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.
January 9, 2023
Porsche eBike Performance begins recruitment drive
Porsche eBike Performance GmbH has begun 2023 just as the wider Porsche business moved in 2022. With regards to eBikes; at a significant pace. Now formally established as a business unit, the organisation is expanding. That means new hires, to build out on the organisational capabilities, and enhance capacity. Cycling...
January 9, 2023
Xponential Fitness Expects To Meet, Or Exceed, Full-Year Guidance
The company expects to meet or exceed the high end of the previously provided full-year 2022 outlook. North American system-wide sales of $1.03 billion, exceeding the high end of the guidance range of $995.0 million to $1.005 billion, and an increase of 46 percent as compared to full year 2021. SGB...
January 9, 2023
Lululemon Shares Drop After Weak Q4 Guidance
The Vancouver, British Columbia-based brand now projects Q4 net revenue to be between $2.660 billion to $2.700 billion, compared to a previously outlined range of $2.605 billion and $2.655 billion. Q4 diluted earnings per share are expected to be between $4.22 and $4.27, tighter and lower than the previously outlined...
January 4, 2023
Active Lifestyle Stocks Face Turbulence In 2022
The majority of stocks in the active lifestyle space took it on the chin in 2022 as broader stock markets in the U.S. saw their worst performance since the 2008 financial crisis. All three of the major averages suffered their worst year since 2008 and snapped a three-year win streak....
January 3, 2023
The Original Fit Factory Closes On Eight Acquisition Deals
Scottish digital fitness brand The Original Fit Factory has bought eight companies in a $137 million (£111.6m) acquisition spree as it looks to diversify into multiple areas of digital fitness. Terms were not disclosed. The acquisitions are expected to boost projected 2022/2023 revenue to over €100 million and give The...
December 30, 2022
Trek ranks high for trademark oppositions
Trek has opposed more than 400 applications for trademarks the company felt came too close to its turf, earning it the #4 spot on a list of prolific opposers, just behind Apple, Inc. and ahead of brands like Nike and Red Bull. Trek has opposed applications from a tent brand...
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...