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How did listed bicycle companies fare in 2023? – Photo Shutterstock

Listed bicycle companies performed better than expected in 2023

FRANKFURT, Germany - After a catastrophic 2022, many insiders were not looking ahead to 2023 with optimism. A year later it can be concluded that the global stock market performed better than expected. What role did the bicycle industry play in this development?

Merida is also a frame supplier for other OEMs, which makes it difficult to determine which part of their business was hit most. – Photo Jo Beckendorff

Merida 2023 sales shifted down sharply in line with market trend

CHANGHUA, Taiwan - The preliminary 2023 results of Taiwan's second largest bicycle manufacturer Merida Industry Inc. published this week represent the current developments on the global market. Unfortunately, no unit figures were published, but the 2023 revenue development clearly marks the market trend.

December is usually a strong month for children’s bicycle sales in the UK, but this wasn’t enough to overturn the deficit. – Photo Halfords

Halfords bicycle sales well below pre-pandemic levels

REDDITCH, England - Halfords has reported a 5.1% dip in its Q3 cycling sales compared to the same period last year. More concerning is that the UK bicycle retailer has reported the cycling market volumes are down 28% from pre-pandemic levels.

Scott Sports Group is lucky enough to have a strong parent company to provide additional financial resources now the supply chain bottleneck has become problematic. – Photo Jo Beckendorff

Scott Sports next to get multi-million loan from owner

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.

Tier and Dott both offer e-bike services in several cities in Europe. – Photo Dott

Shared mobility providers Tier and Dott join forces

BERLIN, Germany - European shared e-bike and e-scooter providers Tier and Dott have preliminarily agreed to merge. With a fresh investment of €60 million, the joint entity will continue to operate under the TIER and Dott brands combining "the expertise from both operating models and incorporating the advanced technology from each service."

ZEG did not share any details on why they have sold their long existing subsidiary Eurorad. – Photo Eurorad

ZEG sells majority share in leasing provider Eurorad

COLOGNE, Germany - German bicycle dealer cooperative Zweirad-Einkaufs-Gemeinschaft (ZEG) has sold its subsidiary Eurorad Deutschland to Bencis Capital Partners Deutschland. The company is active in the market of bike leasing and e-bike rental. The amount of the investment of Bencis remains undisclosed.

“I want to bridge technology in Japan with the market needs in Europe,” said Eric de Seynes (r.) who hands over his position to Olivier Prévost (l.) – Photo Yamaha

Mr. Yamaha e-bike Eric de Seynes steps down as President and CEO

SCHIPHOL, the Netherlands - The former Yamaha Europe Vice-President, Olivier Prévost succeeds Eric de Seynes as President and CEO of Yamaha Europe as of 1 January. Eric de Seynes joins the company's Supervisory Board as Chairman.

Bird is one of the largest micromobility operators in North America and also has shared e-bikes and e-scooters in several European cities. – Photo Bird

Shared mobility provider Bird enters voluntary Chapter 11 in US

MIAMI, USA - Known primarily for its shared e-scooter service across cities globally, Bird has announced that it is restructuring to "strengthen its financial position". Although it will continue to operate as usual, the company has filed for Chapter 11 Bankruptcy protection in Florida. Bird Europe and Bird Canada are not part of the filing and also continue to operate as normal.

The much-discussed inventory level in the industry led to aggressive discounting campaigns. – Photo Accell Group

Fitch Ratings warns Accell Group finances are 'unsustainable'

HEERENVEEN, the Netherlands - The reorganisations announced at three of its subsidiaries was already a clear indication of a new policy at Accell Group BV. Now the reason why has become clear. Fitch Ratings has downgraded Accell Group and questions the company's possibility of meeting its financial commitments. According to Accell Group, "the Fitch report reflects the difficult market circumstances."

In September the Canyon operation was even loss making at €-2 million versus a profit of €29 million year-on-year. – Photo Canyon

Canyon early discounting strategy drives down its profit

KOBLENZ, Germany - The large-scale media campaigns offering major discounts on various bike categories this summer by Canyon was regarded rather unwelcome by many in the market. The company's latest financial results show a massive impact on the result; a push to revenue but killing the profit.