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.
September 6, 2023
USTA Launches Investment Fund to Support Tennis Growth
The USTA (U.S. Tennis Association) has launched USTA Ventures, through the USTA Strategic Investment Committee, which will be charged with evaluating a broad spectrum of long-term investment opportunities. The focus will be on acquiring potential equity stakes in technologies and other companies that will help to advance the growth of tennis...
September 5, 2023
Lithium-ion battery company BMZ Group acquires Nox Cycles
Lithium-ion battery manufacturer The BMZ Group acquired e-bike brand Nox Cycles Austria, its sister companies in Germany and Switzerland, and the Hawk Bikes brand. The BMZ Group has been the battery and motor supplier for Nox e-MTB models and its distributor and online retail partner. The group acquired from Gaby...
September 5, 2023
Doug Emslie’s Cuil Bay Capital launches with acquisition of Raccoon Media Group
Cuil Bay Capital (CBC), a new investment vehicle led by Informa advisor and former Tarsus Group CEO Doug Emslie, has announced its inaugural investment, the acquisition of a majority stake in Raccoon Media Group. Founded in 2016, Raccoon achieved acclaim with the launch of the multi-award-winning National Running Show, which...
August 31, 2023
Wahoo and Zwift agree to settle patent suit
Last October, Wahoo sued Zwift and JetBlack for patent infringement, alleging that Zwift’s new Hub trainer, which JetBlack manufactures, infringed on its patents. Wahoo quickly settled with JetBlack, with Jet Black agreeing not to sell its version of the Hub, called the Volt, in the U.S. or Europe. JetBlack continues...
August 31, 2023
Lululemon’s Raises Outlook As Q2 Comps Jump 11 Percent
Lululemon Athletica, Inc. raised its guidance for the year as second-quarter results exceeded expectations. Earnings rose 21.6 percent on an adjusted basis in the quarter with revenues ahead 18 percent. Comparable sales increased 11 percent or 13 percent on a constant dollar basis. Sales of $2.2 billion topped guidance in the...
August 25, 2023
Giant aware and working to get fake website taken offline
Gympass, the leading corporate wellness platform, announced it has raised $85M in a Series F funding round at a valuation of $2.4 billion. The new investment will accelerate Gympass' growth globally as companies prioritize decreasing healthcare costs and improving employee wellbeing. HRTechCube
August 24, 2023
ÖTILLÖ splashes out in USA with acquisition of Ödyssey Swimrun Series
Swimrun AG, the Swiss-based owner of ÖTILLÖ, The Swimrun World Championship, and the ÖTILLÖ Swimrun World Series, has acquired a majority stake in Swimrun USA, a leading organizer of swimrun races in the US and the company behind the Ödyssey Swimrun Series. All Ödyssey Swimrun races will become part of...
August 23, 2023
Peloton shares drop 20% after posting wider-than-expected loss, falling sales due to Bike recall, seasonality
Pelotonon Wednesday reported a wider-than-expected loss and a quarterly drop in new subscribers that it blamed on its recall of its Bike seat post and seasonality, sending shares plunging about 20%. The company fell short of analysts’ earnings estimates but beat sales expectations. CNBC
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...
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....