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  • Roger Yao

Fitness Equipment Industry Weekly News – 2024 Week 14

Fitness equipment news

1. Decathlon Deutschland Achieves Record Revenue in 2023


Decathlon Deutschland concluded the fiscal year 2023 with a record gross revenue of €1.11 billion, marking a 4.7% increase from the previous year. The company reported a pre-tax profit (EBIT) of €38.6 million. The mountain sports, fitness, and cycling segments led with a combined revenue contribution of 55%.


Internationally, Decathlon saw a steady growth of 4.4% in constant currency terms compared to 2022, with digital sales accounting for 17.4% of the total revenue. “Families and beginners love Decathlon! We are now aiming to become the go-to brand for professional athletes as well,” said Arnaud Sauret, CEO of Decathlon Deutschland.


The company also reported a significant increase in the demand for repairs and second-hand products, performing over 120,000 repairs and selling more than 64,000 used items through its "Second Use" service. Additionally, Decathlon introduced a "Buy Back" service for textiles in partnership with "reverse.supply".


Decathlon is committed to decarbonizing its business processes and enhancing its commitment to the circular economy in 2024. This includes investing in the maintenance and repair of sports products, expanding regional workshops, and facilitating DIY repairs with online tutorials and technical support.


In 2023, approximately 70% of Decathlon's revenue was generated in-store, with the remaining 30% coming from digital channels, where the online marketplace particularly grew, making up 11% of the digital sales.


Following five new store openings in 2023, Decathlon now operates 87 stores in Germany and plans to invest €40 million in expanding and developing new locations this year, including two in Northern Germany. The company also intends to showcase a new brand identity in twelve stores by year-end.


Looking forward, Decathlon aims to boost revenue further in 2024, focusing on both in-store sales growth and significant e-commerce development. With the new brand identity launched in March, titled “Move People Through the Wonders of Sport,” Decathlon strives to help people worldwide live healthier and happier lives, regardless of their sporting level.

Globally, Decathlon operates in 78 countries and employs nearly 101,000 people, including 5,322 team members in Germany as of December 31, 2023.


2. German Federal Cartel Office Approves Cisalfa Sport's Acquisition of SportScheck


The German Federal Cartel Office has officially approved the acquisition of Munich-based sports retailer SportScheck by Cisalfa Sport, headquartered in Curno, near Bergamo. The decision was announced by the office in Bonn, noting that this merger represents a significant consolidation in the sports and outdoor retail sector in Germany.


Andreas Mundt, the president of the Federal Cartel Office, stated that the takeover leads to substantial consolidation within the sports and outdoor retail market, particularly in numerous prominent urban locations across Germany. However, he reassured that the merger poses no competitive concerns. “Looking solely at brick-and-mortar operations, the combined entities do achieve relatively high market shares in certain sub-markets. Yet, strong competition from other physical retailers and online sales channels continues to exert sufficient competitive pressure. At a national level, the combined market share of Sport Voswinkel and SportScheck is considerably smaller,” explained Mundt.


Cisalfa Sport is Italy's largest sports retailer with over 150 stores and revenues exceeding €650 million for the fiscal year 2022/23. The company employs around 3,500 staff at its headquarters and stores. Additionally, more than 500 employees are part of Sport Voswinkel, which was acquired by Intersport Germany in December of last year and currently operates 50 locations.


The acquisition of SportScheck, a well-known and longstanding player in the German sports retail market, marks an interesting development phase under Cisalfa Sport's ownership. It was previously announced that four stores plus an outlet must close by this summer, leaving SportScheck with just 25 remaining locations.


3. Cult.fit Appoints Naresh Krishnaswamy as CEO


Cult.fit, a fitness technology company in India, has promoted one of its co-founders, Naresh Krishnaswamy, to the role of Chief Executive Officer, succeeding Mukesh Bansal who now serves as the Executive Chairman of the company.

Before assuming the role of Executive Chairman, Bansal's leadership coincided with a significant investment of $75 million in Cult.fit by Tata Digital in June 2021. Following this investment, Bansal joined Tata Digital as Chairman while continuing to hold his position at Cult.fit.


Prior to becoming CEO, Krishnaswamy held various positions at Cult.fit, including over three years as Chief Financial Officer and more than two and a half years overseeing the business and growth departments. Before joining Cult.fit, he worked for nearly six years at the e-commerce brand Myntra.


Recently, Cult.fit completed an expanded Series F funding round, raising approximately $10.2 million led by Valecha Investments. Reports indicate that Bansal retains a 10.5% stake in the company.


Cult.fit offers both virtual and face-to-face fitness classes, along with nutritional advice and health plans. Additionally, the company provides home fitness equipment, nutritional supplements, and other fitness-related products.


