Cycling Industry News - Issue 01 2026

Iconic TWO

VENUES

MANCHESTER VELODROME SUN 8TH & MON 9TH FEB

LEE VALLEY VELOPARK THU 12TH & FRI 13TH FEB

Iconic ONE

EVENT

THE INDUSTRY’S LEADING BRANDS INCLUDING:

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WHAT TO EXPECT AT

2026

FACE TIME

iceBike* gives visitors a unique opportunity to enjoy face to face conversations from brand representatives around the world. Meet the people behind the brands.

N E W P R OD U CTS AND B R A NDS !

Be prepared for more new products then ever before including our new brand Coros and a lot of never-before-seen bicycles…

EDUCATI ON AND INNOVATION

Between our talks and presentations, business lounge area and all the stand demos, there is so much to learn at iceBike*.

Gear up for a successful year.

SHOW ONLY OFFERS

Get the year off to a great start with incredible show-only offers. Staff and shop deals are only available to retailers that attend the show in person. Don’t miss out.

HAVE A DRINK ON US!

After a fun day ‘talking shop’ at the show, nothing beats a few drinks and some excellent food with your peers. Continue your conversations in a more relaxed setting as we transform track centre in a bar with music, food and drinks. Keep your eye out for the iceBike* themed cocktail menu!

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FROM THE

E D I TO R

Cycling Industry Chat @CyclingIndustry cycling-industry-news

A SURGE IN UTILITIES?

www.cyclingindustry.news

I’VE been getting back into the cycle commute after a few years away from it. I’m trying to double down on this, so our family’s second car is now back at the garage from which it was bought and I’m often on two wheels performing those general dayto-day tasks. I don’t think my family is alone in questioning the need for two cars, despite interest rates nudging down slightly. We’ve not yet gone for an ecargobike, but we’ve started circling that conversation.

It's certainly an interesting time for utility cycling. Currently there is talk of the consistency of ecargobike sales, which seems logical: if you’re buying a bike to get you (and your groceries/kids) around then you’re going to have to get used to riding when it’s face-numbingly cold and not just when those country lanes or trails are looking sunny and inviting. So, there’s little point delaying your purchase till the first signs of spring, and for the trade that’s a potentially nice consistent line of sales for a market that is generally heavily seasonal. As that area matures, the wealth of options has expanded, with more available in the value and high ends, and in the places between those two.

Also, in terms of a-to-b cycling, the advent of electric folding bikes seems like a big story we don’t talk about enough. When Cycling Industry News first graced the industry back in 2016, the level of choice of folding bikes (never mind electric folding bikes) was many times smaller than it is in 2026. There are now plenty of brands fighting for space giving consumers a far broader array of options. The advent of hybrid working might, at first glance, appear to hinder the cycle commute market. But if you’re only heading into the office a few times a week, hopping on a bike to make the trip might seem less intimidating than committing to pedalling five-days a week – and if your second car is just being used for a hybrid commute, the sums to have a car largely parked outside your house may be making less sense.

If you, like me, live in a town that is seeing flats go up at an astonishing rate, and you, like me, wonder where those people are going to park their cars or safely stow their bikes, the folding bike market could and should be having a very interesting few years.

Publisher

Jerry Ramsdale jerry@cyclingindustry.news Editor

Jonathon Harker jon@cyclingindustry.news Reporter

Simon Yuen Simon@cyclingindustry.news Sales Manager

Lloyd Ramsdale Lloyd@cyclingindustry.news Head of Production

Luke Wikner production@cyclingindustry.news Designers

Dan Bennett Victoria Arellano

Published by

Stag Publications Ltd 18 Alban Park, Hatfield Road St.Albans AL4 0JJ

Jonathon Harker jon@cyclingindustry.news

©2026 Stag Publications Ltd. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means without the prior permission of the publisher. The Publisher cannot be held responsible or in any way liable for errors or omissions during input or printing of any material supplied or contained herein.

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2016 | 2026

The Publisher also cannot be held liable for any claims made by advertisers or in contributions from individuals or companies submitted for inclusion within this publication.

The opinions expressed are not necessarily those of the Editor or of Stag Publications Ltd.

MARKET DATA 2025 AVAILABLE NOW > GET YOUR LICENCE FOR THE LATEST REPORT TO REGISTER YOUR INTEREST FOR THE 2025 MARKET DATA, PLEASE CONTACT JON@CYCLINGINDUSTRY.NEWS

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CONSISTENT CHALLENGES What most challenges your forward planning? We take a big overview of CIN Market Data to examine whether the big difficulties facing independent bike shops and workshops – the lifeblood of the trade – are shifting… or have proved to be uncannily consistent over the years…

WHAT MOST CHALLENGES YOUR FORWARD PLANNING? POLITICAL UNCERTAINTY CASH FLOW AVAILABILITY OF TRAINED OR QUALIFIED STAFF MODEL YEAR PLANNING/AVAILABILITY The consensus is that an uncertain political climate will impact on business performance and consumer confidence. This is a problem, when politics is going through a prolonged and unstable period – which it has, arguably, since around 2016 (the same year CIN launched, but it’s probably not all our fault).

What’s the view within the industry? You can examine the ‘big picture takeaways’ from almost ten years of CIN Market Data, gleaned in kind association with the nation’s independent bike shops and workshops, and associated sponsors.

Back in 2020, for example, 45% of the nation’s bike shops felt that forward planning was challenging thanks to political uncertainty (note: a result gleaned pre-lockdowns). By 2025, this figure nudged marginally up to 51% – perhaps a modest rise, given the backdrop of war, flip-flopping tariffs and inflation (see page 18).

There was more consistency in that other common cause for concern: cash flow. In 2020, 45% of respondents said it was a major challenge (2025: 41%). Likewise, availability of trained staff was 17% in 2020, 22% in 2025.

