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.
November 21, 2022
Founder and CEO of Rad Power Bikes steps down
Mike Radenbaugh, the founder of North America's largest e-bike company, Rad Power Bikes (opens in new tab), will step down from his role as CEO, BRAIN reports. After 15 years at the helm, Radenbaugh will step down into the role of chairman of the board while he shifts his focus to...
November 17, 2022
Outside Inc makes 12% workforce cut on advertising slowdown
Outside Inc – the parent publisher to VeloNews, CyclingTips, PinkBike, B2B Bicycle Retailer and Industry News, plus the Trailforks platform – has announced a number of staff layoffs this week. Among those laid off are senior journalists across the portfolio Caley Fretz, Dave Rome, Matt de Neef and Daniel Benson,...
November 16, 2022
Rad Power Bikes CEO Mike Radenbaugh replaced by former Sony leader Phil Molyneux
Rad Power Bikes CEO Mike Radenbaugh is stepping down from his position at the Seattle-based e-bike company. Rad confirmed to GeekWire that Radenbaugh is being replaced by Phil Molyneux, who was hired as president and COO earlier this year. Molyneux previously was president at Sony Electronics and Dyson America. He was most...
November 16, 2022
On Running Is on Track to Become Billion-Dollar Brand After Strongest-Ever Quarter
On, the fast-growing Swiss running brand, just reported its strongest quarter yet. Q3 sales were up 50.4% to 328 million Swiss francs, or $348 at current exchange, and net income increased to 20.6 million Swiss francs, or about $21.88 million. By channel, DTC net sales were up 40.7% and wholesale...
November 11, 2022
Aventon eBike label reportedly gains Sequoia Capital backing
The electric bike brand Aventon has reportedly drawn the interest and investment of Sequoia Capital’s Chinese arm. For Aventon the investment reportedly takes the company’s valuation from $200 million eight months ago when China’s Gao Rong Capital invested to a post-investment valuation of $590 million, according to sources tapped by...
November 11, 2022
Fitness Chains Continue Pandemic Recovery In Q3
Planet Fitness, Xponential Fitness and Life Time Group Holdings all raised their full-year guidance and reported a strong uptick in revenues and membership growth in the third quarter, although membership activity has yet to return to pre-pandemic levels. Executives on analyst calls said they remain bullish on continued improvement in...
November 9, 2022
Life Time Lifts Guidance As Q3 Beats Plan
Life Time Group Holdings, Inc. slightly lifted its outlook for the year after reporting third-quarter results that topped its guidance. Sales were ahead 28.9 percent as fitness center memberships were up 9.0 percent year-over-year. Total revenue increased 28.9 percent to $496.4 million from $385.0 million; net income was $24.7 million...
November 9, 2022
Wolverine Stock Slides as Company Misses Revenue and Profit Targets in Q3
Total revenue in the third quarter of 2022 was $691.4 million, which represents growth of 8.6% versus the prior year. Net earnings were $38.8 million, down 0.8% from the same time last year. By brand, Merrell's revenue was $198.6 million in the quarter, up 33.6% compared to the same period...
November 9, 2022
Squaw Valley 1960 Olympic Winter Torch sells for $720,000
The Squaw Valley 1960 Winter Olympic Games Torch, which was once in the possession of Walt Disney, has fetched $720,000 (£621,000/€714,000) at auction to an unknown buyer. Disney, who was the chairman of the Games Pageantry Committee, gave the Torch to film producer, writer and director Tom Leetch for his...
November 9, 2022
Adidas slashes 2022 outlook, investors pin hopes on incoming CEO
Adidas (ADSGn.DE) further cut its 2022 outlook on Wednesday as it weighed the impact of its split from Ye, the rapper formerly known as Kanye West, but its shares rose on investor hopes a new CEO arriving from rival Puma can lead a fresh era of strength. Bjorn Gulden, who...