Brand Velocity Group Launches Sports Industry Vertical
Brand Velocity Group (BVG), the investment firm, launched its sports-focused vertical, Brand Velocity Group Sports (BVGS). Joseph Cohen, chairman and CEO, West Ridge Associates, a sports and media consulting firm, will serve as chairman of BVGS.
Adidas Ends Partnership With Kanye West
Adidas said on Tuesday that it is ending its partnership with Ye, formerly known as Kanye West, after the rapper made antisemitic remarks. Adidas said the move would have a short-term negative impact of up to ($246 million (€250 million) on net income in 2022 due to high seasonality in the fourth quarter.
Gold’s Gym Owner Rainer Schaller, Family Feared Dead
Rainer Schaller, owner of RSG Group, which includes McFit, John Reed and Gold’s Gym fitness studios, and his family were among the six people aboard a private plane that crashed off the coast of Costa Rica, RSG Group said in a statement Monday.
Puttshack Plots Expansion
Puttshack plans to open locations in Boston and Miami this fall and another in St. Louis this winter.
Golftec Opens Seven Locations In Third Quarter
Golftec opened seven locations in the third quarter of 2022 and now has over 240 locations worldwide.
Feedback Sports Hires Director Of Operations Timed With Office Relocation
Feedback Sports, LLC. hired Carl Boni as director of operations. Boni joins the company timed with the occupancy of a new building in Golden, CO this month.
Highway Two Adds New Hires
Highway Two (H2), the North American importer and distributor of cycling brands Continental, Selle Royal, Fizik, crankbrothers, Brooks England, ABUS, Knog, and 100%, announced hires in finance, operations, sales, and marketing.
Former Nike COO Joins Jigx’s Board
Jigx, the mobile application development SaaS based in Seattle, WA, announced that Eric Sprunk, former Nike COO, has been appointed to its Board of Directors. Sprunk is also an investor in the brand.
Lacoste Names Deputy CEO
Lacoste promoted Catherine Spindler to deputy chief executive officer. Spindle joined Lacoste as chief brand officer in 2019.
Adidas Issues Profit Warning, Blames Ongoing China Weakness
Adidas announced preliminary results for the third quarter and reduced its full-year 2022 guidance. The company’s new outlook takes into account a further deterioration of traffic trends in Greater China as well as a significant inventory build-up as a result of lower consumer demand in major Western markets since the beginning of September, which is expected to lead to higher promotional activity during the remainder of 2022.
Foot Locker To Close Wisconsin Distribution Center
Foot Locker, Inc. notified the state and employees that it will close its distribution center in Wausau, WI, in 2023, affecting 210 jobs.
Xponential Fitness Signs Master Franchise Agreement In Kuwait
Xponential Fitness, Inc. signed a Master Franchise Agreement in Kuwait for its brands Rumble, Club Pilates, StretchLab, and CycleBar.
Five Iron To Open In Atlanta
Five Iron Golf has signed a lease at 675 W Peachtree Street, located in Midtown, Atlanta, marking its first Southeast location.
New Testing Shows High Levels Of BPA In Sports Bras And Athletic Shirts
On Wednesday, the Center for Environmental Health (CEH) sent legal notices to eight brands of sports bras and six brands of athletic shirts after testing showed the clothing could expose individuals to up to 22 times the safe limit of the chemical bisphenol A (BPA), according to California law.
Li Ning Sees High-Single-Digit Q3 Comps
Li Ning Company Ltd. reported same-store sales for its overall platform excluding Li-Ning Young stores registered a high-single-digit increase in the third quarter on a year-on-year basis.
