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 14, 2023
Shimano’s Sales Climb 15 Percent In Year, Topping Guidance
Shimano reported that net income rose 10.6 percent on a 15.1 percent revenue gain in its year ended December 31. Both earnings and sales easily topped the company’s guidance. Sales are expected to decline 20 percent in the current year. Sales increased 15.1 percent from the previous year to ¥628,909...
February 13, 2023
Outside Is Launching a New Dynamic Paywall
Starting today all users will be able to view a limited number of articles across Outside Online each month—and soon to be rolled out on all of its sites—means readers no longer find certain stories blocked as premium only. It will also mean they need to at least register for...
February 13, 2023
Strava’s CEO Resigns: Company Begins Search for New KOM
Strava’s CEO, Michael Horvath, has resigned, saying that “I have decided that Strava needs a CEO with the experience and skills to help us make the most of this next chapter”. The company says that “the search for Strava’s next CEO is underway”. While not listed in the letter, I’ve...
February 10, 2023
Mark Sutton to depart CyclingIndustry.News, Jonathon Harker moves to Editor role
Mark leaves the role having established the brand in 2016 as a trade-focused website that has since drawn monthly audiences of up to 100,000 unique users through a combination of daily news, recruitment and podcasts with industry leaders. With the online presence established the title grew with the addition of...
February 10, 2023
Adidas Expects Breakup With Yeezy to Cost Over $1B
Adidas’ separation from Yeezy, formerly known as Kanye West, may have a bigger fallout than initially anticipated. The sportswear company revealed Thursday it’s expected to lose $1.3 billion in revenue and nearly $534 million in operating profit this year after ending the relationship with the rapper in October over his...
February 9, 2023
Parlee Cycles files for Chapter 11 bankruptcy protection
Custom carbon frame maker Parlee Cycles Inc. filed for Chapter 11 bankruptcy protection on Monday and will continue operations during the process. A balance sheet in its filing showed Parlee's liabilities totaled $4.4 million and total assets totaled $2.6 million at the end of January. BRAIN
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...