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.
July 6, 2022
Peloton sweetens employee pay incentives as it fights to boost morale and stage a turnaround
Peloton sweetened incentives for its workers with one-time cash bonuses and changes to its stock compensation plan as it fights to hold onto employees and fix its struggling business, according to internal memos seen by CNBC. The changes come a little more than five months into Barry McCarthy, a former...
July 5, 2022
LeMond Bicycles Names New CEO
LeMond Bicycles appointed Rick Adams as CEO. He replaces Dean Hendrickson, who will transition to CEO of LeMond Carbon. Adams joins Lemond Bicycles following 11 years at the United States Olympic & Paralympic Committee, most recently as chief of sport performance. Adams joined the USOPC after a 15-year career in professional sports,...
July 5, 2022
Lululemon Sets Sights on Spain as It Continues to Expand Internationally
Lululemon is moving into Spain, its first new market in Europe since 2019. According to the Canadian athletic company, it plans to open two new stores in the country as well as a local e-commerce site as part of its “Power of Three ×2” growth plan, which includes a quadrupling...
July 1, 2022
Too much inventory and debt forcing owners of Saris Cycling Group to sell the company
Saris Cycling Group has filed an alternative to bankruptcy that consolidates its debt, keeps its 132 employees in place but which will likely lead to the sale of the company in the next two months, according to Michael S. Polsky, a Milwaukee lawyer, who is acting as the court-appointed receiver...
June 30, 2022
Saris Cycling Group to be sold as Covid whiplash effect mirrors Peloton
The Saris Cycling Group is set to restructure its business having suffered a similar spike and dive in demand to that which is widely reported to have caused Peloton problems. Peloton is likewise now rumoured for sale. The indoor trainer market was at the front of the pack when sales...
June 29, 2022
Fitmint, a fitness app, secures a $1.6 million investment round from General Catalyst
Fitmint, a business with offices in Bengaluru, announced on Wednesday that it has secured $1.6 million in a seed fundraising round headed by General Catalyst. With built-in social-fi and NFT game features, Fitmint is a "Move-to-Earn" business where users may earn incentives in crypto/NFTs by exercising physically, such as walking, jogging,...
June 29, 2022
STRIVE Closes $6M in Funding to Accelerate Growth
STRIVE, the only platform proven to optimize muscle performance for elite athletes and teams, today announced it closed $6 million in Series A funding. The round was led by Future Communities Capital, with participation from investors, including SeaChange Fund, SeedtoB Capital, Jas Ventures, Gaingels, Founders First, Macnica Investment Partners, fama...
June 28, 2022
Emerald Acquires Advertising Week Global Event Platform
Emerald Holding, Inc. announced that it has completed the acquisition of all of the assets comprising the business known as Advertising Week from Stillwell Partners. Advertising Week (AW) is a premier global event and thought leadership platform focused on marketing, media, technology, and culture. Businesswire
June 27, 2022
Nike Q4 Beats Analyst Expectations Despite Russia Exit, China Pressures
Revenues in Q4 were down 1% to $12.2 billion compared to the prior year, with net income down 5% to $1.4 billion, or 91 cents per share. The Beaverton, Ore.-based company attributed approximately $150 million in expenses in the quarter associated with closing its Russian operations, and the transition of...
June 24, 2022
A California REI Store is Looking to Unionize, Amid an Uptick in Retail Unions
Another REI store has started the process of organizing a union. A store in Berkeley, Calif. on Tuesday filed a request with the National Labor Relations Board to hold a union election. The group is looking for the company to voluntarily recognize them through the United Food and Commercial Workers Local...