 22, 2023
Under Armour Confirms Corporate Layoffs in Cost-Control Efforts
Under Armour Inc. has confirmed reports that the company has laid off 50 corporate positions as part of cost-control efforts. Under Armour said in a media statement, “Under Armour made the difficult decision to eliminate approximately 50 corporate roles across several functions in the business. We made this decision to...
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June 22, 2023
Lululemon fails to find buyer for failing Mirror fitness gadget
Popular athletic apparel company Lululemon can’t find a buyer for fitness product Mirror — despite slashing the value it paid for the device by nearly 90%, insiders told On The Money. Lululemon paid $500 million for the low-tech gadget during the height of the pandemic-induced exercise craze in 2020. However,...
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June 21, 2023
Train Fitness Closes $2.5 Million USD To Expand Automatic Workout-Tracking App For Strength Training
Train Fitness has secured $2.5 million USD in seed funding led by Relay Ventures to make recording your workouts at the gym less of an exercise in data entry using artificial intelligence (AI) and smartwatches. The Toronto fitness-tech startup claims its app can help users log strength-training workouts automatically by...
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June 21, 2023
Under Armour Begins Corporate Layoffs
The Baltimore, Md.-based company confirmed to Footwear News that it has cut roles across its corporate workforce. Under Armour did not confirm the number of impacted employees or the reason for the cuts. The news comes as Under Armour, helmed by a new CEO, rolls out a plan to revamp...
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June 20, 2023
Reebok Enters Into Smart Eyewear Licencing Agreement
Innovative Eyewear, Inc. announced that through an agreement with Authentic Brands Group, it had licensed the Reebok brand for smart eyewear. Innovative Eyewear is a manufacturer and retailer of smart eyewear under the Lucyd, Nautica and Eddie Bauer brands. Authentic also owns Nautica and Eddie Bauer. SGB Media
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June 20, 2023
What Do Professional Trail And Ultrarunners Earn?
We recently conducted a survey aimed to collect data from numerous professional runners from around the globe. This anonymous survey was filled out by nearly 200 athletes and was designed to gain insight into some key issues regarding professional athletic careers and elite competition as the sport of trail and...
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June 16, 2023
Asics Invests In Virtual Reality Exercise
Asics Corp. announced that its investment subsidiary, Asics Ventures Corp., had invested in Valkyrie Industries, Ltd., a London-based startup that combines virtual reality with electrical muscle stimulation. The funding will accelerate the product development of EIR Armbands, Valkyrie’s wearable muscle-based haptics that uses electronic pulses to simulate weight and tension in...
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June 11, 2023
The 16 Best Running Books to Inspire and Motivate You
Running books are looking different these days. In the past, running books have largely covered what you can do to become a faster and more efficient runner. And while these types of running books are essential, real athlete stories about overcoming injury and whistleblowing racism and abuse in the sport...
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June 9, 2023
Pinarello nears sale to billionaire Ivan Glasenberg, according to reports
Italian bike brand Pinarello could be sold to billionaire Ivan Glasenberg, according to reports. The South African was previously the CEO at Glencore, one of the world’s largest commodity trading and mining companies before retiring in 2021. Although he still retains a 10% share in the business. BikeBiz
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June 8, 2023
Jumbo-Visma left with €5 million budget shortfall as Gorillas fail to deliver sponsorship
Jumbo-Visma have reportedly lost the sponsorship funding of German ultrafast grocery delivery company Gorillas, leaving an estimated €5 million hole in their 2023-2024 budget. Cycling News
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June 8, 2023
How Lululemon took on Nike to become a Fortune 500 company and $8 billion athleisure empire
Lululemon’s branding as a hip retailer targeting a wealthy clientele has been vital to its growth, hence why the company is credited with the invention of “athleisure,” at the intersection of good fit and high-quality fabrics. It’s slowly expanded into menswear and, more recently, golfing and hiking clothes. And it’s...
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June 7, 2023
New Balance plans 120,000-square-foot manufacturing facility in Londonderry
Footwear maker New Balance wants to build a factory in Londonderry as part of its larger effort to expand manufacturing capacity in the U.S. The 17-acre property is intended to be the sixth U.S. manufacturing facility for New Balance, with the plan including a one-story building that will contain offices...