4. Technogym Celebrates 40 Years with "Design to Move" Exhibition at Milan Design Week


Technogym is marking its 40th anniversary with a special exhibition at the 2024 Milan Design Week, showcasing 40 uniquely designed Technogym Benches by 40 international artists and designers. The "Design to Move" exhibit, taking place at Technogym Milano from April 16th to May 2nd, explores the intersection of design and wellness that has characterized the brand since its inception.


Founded by Nerio Alessandri in his garage at age 22, Technogym has evolved from a fitness equipment maker into a comprehensive wellness lifestyle brand, celebrated for its Italian design. The exhibition includes works from renowned designers like Patricia Urquiola and Antonio Citterio, illustrating the blend of functionality and emotional appeal in fitness design.


This visual and conceptual project, in collaboration with Architect Giulio Cappellini and curator Bruna Roccasalva, aligns with the Made in Italy day celebrations, honoring the legacy of Leonardo da Vinci. "Design to Move" not only showcases creative prowess but also promotes the role of design in enhancing wellness and daily life.


5. REP Fitness Expands into Europe with Strategic Partnerships


REP Fitness, a leading innovator in gym equipment, has announced its expansion into the European market. This move aims to make REP's premium products more accessible to both home and commercial gyms throughout Europe. Building on its successful presence in the United States and other regions, REP is now implementing its direct-to-consumer (DTC) model across Europe.


To ensure a successful rollout, REP has partnered with two prominent European companies, Fitness Engros of Denmark and Innovex Fitness of the Netherlands. Both partners boast strong distribution networks and are well-established in the European fitness industry. This collaboration will combine REP’s commitment to quality and innovation with the local expertise of its European partners.


Ryan McGrotty, co-CEO of REP, is optimistic about the venture, stating, "Our goal is to make top-quality fitness equipment widely accessible, helping customers achieve their fitness goals with the best tools available." This sentiment is supported by Brian Andersen of Fitness Engros and Cees van Toor of Innovex Fitness, who are both excited about the partnership's potential to transform the fitness equipment landscape in Europe.


REP's expansion into Europe marks a significant step in its global strategy, focused on maintaining high standards of product quality and customer satisfaction. This move promises to enhance the fitness experiences of both enthusiasts and professionals across the continent.


6.HYROX arrives in Qatar


For the first time, Qatar will host theHYROX fitness race, which will be held at the Aspire Dome from May 10 to 11. The Aspire Zone Foundation announced the arrival of this event that will have a total prize pool of $35,000 up for grabs.


The event will kick off on May 10 with a women-only race designed especially for athletes, while on May 11, all participants will gather at the iconic Aspire Dome. HYROX Doha will offer several competitions, tailored to different preferences and abilities, and some categories such as Hyrox Doubles Women, Hyrox Women's Relay and Hyrox Mixed Team Relay.


Since its creation in Germany in 2017, HYROX has been organising races in more than 11 countries and 30 cities worldwide. With a completion rate of over 98%, the starts of this race are scheduled every 10 minutes, catering to people of different ages and abilities.

In March, HYROXwas recognized as one of the "World's Most Innovative Companies in 2024," according to Fast Company. In the magazine's recent list, HYROX ranked 41st out of about 50 companies. Likewise, in the "wellness and personal care" sector, it reached first place thanks to its creation: a global fitness competition for gym enthusiasts.


About HYROX


HYROX is a global fitness competition that has experienced exponential growth since its inception in Hamburg, Germany in 2017. Co-founded by experienced large-event organizer Christian Toetzke and three-time Olympic medalist and world champion Moritz Furste, HYROX has rapidly established itself as one of the fastest-growing fitness movements in the world. The event now takes place in over 11 countries and more than 30 cities, attracting over 90,000 participants in the 22/23 season alone.


What sets HYROX apart is its inclusive approach: there are no qualifications required and no time limits to finish, allowing everyone to participate in a supportive environment. This inclusivity makes it accessible for participants of all ages and skill levels. Races are structured with starts for different age groups occurring every 10 minutes throughout the day, effectively eliminating the common fear of finishing last.


The race structure is also unique, offering different starting points for various age groups, allowing younger athletes and those under 60 to finish simultaneously. This design encourages community participation and support, with competitors often completing the event amid cheers from family, friends, and other spectators. Some of the larger events even draw more than 8,000 participants and 10,000 spectators, affirming its status as one of the largest mass participation fitness competitions in the world.




  • The founder of FITQS/FQC 

  • The columnist of magzine <China Fitness Equipment>

  • 20 years in fitness/sporting equipment OEM/ODM technical, quality control and sourcing management.

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