Scott Sports Group Continues to Expand with Take Over of Bold Cycles
GIVISIEZ, Switzerland – Multisport brand Scott Sports, founded in the USA in 1958 and currently in Swiss-Korean hands, has taken over promising startup Bold Cycles Ltd; a local Swiss brand offering sophisticated technological frame solutions as well as custom-made possibilities.
Bold Cycles was founded in 2015 by Vincenz Droux and is currently based in Biel – not that far from the new Scott Sports Group HQ in Givisiez. Thanks to highly sophisticated technological frame solutions and, as a result, winning several awards such as the Eurobike Award 2015 and the Design&Innovation Award 2016/2019, Bold Cycles has come a long way in a short time. “It’s a promising startup with passionate employees and a great vision. Their values and their innovation spirit fit very well with the Scott culture”, explains Scott Sports Group CEO and major shareholder Beat Zaugg, “we furthermore see a great potential with Bold Cycles to serve a customer segment that wants to tailor their bike to their individual needs.”
Bold Cycles co-founder and CEO Vincenz Droux will continue to lead “his baby” as R&D mastermind. “The company will continue to be operated by him with the help of his five employees as an independent brand but will be strategically supported by Scott with regard to sourcing, logistics, global distribution and marketing,” is noted in a press release.
Bold Cycles’ objectives
Commenting on the acquisition, Droux says “From an idea, a technology has grown, and based on our passion a brand was born. With Scott, a partnership has now been developed with which we are prepared for the future in an exciting market environment. With Bold, we want to remain at the forefront of innovation and surprise the bike world with new products. Within the Scott Sports Group we find the best conditions for these objectives and we will be able to concentrate even more on product development. It remains our concern to maintain our independence and to stand up for it. With Scott, we are pleased to have a strong partner on our side who will continue and expand on the path we have taken.”
Bold Cycles is another premium brand under the umbrella of Scott Sports Group. In the new state-of the-art Scott headquarters, showrooms are currently being set up for the following brands: Bach, Bergamont, Dolomite, Lizard, Powderhorn, Outdoor Research (OR) and Scott. The new Scott Sports headquarters in Givisiez will be officially opened next September but the company’s staff already moved to the new HQ.
Whereby Scott Sports Group only holds the European license regarding the US outdoor provider OR, this company was acquired by Scott’s business partner Youngone Corporation in 2015. This listed company from South Korea has been a business partner of Scott Sports Group for many years. Youngone is producing a big part of Scott’s apparel (including bikewear). In addition, since 2015 (after a second tranche) the Koreans are also the majority shareholder of Scott with a 50.1 percent stake. Beat Zaugg is the other shareholder.
In addition, Avanti, Malvern Star and the bicycle parts brand Syncros, which was taken over in 2012, are also owned by Scott Sports Group. Avanti and Malvern Star are brands of the Australian bicycle importer and Scott partner Sheppard Cycles Australia Pty Ltd. Scott acquired Sheppard Cycles in 2016. Sheppard Cycles’ private labels are offered only on their domestics markets Australia and New Zealand.