Amer Sports’ Cycling Sales Ups Thanks to Enve Takeover
HELSINKI, Finland – In 2016 sporting goods conglomerate Amer Sports’s cycling sales reached a total of € 150.2 million. Compared to 2015 this accounts for an 8% increase. This turnover growth is however only caused by the takeover of Enve Composites LLC.
Like for like cycling sales by Amer Sports’ French Mavic subsidiary points to a 7% decrease. In its 2016 financial report Amer Sports claims that the drop is caused by, “Difficult conditions in the bicycle market.”
In February 2016 Amer Sports acquired Enve. The company is as a subsidiary added to Amer’s French subsidiary Salomon Group which also controls the P&A brand Mavic. The Enve takeover was, by making use of the synergies between the two brands, to push sales.
Next to Mavic and Enve Amer Sports also owns Finnish sports instrument brand Suunto. This company offers some cycling-related products. Suunto’s 2016 sales reached a total of € 141.5 million (down 1%). Amer Sports says that Suunto sales were “at previous year’s level as the planned product launches were postponed to 2017 due to technical issues”.
Record breaking turnover
Overall Finnish Amer Sports turnover broke records in 2016 with sales reaching € 2.62 billion. Compared to 2015 this accounts for a 3.5% increase in local currencies. Organic growth stood at 3%.