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.
February 8, 2023
Pace-tuned run shoe start-up Vimazi aiming to secure US$1m in funding
Pacific Northwest based running shoe start-up Vimazi opened its most recent funding round for US$1 million in preferred stock this week. By engineering its shoes according to the pace of the runner, Vimazi’s pace-tuned technology claims to provide more shock absorption with less energy loss than other brands. Endurance.biz
February 8, 2023
Under Armour Beat Expectations in Q3 — And Footwear Was a Major Growth Driver
The Baltimore-based brand reported revenues of $1.6 billion, up 3% over last year. Net income was $122 million and adjusted diluted earnings per share was $0.16. Both earnings and revenues exceeded the expectations of analysts surveyed by Yahoo Finance. Yahoo Sports
February 5, 2023
Zwift Continues to Level Up With $620M Investment
The company isn’t turning a profit yet, co-founder Eric Min told Bloomberg, but it recently raised $620 million in funding from investors including Amazon’s Alex Fund, KKR and Co., and Permira Holdings. FOS
February 4, 2023
Meta wins fight to buy VR startup Within
A California judge is allowing Meta to close its acquisition of virtual reality fitness startup Within despite an ongoing antitrust case by the Federal Trade Commission, according to an unsealed ruling. On Wednesday, Bloomberg reported that the court denied the FTC’s request to block the deal but with a one-week...
February 2, 2023
Skechers Beats Expectations in Q4 Despite a 23% Drop in China Sales, Hits Annual Sales Record
Skechers sales in China dropped 23% in the fourth quarter, in part due to Covid-19 related restrictions and temporary store closures in November. Despite the slowdown, Skechers’ chief operating officer David Weinberg said in a statement that momentum will likely pick up in 2023, following recent improvements in the region....
February 1, 2023
Peloton Fiscal Q2 Results Surge Past Wall Street Targets
Peloton Interactive, Inc. narrowed its loss in the fiscal second quarter ended December 31, boosted by revenues coming well above Wall Street targets. The connected fitness leader also provided an upbeat outlook and indicated it no longer intends to sell Precor. In the quarter, net losses shrunk to $335.4 million,...
January 26, 2023
Running Specialty Sees Solid Gains In 2022
In a letter to the running specialty industry in its recent newsletter to members, Running Industry Association (RIA) Executive Directory Terry Schalow shed light on trends in the channel and prospects for 2023. The message included data from UQ, the association’s data partner, which analyzes weekly data from reporting retailers....
January 26, 2023
Giant reportedly looking at US$20 million investment in Stages Cycling
According to media reports in Taiwan, leading global bike manufacturer Giant Group is looking to invest US$20 million in the power meter and indoor cycling brand Stages Cycling. Giant reportedly held an interim board meeting last week – with a strategic investment in Stages expected to be made via Giant’s...
January 25, 2023
Adidas, MSG Sports Among Backers of Sapphire Sport’s Venture Fund
Some of the largest companies in sports have invested in a new venture capital fund. Sapphire Sport has raised $181 million from a group of investors that include Sinclair Broadcast Group, Adidas, Madison Square Garden Sports, Arctos Sports Partners, City Football Group, and AEG Worldwide. The fund will focus on investments in sports, media,...
January 24, 2023
Strava will add high-res 3D maps for outdoor activities
Strava routes are about to get three-dimensional. The popular fitness social network announced today that it’s acquired Fatmap, a mobile app known for its 3D maps for outdoor sports like hiking, trail running, skiing, and mountain biking. The Verge