So, what has shifted? Poor model year planning was seen as a major challenge to forward planning in 2020 (46% of respondents said so) and that turned out to be an ill omen, where availability (too little, then too much) turned into the major challenge for the industry in the 2020s. By 2025, ‘poor availability information and inaccurate schedules’ was at just 27%.

Clearly, the data on this topic has not unearthed any shocks.

But it does serve as confirmation that some of the key challenges facing bike shops and workshops are consistent. Therefore, they can be prepared for. And suppliers (well, the ones keeping an eye on this data) will understand the struggles its trade customers are facing… and may be able to adapt their way of working to help their trade customers deal with them.

04 cyclingindustry.news

2020 45% 45%

2025 51% 41%

17%

22%

46%

27%

YOUR INDUSTRY NEEDS YOU HAVE WE GOT IT ALL WRONG? WANT AN OPPORTUNITY TO TELL IT LIKE IT REALLY IS? We’re currently looking for independent bike shops, retailers and workshops to take part in our new Market Data survey. The data will be compiled and completely anonymised, then shared with survey participants, with snippets shared in CIN Mag (as in this article, also completely anonymised).

Take part here:

www.surveymonkey.com/r/ZZNFDK5 Scan QR Code:

MARKET DATA 2026

abus.com

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SPOTLIGHT Mountain Bike Innovation Centre

SCOTLAND’S MOUNTAIN BIKE INNOVATION CENTRE: A WORLD FIRST? It’s been years in the making, but with a timeline now agreed and work well underway on its location in the Tweed Valley, the Mountain Bike Innovation Centre is a unique project set to benefit the cycling industry and community locally and further afield. Ed Shoote, South of Scotland Enterprise’s project lead for the MTB Centre, speaks with CIN…

I

nfrastructure for cycling typically takes the form of cycleways and paths to – hopefully – make it easier and safer to cycle. Rarer still is infrastructure for the cycling business itself, but that’s the unusual, welcome and possibly unique pitch being made by the Mountain Bike Innovation Centre, currently being constructed in Innerleithen in the Scottish borders, 30 miles south of Edinburgh.

First revealed back in 2019, with a couple of press releases confirming the intention and the signing of deals to dedicate £19 million of central government cash to its development, the Innovation Centre has slowly gathered pace and thanks to a significant milestone in September 2025 when a project timetable was approved and published, construction is now underway in a location that’s appropriately nestled

within a hotbed for mountain biking.

Ed Shoote, South of Scotland Enterprise’s project lead for the MTB Centre, explains the thinking behind the centre and how it fits into the MTB scene and industry: “The Centre will be a hub for research, development and knowledge exchange, backed by Edinburgh Napier University who are fast becoming the global number one university for Mountain Biking related research.

“The building, co-run with South of Scotland Enterprise, will offer a place for businesses – both local and international – to come together to develop and then showcase their innovative products in the heart of the UK’s leading mountain bike destination. The project combines the Trail Lab which will be the first of its kind in the world, with groundbreaking IP that Edinburgh Napier University is currently

“THE CENTRE WILL BE A HUB FOR RESEARCH, DEVELOPMENT AND KNOWLEDGE EXCHANGE, BACKED BY EDINBURGH NAPIER UNIVERSITY”

06 cyclingindustry.news

developing in-house. The Centre will include a human factors lab, units for small scale manufacturing or brand experience units, an events space, small offices, meeting rooms and teaching space. Companies or start-ups are encouraged to get in touch via MTB@SOSE.scot or mtb@napier.ac.uk to understand more.”

The Caerlee Mill site was chosen thanks to being located in the heart of the Tweed Valley, “the leading mountain biking destination in the UK, and beyond”. Due to the condition of the main building on the site, the project experienced some delays, which in turn resulted in plans requiring to be resubmitted following community consultation. These plans were approved, and work is now underway on a new building to house the Centre in time for its opening, timetabled for 2027.

This render of the Innovation Centre is timetabled to become reality in 2027

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SPOTLIGHT Mountain Bike Innovation Centre

An internationally unique project?

The Mountain Bike Innovation Centre is pitched as something of a world first – but could it be the kind of project being replicated elsewhere in the world? “Similar ideas have been proposed across the world but nothing quite the same as we can offer,” says Shoote. “We are always open to collaboration with different geographic regions, sectors or even niches within the cycling industry. A large part of the centre is reliant on the businesses involved, the people and the research, and that is hard to replicate somewhere else. We are also very fortunate to have a year-round riding destination on our doorstep that is very accessible but also wet and gritty which challenges reliability and performance as well as the trail design itself. We are working with international partners and we expect a future announcement on building a global network in the future.”

So far, the industry reaction has been encouraging of this new facility, proving the original concept, Shoote says: “The industry has been very supportive although the delays from the building and the well documented challenges in the industry forced a reset in 2025.

“Even without widely advertising the centre we have seen that demand is sufficient to fill the spaces, but we want the right mix of companies and ideally those focused on innovation and Research & Development to take permanent space. The Trail Lab is getting everyone who learns about it very excited. There is still some of the Trail Lab offering being developed which is confidential, but there is certainly more to come with research funding currently being gathered and commercial interest increasing,” teases Shoote.

Pioneering data project For now, construction workers and vehicles are getting down to the nitty

“EVEN WITHOUT WIDELY ADVERTISING THE CENTRE WE HAVE SEEN THAT DEMAND IS SUFFICIENT TO FILL THE SPACES, BUT WE WANT THE RIGHT MIX OF COMPANIES AND IDEALLY THOSE FOCUSED ON INNOVATION AND R&D TO TAKE PERMANENT SPACE”

08 cyclingindustry.news

gritty of putting the Mountain Bike Innovation Centre together. Demolition of the existing old building is well underway (see below) to make way for the new centre, which is expected to begin in spring 2026.

