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Colnago's sales growth continued in 2023

Published April 23, 2024

CAMBIAGO, Italy (BRAIN) — Colnago reported sales of 55.7 million euros ($59.6 million) in 2023. The privately held company's financial statements were approved at a shareholders' meeting on Tuesday.

EBITDA was reported at $15 million, or 25% of turnover, the total revenue achieved from sales before costs. Colnago said turnover has more than tripled since Chimera Investments LLC of Abu Dhabi acquired a majority share of the Italian bike brand in 2020.

"Our mission is to be the most desirable bicycle brand in the world," said CEO Nicola Rosin. "At this point, of course, we think we are on the right track. Colnago is a well-organized company, with capable managers and a great sense of belonging."

Rosin became CEO in 2021 after serving as strategic advisor for five months.

Ernesto Colnago founded the company in 1954. His bikes have been used to win world championships, Olympic medals, the Tour de France, the Giro d'Italia, Paris-Roubaix, and more.

Topics associated with this article: Earnings/Financial Reports

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