Industry News
(BRAIN) — Life Time Group Holdings, which owns multiple endurance bike events and the Sea Otter Classic, reported revenue of $1.8 billion for its fiscal year 2022, up nearly 38% from the year prior.
LONG BEACH, Calif. (BRAIN) — Virtual cycling brand Zwift is letting go 15% of its staff in its latest round of layoffs. The company also cut workers last May and November.
BOISE, Idaho (BRAIN) — Selle Italia will form its own North American subsidiary here and hired Justin Harvey to manage it. Current distributor Lucidity Business Development will end its relationship with the saddle brand March 15.
In addition to Selle Italia, Harvey will manage San Marco and idmatch.
NEWARK, N.J. (BRAIN) — A sentencing hearing has been rescheduled for Samuel J. Mancini, who pleaded guilty last year to securities fraud related to a fund with plans to buy several Italian cycling brands.
LOUISVILLE, Colo. (BRAIN) — British outdoor brand Rab is launching its first collection of cycling apparel this spring. The collection aimed at off-road rides includes about 30 styles and will be available online and through a handful of retailers, the company said.
PHILADELPHIA (BRAIN) — The Philly Bike Expo, one of the country's largest consumer expos, is moving from its traditional fall timeframe to springtime next year. The show's next edition will be March 16-17, 2024, at the Pennsylvania Convention Center.
VALENCIA, Calif. (BRAIN) — Hi-Torque Publications has laid off at least three editors at its road bike and e-bike media titles. Sources familiar with the situation tell BRAIN the publisher plans to close Road Bike Action and Electric Bike Action, which have print titles and websites.
FRANKFURT (BRAIN) — The 2024 Eurobike show will be held July 3-7 at the Messe Frankfurt, organizers announced Thursday.
NEW YORK (BRAIN) — The City Council on Thursday passed its lithium-ion battery safety legislative package in reaction to the growing number of fires, including prohibiting the sale of e-bikes, other powered mobility devices like e-scooters, and batteries that don't meet recognized certification like UL.
CARBONDALE, Colo. (BRAIN) — Why Cycles, a titanium mountain and drop-bar bike brand, will be consolidated into sister manufacturer Revel Bikes, streamlining production and resulting in consumer cost savings, according to the brand.
WASHINGTON (BRAIN) — Consumer Product Safety Commission Chair Alex Hoehn-Saric told BRAIN the agency doesn’t recognize the industry’s three e-bike classes but instead treats the regulation of e-bikes on a case-by-case basis.
NEW YORK (BRAIN) — After another fire in the city Friday that officials say was caused by a lithium-ion battery, FDNY and sheriff's office officials inspected five Manhattan bike shops and other locations and found improper storage and charging of hundreds of batteries and dozens of e-mobility devices that violated fire codes.
WEST PALM BEACH, Fla. (BRAIN) — Princeton Carbon Works prevailed after a two-week jury trial in which SRAM LLC had accused the company of infringing on two patents for aero wheels.
DULUTH, Ga. (BRAIN) — Fox Factory sales were up 23.4% last year, to a company record of $1,602.5 million. Sales in Fox's powered vehicle business was up 28% while sales in its specialty sports business, which comprises its bicycle brands, were up 17.6% for the year.
KĖDAINIAI FREE ECONOMIC ZONE, Lithuania (BRAIN) — Pon company officials buried a symbolic time capsule this week in the foundation of a new 40,000-square-meter (431,000-square-foot) bike factory being constructed here.
OLATHE, Kan. (BRAIN) — Garmin Ltd. revenue decreased 6% year-over-year in the fourth quarter and 2% for 2022 as its Fitness products division experienced the biggest decline of all the company's segments.
SVETA NEDELJA, Croatia (BRAIN) — After acquiring a majority interest in Greyp in 2021, Porsche announced the Croatian e-bike brand will operate under the Porsche eBike Performance group.
TOYKO (BRAIN) — Shimano is forecasting a company-wide 20.5% drop in net sales for its fiscal 2023, citing global economic conditions and supply chain disruptions. It's forecasting bike division sales will be down 23%.
PHILADELPHIA (BRAIN) — A Brooklyn, New York, company has agreed to acquire the intangible assets of the bankrupt sporting goods chain Olympia Sports for $180,000. The assets include CleverTraining, an e-commerce retailer that was once active in the cycling and triathlon markets.
WASHINGTON (BRAIN) — Lithium-ion battery fires and e-bike standards generated plenty of debate within the industry in 2022, but little argument exists within the industry over how some unregulated packs and bikes enter the U.S. and become potentially hazardous products.
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