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.
October 25, 2022
Kanye West split will cost adidas over $1B in Annual Sales
Adidas’ decision to end its partnership with Kanye West and immediately stop selling his Yeezy brand, due to West’s recent antisemitic and other hateful comments, will likely cost the company billions of dollars in annual sales and could set up a legal battle over the intellectual property behind the fashion...
October 25, 2022
Shimano says bike demand “cooling” but ahead of pre-Covid levels
Shimano has described global demand for bikes as “cooling” in its Q3 financial update, but to levels that remain ahead of pre-pandemic trends. As the industry rumour mill whispers of signs of strain, Shimano said that from its view “in terms of market inventories of completed bicycles, those of high-end...
October 25, 2022
Sports Drinks Boost Coca-Cola to $11B Quarter
Coca-Cola continues to rack up revenue from its sports drinks segment. The beverage giant generated $11.1 billion in revenue in Q3 2022 — a 10% increase year-over-year and surpassing Wall Street estimates of $10.52 billion. Sports drinks — which include BODYARMOR, Powerade, and Aquarius — grew 6% during the quarter....
October 24, 2022
Cowen Survey: Nike, Lululemon and Dick’s SG Seize Share With Younger Consumers
According to Cowen’s Fifth Annual proprietary Gen Z and Millennial survey, Nike, Lululemon and Dick’s Sporting Goods showed the strongest competitive positions and/or growth in preference among younger consumers within softlines retail. The survey, conducted in July 2022, had 2700 U.S. consumers participate. SGB Media
October 20, 2022
Adidas Slashes Full Year Outlook, Rolls Out ‘Business Improvement Program’
Adidas now expects total currency-neutral revenues for the total company to grow at a mid- to single-digit rate in 2022, compared to a previous projection of a mid- to high-single-digit rate in 2022. This would reflect double- digit revenue growth in Q4. Net income from continuing operations in 2022 is...
October 18, 2022
Will Ventures closes second fund with $150M to invest in sports technologies
The low-flying, Boston-based venture outfit Will Ventures just tripled the size of its second fund to $150 million thanks to its approach of investing in sports technologies with the help of its community of athlete backers who help promote and grow the portfolio companies. Now armed with $150 million for...
October 18, 2022
Skechers Sues Hermès For Patent Infringement
In a statement, Skechers claims that in 2022, Hermès introduced two footwear styles, the Éclair and Envol, which use mid-sole and undersole design elements that infringe multiple Skechers patents for its Massage Fit technology that Skechers incorporates into its Skechers Go Walk series and other product lines. SGB Media
October 18, 2022
New Balance to establish distribution operations in Lebanon
Major sports footwear and apparel manufacturer to create more than 150 new jobs Tennessee Gov. Bill Lee, Department of Economic and Community Development Commissioner Stuart McWhorter and New Balance Athletics officials today announced the leading athletic footwear and apparel manufacturer will invest $68.5 million to establish a new distribution center...
October 17, 2022
The Pro’s Closet cuts workforce 15%, citing ‘economic headwinds’
The Pro's Closet laid off 15% of its workforce last week, the certified used bike and component retailer confirmed to BRAIN on Monday. TPC quickly expanded in size and workforce since beginning in 2006 as an eBay store. In May 2021, TPC announced it raised an additional $40 million in Series...
October 15, 2022
Thule makes 34 staff cuts in US
As Sweden-based Thule Group's executives are warning investors of a sharp decline in sales and earnings due to a softening bike sector, the company's Americas division is making organizational changes that include 34 staff cuts in management, product development, and manufacturing. Bicycle Retailer