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.
August 3, 2022
E-bikes Changing the Channels
The recent Eurobike event, held live in July in Frankfurt Germany, all but confirmed things: e-bikes are still booming and remain an opportunity. “This year you’d have been forgiven for thinking Eurobike was an e-bike show,” reported Will Jones for Cyclingnews. Inside Outdoor
August 3, 2022
Under Armour cuts profit outlook for the full year as promotions eat into margins
Under Armour on Wednesday cut its profit forecast for the fiscal year 2023 as more promotions on its athletic apparel ate into margins. The company now expects earnings per share for the full year to come in between 61 cents and 67 cents, down from earlier guidance of between 79...
August 1, 2022
Pepsi to pay US$550m for 8.5% stake in fitness-drink maker Celsius
PEPSI will pay US$550 million for a stake in fitness-energy drink maker Celsius Holdings as part of a long-term strategic distribution agreement. Pepsi is getting convertible preferred stock equating to 8.5 per cent ownership in Celsius, the companies said on Monday (Aug 1) in a statement. The soft drink giant...
July 29, 2022
LeBron James’ investment group invests $30M in Canyon Bicycles
Canyon Bicycles announced that two investment groups have taken strategic equity investments totaling $30 million in the Germany-based company. One of the groups, LRMR Ventures, is the investment group of basketball star LeBron James and James' longtime friend and business partner Maverick Carter. The other new investor is SC Holdings, which...
July 29, 2022
F45 Training Shares Tumble as CEO Quits, Wahlberg Sells
Australian fitness class company F45 Training saw shares plummet more than 60% this week following the departure of chief executive and co-founder Adam Gilchrist. Gilchrist relinquishing his role as CEO comes amid a strategic reorganization by F45 to adhere to “changing macroeconomic and business conditions.” The reorganization also cut 110 jobs at the...
July 28, 2022
Xponential Fitness Sees Strong Growth In Second Quarter
Xponential Fitness Inc., franchisor of boutique fitness brands, provided second quarter 2022 operating highlights, including same-store growth of 25 percent. Xponential Fitness’ portfolio of brands includes Club Pilates, CycleBar, StretchLab, Row House, AKT, YogaSix, Pure Barre, Stride, Rumble and BFT. SGB
July 27, 2022
Garmin Q2 Sales Dragged Down By Weakness In Fitness Wearables
Garmin, Ltd. reported sales declined 6 percent in the second quarter ended June 25, pulled down by a 34 percent drop in the fitness segment. Garmin reduced its guidance for the year, with earnings being impacted by the strengthening of the U.S. dollar, high inflation, and rising interest rates. SGB...
July 26, 2022
Sidi Sports bought by Italmobiliare for € 66 million
Sidi Sports, makers of cycling shoes worn by multiple cycling champions across CX, road, MTB and track, have been acquired by one of Italy’s leading investment holding companies. Italmobiliare manages a diversified portfolio of investments with a Net Asset Value of more than 2 billion euro. The business reports that the...
July 26, 2022
Adidas Slashes Outlook for Q2, Citing Slow Recovery in Greater China
The German sportswear brand on Tuesday said its recovery in Greater China has been slower than it expected since Q3 began, due to persisting Covid-19 restrictions. As such, Adidas said it expects revenues in Greater China to decline at a double-digit rate through 2022. Footwear News
July 26, 2022
Skechers Credits Wholesale Growth for Record Q2 Sales
The Los Angeles-based footwear brand reported on Tuesday that it reached $1.87 billion in sales in Q2, a 12.4% increase from the same time last year. According to Skechers COO David Weinberg, the growth was the result of a 15.4% increase in domestic sales and a 10.0% increase in international...