The Best One Yet
💦 “The Fitness Pod” — Our 3 Best Fitness & Apparel Stories
Fri, 14 Mar 2025
Since it’s Spring Break (or you may just need a break from the insane news cycle), we whipped up 3 of our best pop-biz stories on the fitness industry from the last year:#1. Barry’s Bootcamp tries to sell itself for $700M… Because nothing drives cash flow like a cult.#2. Vuori is eating Lululemon’s leggings… And it’s now worth twice as much as Under Armour.#3. Nike’s stock had its worst day in over 20 years… but Nike’s pain is Adidas’ gain.Share this episode with your spotter, your trainer, or your buddy who’s decked out in head-to-toe Alo in Cabo (even though they’re just grabbing coffee).We’ll be back with our usual daily show on Monday… just gotta hit the showers first.And if you crave more business storytelling from us? Check out our weekly deepdive show: “The Best Idea Yet” — The untold origin stories of the products you’re obsessed with: Wondery.fm/TheBestIdeaYetLinks—-----------------------------------------------------Subscribe to our new (2nd) show… The Best Idea Yet: Wondery.fm/TheBestIdeaYetLinksEpisodes drop weekly. It’s The Best Idea Yet.GET ON THE POD: Submit a shoutout or fact: https://tboypod.com/shoutouts FOR MORE NICK & JACK: Newsletter: https://tboypod.com/newsletter Connect with Nick: https://www.linkedin.com/in/nicolas-martell/ Connect with Jack: https://www.linkedin.com/in/jack-crivici-kramer/ SOCIALS:Instagram: https://www.instagram.com/tboypod TikTok: https://www.tiktok.com/@tboypodYouTube: https://www.youtube.com/@tboypod Anything else: https://tboypod.com/ Subscribe to our new (2nd) show… The Best Idea Yet: Wondery.fm/TheBestIdeaYetLinksEpisodes drop weekly. It’s The Best Idea Yet.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Chapter 1: What are the top fitness stories covered in this episode?
This is Nick. This is Jack. It's Friday, the real Friday, March 14th, and today's fitness pod is the best one yet. Our top three stories of the last year on fitness and apparel. Yetis, maybe we are catching you on the treadmill, the elliptical, or just a good old-fashioned speed walk. I love a good old-fashioned speed walk. It's good for the heart, good for the health.
So many of you listen to the show while you're working out. And since it's spring break time, we thought we'd whip up a special episode for your workout. Sebasties, while you're getting beach ready, this entire episode is on the fitness and athletic apparel industry. So enjoy a break from the insane news cycle and all the tariff whiplash.
Because Jack and I are about to hit our three best fitness stories from the last year. Once it's over, send this episode to your buddy who just finished Pilates, who spots you on the squat rack, or who still owns shares of Peloton.
Guilty!
All right, we still own shares of Peloton, no big deal. And enjoy this episode over spring break. Jack, what do we got on the fitness pod? For our first story, we're going back to May 3rd, 2024, when Barry's bootcamp was trying to sell itself for $1 billion because nothing drives cashflow like a cult. For our second story, it's from November 12th.
Viore was riding Lululemon's coattails and had just hit a $5 billion valuation because Viore's founder's greatest weakness is his greatest strength. And our third and final story is from July 2nd. Nike stock fell 20% in one day. Brutal. The worst day on the stock market for Nike in 20 years. But Nike's pain is actually Adidas' gain. But Yetis, before we hit that wonderful mix of stories.
You have fantastic mix today, Jack. We know what you're wearing right now. Odds are, statistically speaking, you are wearing head-to-toe athleisure. Because 85% of Americans wear athleisure even when they're not working out. Which means 85% of you are in Lulu leggings while listening to this podcast. Post-pandemic, the fitness industry never looked hotter. Workout clubs are how Gen Z does dating.
Sweat wicking pants is how you dress even for your finance job. Jack, Planet Fitness, their stock just hit an all-time high. Peloton, I wish. The fitness industry has gotten so large, we even covered the biggest sauna in America last year. So yetis, ease up on that pickleball swing. And don't pull a hammock. Because today's pod is our three best fitness stories of the last year.
Jack, let's hit it. 15 years before this song, two boys from the Northeast met in a dorm. They had an idea to cause a cultural storm. It's the best one yet, but the best is the norm. Jack Nick, that's it. I don't even think they need to practice. 50%, that's a fat tip. T-Boy City on your at list. If you know, you know, cause we ready to go. We can't wait no more, so just start the show.
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Chapter 2: Why is Barry's Bootcamp trying to sell itself for $1 billion?