“The most exciting part of the project currently is the proof of concept for The Trail Lab,” reveals Shoote. “This started in 2025 and is expected to roll out further in early 2026 using a popular trail that featured in previous Enduro World Series events in Innerleithen. This will see a new private 5G network connecting a range of sensors that will allow Edinburgh Napier University to gather unprecedented amounts of data starting next year. The proof of concept will test the 5G network in a forest environment to enable the integration of a wide array of remote sensors; providing novel insights into the interaction between the rider, the bike, the trail and the wider environment. The

Tear it down: Engineers preparing the Caerlee Mill site in the Tweed Valley

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SPOTLIGHT Mountain Bike Innovation Centre

combined Centre is expected to open its doors in 2027.”

The positive news doesn’t stop there, with the Centre expected to make a sizeable contribution to the local community. The Innovation Centre is predicted to contribute £138m in Gross Value Added and create over 400 jobs in the Scottish Borders over ten years.

This is across the local supply chain too and it will positively impact businesses across the UK. “We will launch the centre’s new branding identity and will start to actively promote this alongside the capital grants that will be available to private businesses as part of the cluster building around the centre in early 2026. The industry is encouraged to get in touch to learn more or look out for further updates which will become more regular. As part of the pipeline of activities, the project supported the recent Women in the Bike Industry Event in November 2025 and will run the First Tracks Adventure Tourism Business Launch Pad programme for the second time in January 2026 with partners. A new product design competition is also expected to launch shortly. Finally, Edinburgh Napier University is developing a series of events to encourage further engagement with the Trail Lab to expand pipeline activity as we move towards the opening date of the Centre.”

“DEMOLITION OF THE EXISTING OLD BUILDING IS WELL UNDERWAY TO MAKE WAY FOR THE NEW CENTRE, BEGINING SPRING 2026”

For more info, contact the Mountain Bike Innovation Centre directly via

MTB@SOSE.scot or mtb@napier.ac.uk

SOSE is working with international partners and expects a future announcement on building a global network in the future

10 cyclingindustry.news

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PROFILE

TAIWAN’S CYCLING CULTURE MUSEUM

Taiwan is recognised not only for its heavyweight bike manufacturing, but also its cycling culture, extensive infrastructure and influence in elite cycling. A visit to the Cycling Culture Museum in Taichung offers insight into the island’s cycling history and the development of its bicycle-sharing systems…

I

n the second week of December, Cycling Industry News was invited by the Taiwan External Trade Development Council (TAITRA) to take part in the Go Healthy with Taiwan Media Tour.

One of the tour highlights included a visit to the Cycling Culture Museum in Taichung, Taiwan’s second-largest city.

Over four days in Taiwan, the tour provided a series of first-hand observations, offering insights into the country’s cycling infrastructure, alongside a deeper understanding of the history and culture of cycling in Taiwan.

The Cycling Culture Museum, curated

by Giant Group, explores the world of bicycles through interactive technology and the aesthetics of craftsmanship. At the very beginning of the visit, visitors were asked why they ride a bike.

The curator offered the answer: cycling is a matter of nature, freedom and the vast space around you. Enjoy the time and space at your disposal and broaden your mind as you speed along boundless fields. Start your journey of amazement with just a step on the pedal.

After this introduction, visitors can learn about the history of cycling and view antique bikes, including the Dandy Horse (German: Laufmaschine), a means of transportation invented by Karl Drais in 1817 for inspecting royal gardens. Riders would sit on the central

bar that held the two wheels together and walk to push the vehicle forward.

The Dandy Horse is regarded as the earliest ancestor in bicycle history.

Taiwan’s cycling history Taiwan’s bicycle industry evolved from imported “super cycles” during the Japanese colonial period into a global manufacturing powerhouse. The sector’s first major boom came in the post-war years, followed by rapid growth in the 1970s, when the global energy crisis and the US “Bicycology” movement drove international demand. Companies such as Giant and Merida emerged during this period, helping to professionalise and mature the industry. Faced with intensifying global competition in the 1990s, Taiwan’s leading manufacturers shifted from OEM production to own-brand manufacturing through the A-Team alliance. In parallel, cycling culture flourished domestically, supported by expanded infrastructure, public bike-sharing schemes such as YouBike and a renewed national enthusiasm for cycling.

Beyond its role as a global manufacturing hub, cycling has become deeply embedded in everyday life and culture in Taiwan. A key catalyst was Turning Taiwan Forward: One Bike One, a landmark initiative inspired by the late media figure David Sun. Following his

The Dandy Horse (aka Laufmaschine) was invented in 1817 to help get around royal gardens

12 cyclingindustry.news

own ride around the island, Sun proposed an ambitious idea in 2010: inviting people across Taiwan to cycle simultaneously and symbolically encircle the island. Supported by the Council for Cultural Affairs and co-organised with Giant Group, the event took place on the final day of 2011. More than 72,000 participants rode at least five kilometres from over 100,000 assembly points, setting a Guinness World Record and reinforcing cycling as a shared national experience.

Popular culture also played a significant role. In 2007, Giant sponsored the local film Island Etude, whose message of “do it now or never” resonated widely. Inspired by the film, Giant Group chairman King Liu, then aged 73, completed a 15-day ride around Taiwan, further amplifying public interest. Since then, Liu has actively promoted a “New Cycling Culture” centred on health, personal challenge and also a meaningful social connection, helping to position cycling as both a lifestyle choice and a collective identity within Taiwan.

Following the growth of its manufacturing hub, cycling became more embedded in everyday Taiwan life

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“CYCLING IS A MATTER OF NATURE, FREEDOM AND THE VAST SPACE AROUND YOU. ENJOY THE TIME AND SPACE AT YOUR DISPOSAL AND BROADEN YOUR MIND AS YOU SPEED ALONG BOUNDLESS FIELDS. START YOUR JOURNEY OF AMAZEMENT WITH JUST A STEP ON THE PEDAL”

Exhibit interaction at the Cycling Culture Museum

cyclingindustry.news 13

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PROFILE

Taiwan’s role in elite racing Taiwan’s connection to international professional cycling has been shaped through decades of sustained involvement in elite racing, driven largely by its leading bicycle manufacturers.

