REICHSHOF, Germany - Tyre manufacturer Schwalbe has reported a turnover of €237 million in 2023, down 30% from a record year in 2022. Dampened consumer sentiment and high inventory levels at all trade levels are cited to have had an impact. Nevertheless, the turnover was still well above the pre-corona level. In 2019, turnover reached €210 million.
HEERENVEEN, the Netherlands - The appointment of the new Chief Financial Officer (CFO) Gijsbert van Zoeten is Accell Group's next step in an attempt to counter the financial challenges. The reorganization of the board of management was only communicated internally.
ANNECY, France - There is a new face at the helm of French component manufacturer Mavic. Having worked with Jean-Michel Bourrelier for more than five months, Alberto Morgando officially took over the position of managing director on 20 February.
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.
OBERWANGEN, Switzerland - Despite overall stagnant or declining markets in Europe, myStromer AG, parent company of premium e-bike brands Stromer and Desiknio, bucked the general trend and continue to expand its market shares in the Netherlands and Belgium. In the challenging e-bike market in the US, the company achieved double-digit (consolidated) growth.
NUREMBERG, Germany - Following the sale of e-bike retail chain store M-Way from Swiss retail conglomerate Migros-Genossenschafts-Bund to Swiss E-Mobility Group AG (SEMG) in September 2019, the long-awaited move into Germany has now taken place. On 6 February the company celebrated the opening of its first M-Way store in Nuremberg.
OSAKA, Japan - The financial consequences of high inventory in the market accelerated in the fourth quarter of last year for bicycle and parts manufacturers. Shimano even reports a year-on-year decline of 24.6% in revenue and a 52.3% drop in net profit. The figures Shimano projected for 2024 don't show a positive picture either.
BIELEFELD, Germany - In the aftermath of the announced insolvency, no offers have been made for the Internetstores Group as a whole, an interim assessment of the insolvency proceedings has revealed. This raises concerns about the continuity of the brands under the Internetstores Group umbrella, potentially putting numerous jobs at risk.
HEERENVEEN, The Netherlands - Accell Group has announced today that it plans to adjust its production structure to "simplify operations and enhance efficiency". To do this Accell will merge its two facilities in Heerenveen, The Netherlands and relocate some of the current production to Accell's other European manufacturing facilities. Up to 150 job losses are expected.
WELS, Austria - Pierer Mobility Group warns for more consolidations and job losses in its bicycle and e-bike division in the year ahead in its preliminary financial figures for 2023. The company did report a 9% increase in consolidated sales to a new record of almost €2.7 billion in 2023, but that increase was fully attributed to its motorcycle business.
