BUSINESS NEWS
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June 21, 2024
Nike Execs Accused of Misleading Investors About DTC Progress in New Suit
A new lawsuit is accusing Nike of misleading investors about its purported success in its direct-to-consumer strategy. A class action suit filed by Kessler Topaz Meltzer & Check, LLP on Thursday claims that Nike chief executive officer John Donahoe and Nike chief financial officer Matthew Friend failed to reveal to shareholders that the company’s...
June 20, 2024
Zing Coach Raises $10M for Feature-Packed AI Fitness App
That’s the idea behind Zing Coach, a fitness app backed by health tech company Palta, which just raised $10 million in equity and debt financing in a Series A funding round. Zing Coach will use the funding to enhance its technology and features, enter new markets and expand its team....
June 17, 2024
Asics Is the Fastest-Growing Footwear Brand in the U.S. Outdoor Specialty Market
Asics is having a moment in the critically-important outdoor specialty retail channel. On Monday, consumer insights firm Circana announced the winners of its fourth annual Outdoor Sports Retail Performance Awards. Circana explained its awards acknowledge the fastest-growing brands in the U.S. outdoor and snow specialty retail channels based on in-store and...
June 17, 2024
Adidas investigates bribery allegations in China
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June 12, 2024
Around 20 layoffs expected at GCN as founder buys back company
Around 20 employees are reportedly facing redundancy at GCN as the company's founder, Simon Wear, has bought back a majority stake in the brand from Warner Bros. Discovery. Escape Collective
June 7, 2024
Samsung Sues Oura: A Closer Look at The Preemptive Smackdown
Samsung noted that after the January 17th, 2024 announcement of the Galaxy Ring, they received FCC certification back on March 28th (2024), followed by the finalization of the design in May. They’ll start production in the next few weeks, and then expect to “begin sales and shipments” this August. The...
June 6, 2024
lululemon (LULU) Gains on Q1 Earnings Beat, Raised FY24 EPS View
LULU reported first-quarter fiscal 2024 results, wherein revenues and earnings surpassed the Zacks Consensus Estimate and improved year over year. The results were driven by strong momentum in the international business as its products resonate well with customers. Innovative product offerings and progress on optimizing the U.S. product assortments also...
June 5, 2024
Echelon Fitness Acquires Advanced Recovery Company ThriveX
Echelon, the maker of at-home exercise equipment for the global fitness, wellness and sports market, acquired ThriveX, the manufacturer of recovery products, including cold immersion systems, smart hybrid saunas and compression boots. “In 2017, Echelon Fitness was founded to address an unmet, rising market need—smart fitness, available across all price points, to consumers...
June 5, 2024
Two Three Bird acquires Project 529
Two Three Bird operates several insurance brands operating globally, including Sundays Insurance, Velosure, Direct Line Cycling Insurance, Wiggle Cycle Insurance, and Bicycle Network Insurance. It plans to bundle Project 529 with Sundays Bicycle Insurance and its Hubtiger workshop and bike rental management software. "Project 529 has become a powerful ally for cyclists,...
May 29, 2024
USA: E-bikes could become more expensive after June 14
In the USA, e-bikes could become significantly more expensive, as importers of Chinese-produced parts will face higher costs. An exclusion from tariffs imposed on imports from China will expire on June 14, meaning importers will pay an extra 25% duty on top of any existing tariffs. The change affects e-bikes,...