That relationship can be traced back to 1978 with the establishment of the Tour de Taiwan, co-organised by Giant Group founder King Liu alongside other domestic manufacturers to promote cycling locally while nurturing competitive ambition.

As Taiwanese brands expanded globally, professional road racing became a strategic platform to build international credibility, test product innovation and elevate brand recognition. Giant was among the first Taiwanese manufacturers to step onto the European stage, becoming a frame sponsor to Spain’s ONCE team in 1997.

The partnership marked a breakthrough moment, firmly linking Taiwan’s bicycle industry with the highest level of professional racing.

That connection deepened through subsequent long-term partnerships with teams such as T-Mobile, Columbia Highroad, Rabobank and later Team Giant-Shimano and Team Sunweb. Over time, Taiwanese involvement evolved from frame supply to full-system integration, including wheels, components and helmets, reflecting the industry’s growing technical confidence. Race successes at events such as the Tour de France and Giro d’Italia reinforced Taiwan’s repu-

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TAIWAN’S CYCLING CULTURE MUSEUM

tation as a development centre for high-performance road bikes.

The presence of other Taiwanese brands, including HTC as a title sponsor of a WorldTour team, further underscored the industry’s expanding footprint in global sport. Together, these partnerships highlight how Taiwan’s cycling industry has used professional racing not merely for visibility, but as a proving ground for innovation, engineering excellence and global relevance.

Taiwanese bicycle-sharing system Public bicycle systems have become a key benchmark for measuring how successfully cities integrate cycling into everyday urban life. Today, more than 400 cities worldwide operate some form of bike-sharing scheme, and Taiwan’s YouBike has emerged as one of the most widely recognised examples.

Developed by Giant Group, YouBike was first launched in Taipei in 2012 and has since expanded to numerous cities and counties across Taiwan.

Drawing on the country’s deep manufacturing expertise, the system combines purpose-built bicycles with a highly efficient rental model. Its stations are designed for intuitive use, featuring simple docking mechanisms, smooth service flows and convenient parking. The scheme’s exceptionally high turnover rate has made YouBike a highly visible part of daily urban mobility, with its distinctive orange bikes now a familiar

feature of Taiwan’s cityscapes. Former European Cyclists’ Federation president Manfred Neun has described YouBike as the world’s most successful third-generation public bike system.

The introduction of YouBike 2.0 and the electrically assisted YouBike 2.0E has further broadened its appeal.

Designed to suit riders of all ages and abilities, including those tackling longer distances or hilly terrain, the eassisted models share the same docking stations and mobile application as the standard fleet, ensuring a seamless user experience while improving accessibility and comfort.

Infrastructure development has played a critical supporting role.

Currently, Taipei integrates bike lanes with MRT stations, bus routes and YouBike locations. This approach positions cycling as a first- and last-mile solution within a broader public transport system, connecting communities, schools and key urban destinations.

Taipei’s progress has gained international recognition. In 2019, the city entered the Copenhagenize Index for the first time, joining established cycling leaders such as Copenhagen and Amsterdam. Alongside cities including Portland and Tokyo, Taipei is now cited as a leading Asian example of how thoughtful planning, infrastructure investment and public bike-sharing can collectively foster a genuinely bicyclefriendly urban environment. cyclingmuseum.com.tw

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TREAD VICTORIOUSLY

I N S TOR E PO I NT OF S ALE PACK A G E S

ASK LES SA YOUR AGER N A M FOR S L DETAI

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POINT OF SALE SURROUNDS, HE ADERS, AND I N T E R C H A N G E A B L E M AG N E T I C TA L K E R C A R D S T O F E AT U R E T H E T Y R E S YO U H AV E O N D I S P L AY 3C maxx speed

3C maxx terra

3C maxx grip

A fast-rolling formulation of our triple compound, best for XC racing applications.

An intermediate triple compound suitable for all-around trail riding.

A high-traction, slow-rebounding compound intended for enduro and DH.

EXO

EXO+

DOUBLEDOWN (DD)

DOWNHILL (DH)

A cut and abrasion-resistant material added to the sidewalls of many of our gravel and MTB tyres. Suitable for use in a wide range of riding applications from gravel to XC to light trail duty.

Builds on our EXO technology with the addition of a small butyl insert around the bead. EXO+ is ideal for trail riding in moderately rocky and rooty terrain, and is also suitable for lighter weight e-bikes.

Maxxis’ solution for enduro racing. Two 120 TPI casing layers reinforced with a butyl insert provide the enduro racer with the support and protection of a downhill tyre, but in a more compliant package. DoubleDown specs are a great choice for most e-mountain bikes.

Casing consists of two layers of 60 TPI casing combined with a large butyl insert, resulting in the most durable construction on offer. Choose the DH casing for gravity riding applications (downhill racing, bike park riding, freeride, etc.) where maximum durability and support are required.

TRIPLE COMPOUND (3C)

PROTECTION

GRAVEL TYRES

Maxxis’ 3C tyres use a firm base rubber to reduce rolling resistance and progressively softer rubber on outer layers to optimise traction.

Casings are supplemented with additional puncture protection layers to suit specific riding disciplines. Material can be added around the bead, in the sidewall, beneath the tread, extended from bead to bead or some combination thereof.

Maxxis’ range of gravel tread patterns and sizes ensure the correct match for any drop bar terrain you want to tackle.

RAVAGER

RAMBLER

REAVER

RECEPTOR

When the road conditions are unknown, choose the Maxxis Ravager. Large side knobs provide extra traction in deep, loose gravel and mud.

With numerous race wins under its belt and untold miles of backroad adventures, the Rambler is our most popular gravel offering. Tightly-packed centre knobs are ramped for rolling efficiency on hardpack roads and asphalt. The cornering knobs are spaced farther apart for control in variable conditions.

