Strava and Wahoo Redundancies
source: BicycleRetailer and @CaleyFritz
We saw Garmin sales start to falter in last quarter’s financial statements and now the malaise has spread with Wahoo Fitness & Strava reportedly each laying off approximately 15% of their workforces.
Strava has approximately 400 employees with about 40 losing their jobs,
A similar story has emerged at Wahoo
Since its founding in 2009, Wahoo Fitness has experienced exponential growth through constant innovation and reinvention – all with the goal of ‘building the better athlete in all of us’. However, throughout 2022, the sports technology category – like many others, has been adversely affected by the impacts of Covid and the global economic downturn.
On Thursday 1st December 2022, Wahoo announced a restructuring of its organisation to support the long-term growth of its global business. By making these difficult decisions in such challenging times – Wahoo can ensure it maintains sharp focus on the innovative products and services that have driven it to the market-leading position it owns, in almost every category it operates in.
The needs of our athletes are constantly evolving and our approach to providing solutions needs to do the same.
In 2023, Wahoo will launch multiple new exciting hardware additions to its acclaimed eco-system, plus launch significant software updates for existing hardware products to continue to enhance the consumer’s experience and develop more integration/ functionality for Wahoo X. [@Wahoo Fitness via road.cc]
The silver lining on the cloud is that there look to be several additions to Wahoo’s product range next year.
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Tough times. I work in the auto industry. Consumers quickly stop buying new cars, bikes etc when they feel the pinch
Also for the first time in a very long time – stuff like “Shimano 105 R7000 11-Speed Cassette” are back in stock everywhere, at the Canyon Website all products no longer seems to be “sold out” with a delivery estimate of 6-8 months.
I guess that more tough times are coming – aka “winter is coming in the consumer business”, and for customers we will se huge discounts on training products in the months to come.
Winter is already here! but, yes.
i think the recent KICKR discounts are large. something like £600 for what was a >£1000 product a while back.
garmin’s next quarterly results will be interesting. Shame that Apple don’t give Watch/Fitness+ levels of detail in its financial statements