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.
June 23, 2022
Bicycle insurance company Laka receives investment from Porsche Ventures
Laka has secured additional funding from Porsche Ventures, the venture capital unit of Porsche AG. This brings its Series A, led by Autotech Ventures and followed by Ponooc, a Dutch sustainable mobility investor with close ties to Pon, and ABN AMRO, to $13.5 million. bikebiz
June 23, 2022
Nike latest brand to leave Russia permanently
Nike has announced plans to leave Russia, becoming the latest Western brand to quit the country since the invasion of Ukraine in February. The US sportswear giant halted online orders and closed the stores it owned in the country in March. BBC
June 22, 2022
INEOS and marathon runner Kipchoge to set up new cycling academy in Kenya
Cycling team INEOS Grenadiers have teamed up with marathon world-record holder Eliud Kipchoge to set up a cycling academy in Kenya as they look to tap into the renowned endurance of the local talent and create top level cyclists. Reuters
June 21, 2022
2020 Summer Olympics Cost Tokyo $10.5B
The cost of the 2020 Tokyo Olympics has fluctuated since the city was named the Games’ host, but on Tuesday, the organizing committee released its final number: $10.5 billion, or 1.42 trillion Japanese yen. FOS
June 21, 2022
Clif Bar bought in $2.9 Billion deal with Mondelēz
Global snack food company Mondelēz has revealed plans to buy Clif Bar for an astonishing $2.9 billion. Trading since 1992, Clif Bar has become a global nutrition business generating in excess of $800 million in sales, some of which are routed through the cycling market via distributors. Cycling Industry
June 17, 2022
Reconditioned e-bike firm raises £20 million investment funding
Upway, a refurbished e-bike specialists, have secured Series A funding to the value of £20mn, led by investors Exor Seeds and Sequoia Capital. The Paris based business, founded in 2021 by Toussaint Wattinne and Stéphane Ficaja, both former senior executives at Uber, previously attracted £4.26mn in funding from Sequoia and...
June 14, 2022
Athletic Footwear Sales Have Declined — and the Market Is About to Get Promotional
Athletic footwear sales declined to start the year, and promotions could define the back half of 2022. For the first three months of 2022, athletic footwear sales totaled $6.09 billion, according to The NPD Group retail tracking service, down $546 million from the $6.65 billion mark the year prior. FN
June 13, 2022
Adidas Sues Nike Over Alleged Infringement On Certain Technologies
Adidas is accusing Nike of copying some of its technologies, according to a lawsuit filed last week. In a complaint filed in a Texas District Court on June 10, Adidas claimed that Nike “knowingly and intentionally” infringed on nine patents related to Adidas’ proprietary athletic technology. Yahoo
June 10, 2022
Mike’s Bikes buys four Elevation Cycles stores in Colorado
Mike’s Bikes, the California retailer acquired by Pon.Bike last August, has bought the four-store Elevation Cycles chain in the Denver area. Elevation Cycles, founded in 2012, has long been closely associated with Trek. A former Trek employee and his partners founded the chain in 2012 with the help of Trek....
June 9, 2022
New Balance is suing Steve Madden over its 327 sneaker imitation
New Balance is taking Steve Madden to court. A complaint filed Tuesday to the U.S. District Court of Massachusetts claims Madden’s Chasen model sneaker from 2020 is a “deliberate knock-off intended to free-ride off the popularity of New Balance’s 327.” Input