The Maxxis Reaver is our “go to” tyre for gravel racing. Its diamond knurling centre tread is low and fast but the Reaver features meaty side knobs for consistent cornering traction. Choose the Reaver when off-road speed is priority number one.

The Maxxis Receptor is a semi-slick gravel tyre designed for riding on pavement, hard-packed dirt roads, and light gravel. With its low profile centre tread, the Receptor rolls easily no matter the surface. Small side knobs provide cornering traction in loose over hard terrain.

Recommended use: Deep, loose gravel

Recommended use: Pavement/asphalt, dirt roads, gravel

Recommended use: Pavement/asphalt, dirt roads, gravel

Recommended use: Pavement/asphalt, dirt roads, gravel

Recommended Installation: Front or Rear

Recommended Installation: Front or Rear

Recommended Installation: Front or Rear

Recommended Installation: Front or Rear

HARD COMPOUND BASE LAYER MEDIUM COMPOUND TOP LAYER SOFT COMPOUND SHOULDER LAYER

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COMPOUNDS

ASSEGAI

MINION DHR II

With side knobs borrowed from the legendary Minion DHF, but widened to provide more support, the Minion DHR II offers excellent cornering and braking traction.

With a tread design that deftly balances rolling speed with braking and cornering traction, it’s no wonder that the Minion DHF is one of the most imitated tyres in mountain biking.

• Supreme braking and cornering traction.

• A top choice for all gravity applications

• Excellent braking and cornering traction in steep terrain.

• The gold standard of gravity focused treads.

Category: Trail, Enduro, Downhill Recommended installation: Front

Category: Trail, Enduro, Downhill Recommended installation: Rear

Category: Trail, Enduro, Downhill Recommended installation: Front

LOOSE/HARD

MEDIUM

LOOSE

WET

MUD

HARDPACK

LOOSE/HARD

MEDIUM

LOOSE

WET

MUD

HARDPACK

LOOSE/HARD

MEDIUM

WET

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ASSEGAI

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MINION DHR II

• Intermediate enduro and downhill conditions.

HARDPACK

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MINION DHF

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MEDIUM

LOOSE

WET

• Mid-spike for deep dust or wet trail conditions.

Category: Enduro, Downhill Recommended installation: Front or Rear

MUD LOOSE/HARD

After gathering years of data and feedback from our World Cup Downhill and Enduro World Series athletes, the Shorty was redesigned in 2021. The knob layout has been altered to improve wet traction, cornering performance, and mud shedding abilities.

The narrower 2.40” casing improves frame and fork clearance for when things get really sloppy and reduces weight.

The legendary High Roller returns with an all-new hybrid tread design, but the same old winning ways. With aggressive tread design intended to find traction in loose conditions. A large channel between the the center knobs and side knobs provides a looser, drifty feel desired by some riders.

• Perfect as a front tyre on 130–140mm trail bikes or a fast rear tyre on 150mm+ setups in dry conditions.

• Pairs great with the Forekaster or Rekon for a balanced ride Category: Trail, Enduro Recommended installation: Front or Rear

LOOSE

SHORTY GEN 2

HIGH ROLLER III

The Maxxis Dissector is back with major upgrades for better control, cornering, and braking. Redesigned side knobs offer a larger footprint for enhanced grip and stability, especially on hard terrain. The centre tread keeps the fast-rolling 2-3-2 layout but now features split centre knobs for better braking and terrain conformity.

HARDPACK

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G R AV E L S E L E C T O R

DISSECTOR GEN 2

MINION DHF

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18 20 22 24 26 BIKE SHARES AND STOCKS - CIN01 2026.qxp 14/01/2026 16:31 Page 1

INVESTOR SPECIAL Bicycle Stock Chart 2025

FULL WAREHOUSES AND FLAT DEMAND IMPACT GLOBAL SOFT MOBILITY STOCKS With an eye on all unresolved problems (wars, tariffs, crises, etc) in the world, last year’s sustained global stock rally for the third consecutive year was unexpected. Despite countless scandals, missteps and controversies fabricated by US President Donald Trump the global stock market itself has been stable and resilient. Here we try to explain why our selected values out of our Bicycle Industry Stock Chart 2025 could not keep up with the overall uphill trend. Jo Beckendorff leads the analysis…

A

t the beginning of the year, the global stock market got off to a good start. Initially, the majority of investors were convinced that Trump’s policies would at least bring the US economy – backed especially by its globally active technology giants – to the forefront.

US tariff attacks On “Liberation Day” (2 April) and as part of his proclaimed “America first” policy, the US president brought out his tariff hammer. The announced trade tariffs led to an immediate mini stock market crash. Due to the withdrawal of the maximum demands shortly thereafter, the crash was narrowly averted.

The reduced US trade tariffs are still significant, but were quickly priced into global stock markets. Further political statements by Trump caused further stock market rollercoaster rides. However, at the end of 2025 it ended up with strong gains.

The following factors were behind: First, the key interest rate cuts by the US and European central banks helped. Lower interest rates are not only stimulating consumption and investment, but also the economy and the stock market.

18 cyclingindustry.news

Second, governments are trying to kick-start the stuttering economic engine with their monetary and fiscal policies by means of government investment spending.

Thirdly, the global stock market seems to have already priced in all geopolitical disruptions (the unresolved hostilities in Ukraine, the Gaza conflict, the power struggle in Sudan, the latest US-intervention into Venezuela, etc).

“THERE’S NO NEED TO BEAT AROUND THE BUSH: LAST YEAR THE ECONOMIC SLUMP REALLY HURT NOT ONLY THE BICYCLE BUT ALSO SEVERAL OTHER INDUSTRIES. BOTH THE MANUFACTURING AND RETAIL SIDES OF THE BICYCLE INDUSTRY WERE FORCED TO FIGHT FOR SURVIVAL”

Hot: Defence and technology stocks On the stock market itself, stocks from three sectors in particular – defense, (AI) technology, and digitalisation – scored highly last year. In 2026 lucrative defense as well as AI – and digitalisation-related investments will definitely remain high on investors’ lists.

