HYROX, the new gold rush: an Arnault-backed fund circles in, adidas takes on PUMA

When HYROX draws the giants

The racing season is over, but behind the scenes, HYROX has never generated more talk about money. In a matter of weeks, two moves confirmed that hybrid fitness has become a coveted asset: a major investment fund close to Bernard Arnault is reportedly interested in HYROX, and adidas is muscling in on PUMA's turf. Here's the breakdown, staying cautious about what isn't official yet.

An Arnault-backed fund in the starting blocks

According to a Sky News report (13 June 2026), picked up by Bloomberg, the fund L Catterton has reportedly entered exclusive talks to acquire a significant stake in HYROX. Beware the tempting shortcut: it isn't LVMH that would be buying HYROX. L Catterton is the world's largest consumer-focused investment fund, backed by the family office of Bernard Arnault, the head of LVMH, but it's a separate entity from the luxury group.

The seller would be Infront Sports & Media, the Swiss group (a subsidiary of China's Wanda) that has controlled HYROX since 2022. One crucial point: as of 30 June 2026, nothing is signed. The talks are exclusive, an announcement is only expected in the coming weeks, and neither L Catterton nor Infront have commented. So all of this remains in the conditional.

Why HYROX might (just) be worth a billion

The estimates doing the rounds, based on leaked figures, point to a valuation that could reach close to one billion euros (a range of 700 million to 1 billion). No price has been officially confirmed, so it should be taken as an estimate, not a settled figure.

Where does such appetite come from? From the format's dizzying growth. The numbers, all estimated and unaudited, put revenue at around 130 to 140 million euros in 2025 (against some 40 million two years earlier), with solid profitability and a projection beyond 200 million for 2026. All of this with almost no marketing: the participants themselves do the promotion, by sharing their results. On the ground, more than 1.5 million finishers over the past season, and a projection of 2.5 million across 2026. For L Catterton, the logic is clear: the fund has already backed Peloton, the Pilates studio Solidcore, Birkenstock and Equinox. Premium fitness and live events are precisely its playground.

PUMA locks in, adidas counters

On the kit front, the battle is already on. PUMA has been with HYROX since its very first race, in Hamburg in 2017. As global title partner, the cat brand renewed its deal early, through to 2030, and calls it a "lighthouse" partnership. At the Stockholm World Championships, it launched Project Podium, a programme that opens the PUMA roster to athletes who reach the elite podiums. "HYROX, which has grown enormously in recent years, is one of our strategically most important partnerships," sums up Arthur Hoeld, PUMA's CEO.

But the competition is no longer watching from afar. adidas has entered hybrid fitness, not through HYROX, but by signing a four-year global partnership with ATHX Games, a rival circuit. The three-stripe brand has even released a dedicated shoe, the Adizero Dropset Elite, developed with Tim Wenisch, the two-time HYROX world champion. Enough to turn hybrid fitness into a genuine brand battlefield.

A battle bigger than HYROX

Because the field is filling up. Around HYROX now orbit ATHX Games (18 events in 2026, including 14 in Europe, and a final in Lisbon), DEKA (launched by Spartan Race), CrossFit, Turf Games and Life Time's LT Games. Hybrid fitness, all but non-existent five years ago, has become a market everyone wants a piece of. The interest of a heavyweight like L Catterton only confirms the trend: what looked like a gym fad is turning into an industry.

What it changes for you (and for us)

For those who race, it's rather good news. More money in the ecosystem means more events, more prize money, more visibility and more resources to grow the sport. And whatever jersey you wear on the start line, what matters is what you achieve at the finish. At ROXWALL, we make personalised hexagonal frames in France to showcase your finisher patch, with your name, your time and your colours. Create your ROXWALL frame and keep a record of what you've achieved. For more, we've also broken down the new 2026/27 elite structure and the 2027 Hong Kong World Championships.