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.
December 29, 2022
Parents of girls in fatal e-bike crash settle with each other; Rad Power files cross-complaint
A Los Angeles judge has approved a $1.5 million settlement between the parents of a 12-year-old girl who died following an e-bike crash and the parents of the 11-year-old girl who was piloting the bike. The e-bike's maker, Rad Power Bikes, opposed the settlement and has filed a cross-complaint against...
December 23, 2022
Professional Triathletes Organization Raises $30 Million in Series B
The Professional Triathletes Organisation (PTO) has completed a $30 million Series B funding round led by Divergent Investments, a Luxemburg-based private equity fund. Majority investors in the round included the Welsh billionaire Sir Michael Moritz and Warner Bros. Discovery, which in July, signed an exclusive multiyear partnership with the PTO to broadcast live and on-demand coverage...
December 20, 2022
Nike, Inc. Fiscal Q2 Results Beat Street Expectations; Inventories Up 43 Percent
Nike, Inc. reported fiscal 2023 second quarter revenues were $13.3 billion for the three-month period ended November 30, up 17 percent compared to the prior-year comparable period and up 27 percent on a currency-neutral basis. Overall revenues for the Nike Brand were $12.7 billion, up 18 percent on a reported...
December 20, 2022
Meta CEO Mark Zuckerberg snubs fitness as key to metaverse growth
Meta chief executive Mark Zuckerberg told a federal court Tuesday that he does not consider fitness apps to be key to his plan to build out the metaverse. Asked by his lawyers during a court hearing if the prospect of Meta not having its own virtual reality fitness app kept...
December 20, 2022
London Marathon Events takes over Brighton Marathon
London Marathon Events, organisers of the London Marathon, will take over the Brighton Marathon. The company has stepped into save the event after Grounded Events Company Limited, the former owners and operators of the Brighton Marathon, went into administration. Yahoo Finance
December 19, 2022
Fallout from the Pandemic Bike Boom
A month after lockdowns had them wondering about their future in the spring of 2020, they suddenly couldn’t keep up with demand. For a year and a half, staff worked overtime as Americans rolled out their dusty steads or bought new ones. A 50 percent increase in riding, plus supply...
December 19, 2022
Designer Brands Acquires Topo Athletic As It Grows Owned Brand Assortment
DBI announced in April a goal for sales from owned brands and Camuto Group national owned and licensed brands to double from 19% of the company’s revenue to almost one-third by 2026. In 2018, DBI acquired Camuto Group, which designs and develops the Vince Camuto brand and licenses footwear for...
December 18, 2022
CleverTraining, Olympia Sports assets to be auctioned
A bankruptcy court is auctioning the remaining assets of CleverTraining, an e-commerce site that once offered cycling, triathlon and other endurance sports gear. Also being auctioned are the assets of Olympia Sports, the former Northeast sporting goods retailer. Bicycle Retailer
December 15, 2022
Fitness app founded by best friends lands £1.9M, gets backing from British Olympic marathon runner
London-based personalised running coaching app Runna has raised £1.9 million in funding as it aims to become the top running coaching platform in the world. The investment round was led by Jon Coker, founding partner at Eka Ventures, whose has also led investments in brands such as Bloom & Wild, Interactive...
December 15, 2022
Cycling Innovation Accelerator: Unique support for start-ups and innovators
A team of seasoned industry experts is offering their combined knowledge, expertise, and guidance – launching Cycling Innovation Accelerator (C.I.A.) – offering unique support for start-ups and innovations in the bike world, accelerating the success of strong ideas. The C.I.A. is looking for fresh founders, start-ups, ingenious minds and small...