Declining demand hits struggling bicycle industry There’s no need to beat around the bush: last year the economic slump really hurt not only the bicycle but also several other industries. Both the manufacturing and retail sides of the bicycle industry were forced to fight for survival.

Huge overstocks and discount wars led to bankruptcies, takeovers and business closures. The industry will not be spared from the ongoing market shakeout and consolidation in 2026 either.

No longer included: Vista Outdoor and Revelyst Before looking deeper into the development of our bicycle stocks 2025, take a look at the chart changes.

Following the split of the US supplier’s Vista Outdoor Inc. business into two independent companies, we have removed this stock and the resulting outdoor company Revelyst (outdoor-,

B R E A D & BUT T ER RE P A IR SOLUT IONS ! d e t r o S t i f o Pr

01484 665055 sales@thecycledivision.com thecycledivision.com

18 20 22 24 26 BIKE SHARES AND STOCKS - CIN01 2026.qxp 14/01/2026 16:31 Page 2

INVESTOR SPECIAL Bicycle Stock Chart 2025

BICYCLE INDUSTRY STOCKS CHART 2025

* Source: Bloomberg, Corporate Information & Yahoo Finance. ** Allegion is an Irish-based spin-off of Ingersoll-Rand and traded at NYSE (hence US$). *** Shares of HL Corporation from Taiwan is traded on the Chinese stock exchange in Shenzhen (hence CNY). **** Shares of South-African Protection Wear supplier Leatt are traded OTC (Over-The-Counter) in USA (hence US$). ***** Shares of Chinese Shanghai Phoenix Enterprise and Zhonglu are taken from the US stock exchange (hence US$).

Composed by Jo Beckendorff (no liability assumed)

bicycle accessories-and eBike brands Bell, Blackburn, Camelbak, Fox Racing, Giro, QuietKat), which was traded on the stock exchange for a short time, from our chart. Contrary to previous statements, the new Revelyst parent company – the US investment company Strategic Value Partners, LLC (SVP) – decided to swallow Revelyst in a private transaction and thus delist it from the stock exchange.

20 cyclingindustry.news

New chart members Dahon Tech and TPG Moreover we added Dahon Tech (Shenzhen) Co. Ltd. The subsidiary of folding bike pioneer Dahon celebrated its stock market debut on the Hong Kong Stock Exchange on 8 September 2025.

Later on, a strategic alliance with fellow Chinese company Golden Wheel Group announced in October, drove the issue price of HKD 49.50 to

a short-term HKD 59.00 high. Their newly formed joint-venture D & T (Tianjin) Technology Development Co., Ltd. (Dagold Technology for short) consists out of a eBike production facility in Tianjin (see CIN issue 6 2025). However, the share value jump was sharply curtailed again by the end of 2025.

We also included the German software company for platform solutions

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18 20 22 24 26 BIKE SHARES AND STOCKS - CIN01 2026.qxp 14/01/2026 16:32 Page 3

INVESTOR SPECIAL Bicycle Stock Chart 2024

The Platform Group AG (TPG) in our bicycle stock chart. Celebrating its IPO already end of 2023, the Düsseldorfbased company’s online shops out of 27 industries include three virtual bicycle shops (www.bike-angebot.de, www.fahrrad-teile.shop/ and also www.jungherz.gmbh). These are joined by the scooter platform www.gem-s.de.

Last year’s TPG sales and acquisitions prove that right now they are also unable to escape the respective industry trend. In December, three socalled non-core assets (including the two mobility platforms Emco Elektroroller GmbH and x-Mobility Germany GmbH) were sold off. Shortly afterwards, just before Christmas, 43einhalb GmbH – an online platform in the fashion and footwear sector – was acquired. A glance at the share price, which fell by 29% in 2025, explains why TPG is continuing to adjust its portfolio.

Last time in our chart: Brockhaus Technologies and Pierer Mobility Appearing in our 2025 chart for the last time are the German technology group Brockhaus Technologies AG and Austrian two-wheeler supplier Pierer Mobility AG. While the Frankfurt-based company announced in December to sell its majority stake in BLS Beteiligungs GmbH (aka Bikeleasing Group – brands Bike2Future, Bikeleasing-Service, Lesora, Probonio) to Decathlon’s investment arm Decathlon Pulse, the Austrian twowheeler giant decided to completely abandon its bicycle and e-bike sector (brands Felt Bicycles, Husqvarna EBicycles, GasGas Bicycles). The want to concentrate again on its core motorcycle business.

While the two Pierer Mobility brands Husqvarna E-Bicycles and GasGas Bicycles were discontinued by the end of 2025, Felt Bicycles is now rolling under the aegis of its previous minority shareholders Florian Berguet and Cesar Rojo (the latter also founder of the Spanish premium MTB brand Unno Bikes, among other things).

In addition, Pierer Mobility AG will soon be listed on the stock exchange under the new name Bajaj Mobility AG. This move is backed since shareholder Bajaj Auto International Holdings B.V. (a wholly owned subsidiary of Indian automotive manufacturing giant Bajaj

22 cyclingindustry.news

“AFTER THE SHARE VALUE OF GERMAN E-COMMERCE RETAILER BIKE 24 WAS BATTERED BY A 27.6% DROP IN 2024, IN 2025 IT ROSE WITH A TRIPLE-DIGIT INCREASE 170.9% LIKE A PHOENIX FROM THE ASHES”

Auto Limited) has taken fully control on the two-wheeler company. As the supplier will now focus fully on the motorcycle sector, we will no longer list it in our 2026 bicycle chart.

More single- and double-digit share value downs than ups Of the 43 companies listed on our bicycle stock chart, 30 (= 69.8%!) ended 2025 with a share value loss and eleven (= 25.6%) with a share value gain. Two stocks (= 4.6%) – Danish bike rental fleet company Donkey Republic and Chinese bicycle manufacturer Shanghai Phoenix – remained at exactly the same share value at the end of 2025 as on 31 December 2024.