But Nike has fallen by 12% over that same five-year period. And here's why Jack and I find that story fascinating, Yetis, because Nike's pain is Adidas' gain. Adidas' sales are up right now, and their stock has risen by 20% in the past year. Nike, like we said before, Jack, it's looking less Steve Kerr, more Brian Scalabrini. Surprisingly, we have said that before. Or was he not born right now?
I don't know. So, Yetis, we know what you're thinking over there. Why are investors subbing out Nike for Adidas on the floor right now? We found three things that both of them are doing different. Yes, we did. And the first thing that Nike and Adidas are doing differently, Jack? Is strategic. Nike called the wrong play when it comes to e-commerce.
Because, Yetis, Nike made the mistake of pulling out of third-party stores to instead focus on selling Nike shoes in their stores and on Nike.com. Adidas responded by slipping in and filling Nike's space at Foot Lockers, at Dick's, and all the other third-party retailers. Now, the second thing that Nike did that Adidas didn't do was an aesthetic mistake. A crime of fashion. A crime of fashion.
Because Nike's Air Force One is now getting replaced by fashionistas with the more casual Adidas Samba. And the third divergence of these two brands is in marketing. Because Nike has lost the love of the leaders. Remember those see-through baseball jerseys? The whole debacle that Nike was responsible for?
I mean, Jack, I'm looking at Shohei Ohtani right now, and I'm seeing a whole lot of Shohei Ohtani right now. That huge fashion faux pas lost Nike the love of the athletic leaders in the industry. And consumers have followed with them. But there's actually a bigger error that both Nike and Adidas made. Funny thing, Jack, I noticed.
They both made this mistake, and so we decided to make it our takeaway. So, Jack, what's the takeaway about our buddies over in the shoe industry? If you're not in their ears, you're not in their minds. Now, ladies, Nike and Adidas, they are both fantastic at marketing. You see the Nike and Adidas ads every other subway, like it's everywhere. You always see their commercials.
But consumers don't choose what to purchase based on what they see. They choose what to purchase based on what they hear. Bessie's great story in the Wall Street Journal last week about how Nike and Adidas both lost the local running club. Those casual running clubs of America, where the runners influence what the shoe buying trends of the moment are.
You have a friend who's in one of these running clubs because they've told you they're in one of these running clubs. They have really skimpy shorts, I've noticed. It's a vibe, Jack. But yet, according to one running club in Portland, Oregon, Nike running reps only run with that club like once a year now. That's a drop.
But that running club in Portland sees reps from Hoka, Ahn, Brooks, Asics, and other fast-growing running shoe rivals four times a year. Not once a year, four times a year. And those run club runners, they're the ones working in the shoe stores. They're the ones advising friends, and they're the ones who are writing all the sneaker blogs.
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Chapter 5: Why did Nike's stock experience a significant drop?
What is it, Jack? Supplements. Yeah, supplements are bigger than the fitness industry. Whey protein, plant-based protein, creatine, prebiotic, pre-work probiotic. All of that. The fitness industry, like your workouts, the gym, that's valued at $20 billion. But the US supplements market is worth more than twice that.
What we are saying, besties, is that people spend more on powder and pills than they spend on hidden treadmills. Peloton, time to launch a protein shake. Yetis, you look fantastic over there. No, we mean it. You look fantastic over there. What are you working with? Are you talking to me? I don't know who I'm talking to at this point. I figure everyone's working out.
Everyone's getting ready for spring break. They really do look fantastic out there. Tell everybody you see at the beach this weekend or at the gym, H-Y-H-T-B-O-Y.
Then offer them some white protein and say, have you heard the best one yet?
Nick and I'll be back Monday with our regular program.
If you know, you know. See you then.
And before we go, a happy birthday to the legendary TK, Teddy Kramer, turning 33 years old down in Brattleboro, Vermont. Did you know he's the former AT&T Wireless Salesman of the Month? You didn't say that confidently, Jack, but we can fact check and enroll with it. Always a great brother, now thriving as a girl dad of three.
I just want to say also, best real estate agent in the entire New England region. Just putting that out there. Greater New England region. And happy birthday to Nella Regalado celebrating down in fancy Las Vegas. Happy 33rd birthday to Doe over in Singapore. And Sean Thomas turning 30 years old down in Hotland, Atlanta.
Happy birthday to Debra Rios in Washington, D.C., who's turning 40 and running the Rock and Roll Half Marathon. And Steven Chmielewski just got accepted to so many master's programs, doesn't know what to do. So he's celebrating all of them down in Tucson. And happy birthday to Super Macaroni, the golden doodle who's turning three in San Diego.
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