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.December 28, 2021
Tokyo Olympics Cost $1.8B Less Than Previous Estimates
The Tokyo Olympics faced a raft of problems related to the global pandemic, but the final bill came in well under previous estimates. The Summer Games cost organizers an estimated $13.6 billion, $1.8 billion below a prior prediction of $15.4 billion. Front Office Sports
December 23, 2021
Salazar’s Lifetime Ban Upheld By Safesport Center
The U.S. Center for SafeSport on Wednesday upheld its permanent ban of former Nike Oregon Project coach Alberto Salazar, The ruling affirmed a July decision by SafeSport, an independent nonprofit organization based in Denver, CO that responds to reports of misconduct within the U.S. Olympic and Paralympic sports, to permanently...
December 23, 2021
Under Armour, Columbia Facing Headwinds
Under Armour and Columbia were downgraded by market analysts Stifel, highlighting the challenges facing the sports category. Analyst Jim Duffy lowered the two brands from “Buy” to “Hold” — while lowering Nike’s price target but maintaining its “Buy” rating. The analyst foresaw short-to-mid-term concerns limiting the upside of both brands....
December 23, 2021
BikeExchange acquires US bike delivery service Kitzuma
Online cycling marketplace BikeExchange has acquired US-based bike delivery service Kitzuma for $3.375 million (£2.5 million). Australian firm BikeExchange said it made the acquisition to help drive its e-commerce-first strategy, with the aim of improving both seller and customer experience. Bike Biz
December 21, 2021
Fitness Apps Market Could Be Worth $120.37B by 2030
According to a study by Allied Market Research, in 2020, the fitness apps market was worth a total of $13.78 billion, and the compound annual growth rate would be 24.3%. The study suggested that an increased awareness of “a healthy lifestyle” and “diet-related diseases,” as well as an increased use of devices...
December 21, 2021
Thousands of JD Group Stores To Sell ABG’s Reebok
Reebok, purchased by Authentic Brands Group in August, will now be sold in thousands of JD Group stores thanks to a new agreement between the companies. The non-exclusive deal comes after ABG announced plans to buy Reebok from Adidas for $2.46 billion — the acquisition is set to close in Q1 2022. JD Group, which...
December 21, 2021
Vietnam factory closures cause Nike to cancel 130M units
As a result of three months of closures and limited production volume as it ramped back up its factories in Vietnam, Nike had to cancel 130 million units. Despite the challenges, the company's net revenue in Q2 edged up 1% to $11.4 billion while net income grew 7% to $1.3...
December 21, 2021
Orbea licenses part of its shock integration technology to Canyon
Canyon will partially license Orbea's patented rear-shock lockout cable routing technology. Orbea's patent for the "Inside Line" covers improvements to the lockout routing, enhancing aesthetics and providing a more direct path between the shock and remote lever. BRAIN
December 20, 2021
Cyclist and Cycling Electric acquired by London publisher Metropolis
Cyclist and sister title Cycling Electric have been acquired by London Publishing House Metropolis, which has also secured the assets of Fortean Times and VIZ from a holding group. Metropolis is largely a B2B publisher, hosting titles such as MotorTrader, New Civil Engineer, Property Week, Drapers and Money Marketing, among many others....
December 17, 2021
The former Nike Oregon Project changes team name to Union Athletic Club
One of the world’s best-known professional running clubs has found a new name after the Nike Oregon Project was abolished, coincident with the four-year ban of ex-head coach Alberto Salazar. The new name, Union Athletic Club, was announced on the Elevation Om YouTube page and confirmed by Chris Chavez on...