What is striking is that while the majority of the 28 out of 30 companies struggling with share value losses (= 93.3%) shifted down into double-digits only two (= 6.7%) ended up with single-digit downshifts.

Among our chart members with 2025 share value gains, five recorded single-digit decreases and five doubledigit increases (= 45.5% each). One chart member (= 9.0%) ended the year with a sky-rocketing triple-digit share value increase!

The top 3 losers First, the bad news: our chart member Compass Diversified (Codi) suffered from the largest 2025 share value loss.

The sharp double-digit 78.9% decline is easily explained: shortly after the Ticino Public Prosecutor’s Office (Switzerland) and two US authorities, the United States Securities and Exchange Commission (SEC) and the Department of Justice (DOJ), launched investigations into Codi´s jewelry subsidiary Lugano Holding Inc., in June the share price of the US investment holding plummeted from one day to the next by 59% alone.

Important to note: with the exception of Lugano (whose financial difficulties led ultimately to a Chapter 11 bankruptcy filing in November), all other operating Codi subsidiaries – including two companies with ties to the bicycle industry (dialed fit system pioneer Boa Technology and functional materials supplier PrimaLoft), are performing steadily and, according to the holding, generate “significant cash flow.”

Chart member Merida suffered the second-largest 2025 share value drop (down 45.2%). Although Taiwan’s second-largest bicycle manufacturer

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INVESTOR SPECIAL Bicycle Stock Chart 2024

was able to boost its last year’s first quarter sales by double-digits compared to 01-03/2024, the first half year results posted (compared to 0106/2024) a single-digit decline. Currency exchange rates also weighed on earnings. The third 2025 sales quarter was even worse (down 42.7%). There is also no silver lining on the horizon for the fourth and final year 2025 quarter.

US suspension expert Fox Factory suffered from the third-largest share value decline in our chart. While the two business segments Aftermarket Application Group (AAG) and Powered Vehicle Group (PVG) are gradually recovering, the brands Easton Cycling, Fox, Marucci including Lizard Skins, Marzocchi and Ride Concepts, operating under the umbrella of its Specialty Sports Group (SSG), continued to fall short of expectations.

In order to get back on track very soon, “original equipment manufacturers, distributors, and retail partners are currently working actively to streamline their inventories,” noted Fox Factory´s headquarters. Investors responded to the unmet expectations.

As a result, the company’s stock fell last year by 42.3%.

The top 3 winners The best for last: after the share value of German e-commerce retailer Bike 24 was battered by a 27.6% drop in 2024, in 2025 it rose with a triple-digit increase 170.9% like a phoenix from the ashes.

Backed by a stabilising online bicycle market, the Dresden-based D2C supplier had already made a strong start to the season in the first quarter of the year. In view of the expected record sales in the second fiscal quarter forecasts for the whole of 2025 were even raised. At the same time, the net loss was halved and profitability improved. In addition (and aside Bike24’s strong performance on its core market DACH region) the online retailer´s localisation strategy is gradually paying off. Bike24 is now present with its own web shops in several local EU markets and it´s respective national languages. For example, Bike24’s newest country markets, Poland and Finland, achieved growth rates of 30 and 26%, respectively.

Current growth driver is definitely the company’s parts, accessories and clothing (PAC) segment. The only remaining “problem child” is the socalled “full bike” segment, which

24 cyclingindustry.news

continues to be weighed down by high inventory levels.

The second and third largest 2025 share value price gains were achieved by chart participants Youngone Corp. (up 92.9 %) and USWE Sports (up 56.9%).

The outstanding performance of the South Korean outdoor and bicycle equipment supplier, which focuses on both globally active own brands and contract manufacturing, is surprising.

With regard to its Swiss subsidiary Scott Sports Group (Brands Bergamont, Bold, Scott, Syncros, etc.), a major dispute arose and was played out in public. It ultimately ended up

“IT IS WORTH HIGHLIGHTING THAT THE TWO UK CHART MEMBERS, HALFORDS AND TANDEM GROUP, ENDED THE 2025 STOCK MARKET YEAR WITH A SOLID SINGLE-DIGIT 7.5 AND 6.8% SHARE VALUE INCREASE, RESPECTIVELY”

before the Court of Arbitration of the International Chamber of Commerce (ICC) in Paris.

Background is that after the Corona period the bicycle and winter sports supplier Scott Sports Group reported (like many others) a liquidity shortage.

Its majority shareholder Youngone provided a temporary capital injection. When things at Scott Sports Group did not go as the South Koreans had hoped, in 2024 the board of directors appointed a new CEO. As a result, Beat Zaugg, the longstanding Scott Sports Group founder and CEO who had built the company into a global player, was suddenly dismissed. But Zaugg did not take this lying down. A power struggle ensued, which was only decided in favour of Youngone Corp by the ICC at the end of last year.

A glance at the share price performance shows that the ICC decision, which hung like a sword of Damocles over Scott Sports Group’s business and was long overdue in whatever direction it went, has had an impact on Youngone’s share price development.

Although it grew steadily in single-digits from January to October – from the beginning of November, it began to soar. The reason for this cannot be explained by business performance alone. We suspect that Youngone shares

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INVESTOR SPECIAL Bicycle Stock Chart 2024

received this boost from the long-awaited ICC decision coming out at the end of the year. It provides clarity.

The third chart winner is outdoor and sports supplier USWE Sports.

Having made a successful entry into the market with its patented NDM technology (NDM stands for “No Dancing Monkey”) used in backpacks, the Swedish company has strategically expanded its business. In 2025, it presented its first functional gravel and XC bike apparel collection. In the same year, the D2C supplier secured bicycle manufacturer Tour de Suisse Rad AG (TdS) as general importer for itself in the non-EU country of Switzerland. In order to focus entirely on the USWE brand in the bicycle clothing sector, last June the Swedes also sold its bike apparel brand Void Cycling, which they had only acquired in 2021, to fellow Swedes We Sports Scandinavia AB (aka We Sports Group).

