MORGAN HILL, USA - Forty-eight years after starting Specialized, founder Mike Sinyard has announced the appointment of Scott Maguire as CEO. As Founder, Chairman, and Chief Rider Advocate, Sinyard will remain fully engaged as the brand's visionary leader. Scott Maguire will own the responsibility of running the business and will report to Mike Sinyard.
KOBLENZ, Germany - Direct to consumer retailer Canyon, has appointed a new CEO. Effective March 1st, former Nike executive Nicolas De Ros Wallace will be tasked with leading the company through the next stage of its growth journey.
BERGAMO, Italy - After almost 10 years, Stefan Anton left the Italian tyre brand, the Vittoria Group, at the end of June. In the past years, Anton has held multiple roles within the company, leading regional offices and as product director, where he was extensively
To serve the need for carbon fiber products in Europe a group of investors have founded 'Carbon Team' in Portugal. After the success of Triangle's aluminum frame production founded by Rodi, Miranda and Ciclo Fapril, these 3 Portuguese companies joined forces with Bike Ahead composites (Germany) and Art Collection
MONTREAL, Canada - Dorel Industries has terminated the going-private transaction which was announced last November. To convince the current owners, an initial offer of Cerberus Capital Management LP representing the buyers was raised two weeks ago. But it did not convince the two main shareholders of Dorel Industries.
VARESE, Italy - The traditional Italian motorcycle manufacturer MV Agusta Motor S.p.A. is entering the highly dynamic market for electric bicycles. As part of the planned brand extension the first e-bikes are now rolling into the market. E-scooters should follow very soon.
LA FLECHE, France - Despite the Covid-19 pandemic, French e-bike manufacturer Néomouv concluded 2020 with a turnover of €10 million and a production of 10,000 e-bikes, but this could have been much more. Philippe Vaxelaire, the CEO of the company, explains that he chose to reduce components purchases and production fearing a drop in the sales. A boost in production is planned for 2021.
AMSTERDAM, the Netherlands - Bolster Investment Partners acquired a 50% stake in Optima Cycles. Simultaneously, with Bolster's investment in Optima Cycles, sister company MM Bicycles, located in Taiwan, will be acquired and integrated into the group under the name Optima Cycles Asia.
HEERENVEEN, the Netherlands - The financial situation for KKR owned Accell Group is becoming increasingly challenging. A group of lenders decided to select advisers to assess options for the bicycle manufacturer amid struggles spurred by waning demand and operational hurdles. Accell is also facing an expensive recall of the Babboe cargobike and at the same time the union might shut down one of the Heerenveen factories later today.
WELS, Austria - In the first six months of 2023, Pierer Mobility AG achieved a new record revenue of €1.39 million, up 20.2%, compared to 2022. However, "the bicycle market as a whole is characterised by major changes. The consolidation that has already begun and is expected, will have profound effects on the entire bicycle industry," the motorcycle and e-bike specialist warns.
HONG KONG - The growing e-bike market in Europe created a hike in the number of new brands in recent years. Each of them developed their own concept. Some were more successful than others. Supported by its Hongkong based owner, a crowdfunding campaign and a strong focus on fashion, Tenways is one of those brands that have rushed onto the market.
SEOUL, South Korea - Scott Sports owner Youngone Corporation has granted its subsidiary a temporary financial injection of SFR 150 million (€160.6 million). The high inventory levels throughout the bicycle sector is tying up so much capital that even profitable companies like Scott Sports are in urgent need of capital to continue their daily operations.
CHANGHUA/TAICHUNG, Taiwan - As 2023 begins, Taiwan's second and third largest bicycle producers Merida Industry Co. and Ideal Bike Corporation are announcing important changes at top level management in the company.
MORGAN HILL, US - The announcement that US brand Specialized is saying goodbye to 8% of its global workforce, is a new sign that the bike industry has a turbulent few months ahead. European lay offs have been confirmed by the company, but no specific details are given.
MILAN, Italy - The Competition and Market Authority (AGCM) in Italy has started an investigation against Robert Bosch GmbH to verify the claim of abuse of their dominant position on the European market for e-bike drive systems.
TAICHUNG, Taiwan - Inventory reductions in the European and North American markets as well as the higher year-on-year comparison base, have had a direct impact on Giant Group's first quarter sales. The Taiwanese company has reported a 9.6% sales drop in Q1.
VILNIUS, Lithuania - The announcement by Pon Holding to construct a new e-bike and bicycle factory in Lithuania started a string of reactions in this small Eastern European country. With this new dynamic, the country has put itself on the map as the next bicycle production hub in Europe.
OSAKA, Japan - The global presence makes it possible for Shimano to compensate for fluctuations in various market. Thanks to big differences between European, North American and Asian markets Shimano can still report a net sales increase of for the first nine months of 2022.
GEDERSDORF, Austria - The KSR Group launched its Malaguti e-bikes three years ago. On the back of a successful launch the brand is now expanding its product range and streamlining its distribution network across European territories.
MECHELEN, Belgium - Shimano Belgium and Lazer Sport are relocating to a brand new office in Mechelen, Belgium as per 1 July 2021, Shimano Europe has announced. "Better facilities to meet the future growth ambitions of both companies" is what has instigated the move.
