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.
March 8, 2024
Freeletics Closes $45 Million Funding Round with Superstar Investors
Digital fitness company Freeletics closed on a $45 million Series A funding round led by FitLab, Causeway Media Partners and Jazz Venture Partners, with participation from Courtside Ventures, Elysian Park Ventures, ward.ventures, and business strategist Tony Robbins. The investor group is affiliated with several professional sports franchises, including the San...
March 7, 2024
Trek will cut spending by 10%
According to the memo, which Bike Retailer obtained, Burke outlined a strategy where Trek will reduce both its overall inventory volume – by some 20% measured by days in stock – and the number of SKUs (stock keeping units) in its lineup by an even larger 40% by the 2026...
March 7, 2024
Can Running Brands Like Hoka and On Help Foot Locker Get Back on Track as It Recalibrates Nike Relationship?
Foot Locker’s financial results were weaker than expected in 2023, which prompted the company to delay its long-term sales targets by two years. The company has also begun to close about 125 underperforming locations of its Champs banner. The retailer on Wednesday said its percentage of non-Nike brand sales in...
March 7, 2024
Giro hits back at UCI in helmet row, as expert says manufacturers could look at ‘legal options’
Giro, the helmet manufacturer, has insisted it "plays by the rules" after the UCI announced a review into time trial helmets, a move seemingly triggered by the launch of the new Giro Aerohead II. In a post on Instagram on Wednesday evening, Giro revealed that the UCI had authorised the...
March 6, 2024
FitLab Accelerates Growth With $65M in Strategic Financing
FitLab, the multi-brand performance lifestyle company behind Nike Studios, has secured a $65 million strategic financing facility from Atlas Credit Partners, made up of approximately $35 million funded at closing and $30 million of remaining availability. Athletech News
March 5, 2024
The UCI is banning time trial helmet optimisations – one day after Giro lid broke cover
Cycling's governing body, the UCI, is to carry out a review into its helmet regulations in light of some extreme examples worn by teams. The "head sock" which accompanies Specialized's TT5 helmet is to be banned from 2 April. The TT5 was subject to a review by the UCI, which...
March 4, 2024
Grinduro offers free entries to laid off industry workers
Gravel event series Grinduro is offering free event entries to members of the bike industry who have been recently laid off. The company said any industry members who were recently let go can email industry@grinduro.com with their name, contact details and the Grinduro event they want to go to. "We ask...
March 1, 2024
Supersapiens abruptly stops glucose sensor shipments and membership services
Supersapiens, the company that specializes in glucose monitoring for athletes, let its customer base know via email about the termination of all memberships and the suspension of glucose sensor shipments. This decision is attributed to a broader “strategic restructuring,” as outlined in a message on the company’s website. Cycling Magazine
February 28, 2024
Life Time Group Swings to Full Year Profit as Revenue Passes $2 Billion Mark
Life Time Group Holdings, Inc. reported that fourth-quarter revenue increased 18.2 percent to $558.8 million due to continued strong growth in membership dues and in-center revenue. Center memberships increased by 38,010, or 5.2 percent, in the quarter, when compared to December 31, 2022, and decreased sequentially from September 30, 2023...
February 26, 2024
UCI hands out suspensions after Cynisca Cycling found guilty of participating ‘in a fraud’
The UCI has suspended members of Cynisca Cycling after the team disguised a mechanic as a rider in an effort to gain entry to last year's Argenta Classic. American team Cynisca were missing one of their five riders due to illness for the road race in Belgium. Mechanic Moira Barrett dressed as...