GIVISIEZ, Switzerland - After Scott Sports Group majority owner Youngone Corporation dismissed longstanding CEO Beat Zaugg with immediate effect at the end of March they appointed investment banker Juwon Kim as his successor. This was the starting point for a power struggle between longtime industry expert Zaugg and Youngone. Now the dust seems to have settled with the appointment of a CEO duo.
GIVISIEZ, Switzerland - The announcement by Scott Sports Group SA majority shareholder Youngone Corporation to lay-off its CEO and minority shareholder Beat Zaugg did not come as a surprise for industry insiders. Following the cash injection of SFR 150 million (€160.6 million) by Youngone last December, a reorganisation was inevitable.
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.
GIVISIEZ, Switzerland - With a recent ruling of the UK Intellectual Property Office the case between the owners of the name of AC/DC's lead singer Bon Scott and Scott Sports SA the legal dispute has come to an end. Scott Sports had filed the case in 2020/2021 with regard to the application of the trademark for clothing items and sunglasses.
NOTWILL, Switzerland - The annual Swiss bicycle industry meeting at InfoTech centered this year around the panel discussion with industry leaders. The huge inventory, especially at retailers, worries people on all levels in the industry.
LUDHIANA, India - The 2023 edition of India's largest bicycle show Cycle, Fitness & Outdoor Sports Expo (CFOSE) held in February proved to be a difficult one. Support from domestic bicycle OEM's was largely absent and international exhibitors particularly from China continued to stay away. Also a strategic international partnership has now been called-off.