Since last year’s sales increase indicates a market recovery and the abovementioned course was set, strong order backlogs suggest that growth will continue in the future. The stock market responded with the abovementioned share value increase.

With an eye on all other chart members’ year 2025 performance data please refer to the adjacent chart. The respective market capitalisation was adjusted to last year’s share price performance.

Thumbs up at our UK chart members From a British perspective, it is worth highlighting that the two UK chart members, Halfords and Tandem Group, ended the 2025 stock market year with a solid single-digit 7.5 and 6.8% share value increase, respectively. This means that both Tandem Group (compared to other soft mobility suppliers), and Halfords (compared to other companies with a strong presence in the automotive sector) performed above average.

With an eye on Halfords please compare with the four German chart members with an automotive background (Brockhaus, Continental, hGears, NCTE). With the exception of Conti they had to shift down. Conti’s performance is based on a realignment of its corporate strategy including the spin-off of the unprofitable business areas such as its automotive division and a refocus on its higher-margin core business (tyre division).

26 cyclingindustry.news

“OPTIMISTS ASSUME THAT THE GLOBAL OVERSTOCK WILL CONTINUE TO BE REDUCED IN 2026 AND THAT DEMAND FOR GREEN MOBILITY WILL PICK UP AGAIN”

Outlook Will the general stock market rally continue in 2026, or will it run out of steam? Predicting the future is like looking into a crystal ball.

What has to be taken into account is that most 2025 crises have not been resolved, but rather postponed.

For those with a keen sense of the stock market the air is definitely getting thinner.

On the critical side, the connection between low key interest rates and the risk of inflation is currently also being ignored.

The same applies to the government investment stimuli implemented in many countries: budget deficits (keyword: debt brake) are being accepted at levels never seen before outside of recessionary times. Do political stock markets really have short legs?

And what will happen with the cruel war in Ukraine? Investors should keep an eye on all these pitfalls in the 2026 stock market year – turbulence is to be expected.

On the other hand, analysts explain that the tariff issue – regardless of what may still lie ahead – is at least over in terms of the stock market.

Trump’s zigzag course, wherever it

may lead, will no longer play the same role as it did in 2025.

What does this mean for the bicycle industry? Optimists assume that the global overstock will continue to be reduced in 2026 and that demand for green mobility will pick up again.

Whether bicycles or eBikes, cycling will always be around. The topic of urban mobility (including cargo bikes, etc.) in particular is far from exhausted.

Pessimists, on the other hand, believe that the overstock cannot be completely reduced this year, but perhaps from 2027 onwards. Global production has been curtailed. However, before new products can be launched on the market, the old stock must first be sold.

Suppliers as well as IBDs warehouses include not only models from the 2024 and 2025 seasons, but even some from the 2023 season.

In addition, market concentration is not yet complete. Further bankruptcies, business closures and takeovers are to be expected. The big fish are eating the little fish. Many industry members are still in survival mode. In 2026 the bicycle industry will continue to struggle along the path of consolidation.

Words + chart: Jo Beckendorff

28 SHOW PREVIEW - IceBike - CIN01 2026.qxp 14/01/2026 17:07 Page 1

SHOW PREVIEW iceBike*

ICEBIKE* 2026: RETURN TO THE VELODROME(S) Back on track: Promising to serve as a launchpad for a positive season ahead, Madison & Sportline’s iceBike* 2026 is running in Manchester and London this February…

R

unning since 2007 and taking place at a variety of locations over the years, Madison and Sportline’s iceBike* has long been a firm trade fixture and is looking settled at its current dual velodrome set up: at Manchester’s National Cycling Centre (8-9 February) and London’s Lee Valley Velopark (12-13 February).

Panel-style discussions and in-depth interviews will run in the seminar areas at both locations, alongside a host of new products and demonstrations from the rich portfolios of Madison & Sportline. That includes the likes of Shimano, Vittoria, Park Tool, Genesis, Ridgeback, Kryptonite, Lazer, Elite and DT Swiss, to name a few. Add to that list one of Madison’s very latest signing updates – Maxxis bicycle tyres.

While Madison has been representing Maxxis in the market since 2017, since 1 January 2026 the firm has taken on exclusive responsibility of distribution of the tyre brand to the UK and Irish cycle markets, so it’s safe to say there’ll be a good showing here.

Also appearing will be the expanding Basil brand, returning after its reintroduction last year with renewed focus on its increasingly popular MIK OE rack system. 2026 will also see the official launch of Coros performance sports technology product range.

28 cyclingindustry.news

Madison’s Signature brands (Madison, Hump, Aztec, Nutrak and M:Part) have been completely refreshed and we’re told that every bike on show at iceBike* will be a new model.

In a recent missive to the trade, Madison & Sportline CEO Dominic Langan said: “This year, we’ve taken the event to an entirely new level which surpasses what was a fantastic event in 2025!

“The show layout has been refined for better flow and interaction, brand booths have been redesigned for deeper engagement, and the breadth of product on display will be our strongest yet. We’ve also worked closely with our brands to curate exceptional show-only offers to help you

kickstart the season with compelling margins and category-leading products, available exclusively only to those attending in person.

“More than ever, I see iceBike* 2026 as a launchpad for the positive season ahead. Success this year will come from clarity of strategy, confidence in product, and the strength of the partnerships you build.”

Partnerships and the social element will be in evidence at the after show parties (on Sunday 8 in Manchester and Thursday 12 in London).

There’s more on the upcoming show and pre-registration is available via the official website. www.icebike.co.uk iceBike* returns to Manchester’s National Cycling Centre over 8-9 Feb 2026

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32 34 36 BIKE SALES TIPS - John Styles - CIN01 2026.qxp 14/01/2026 17:25 Page 1

BIKE TRADE SALES TIPS WITH JOHN STYLES

SIMPLE SALES TIPS 6

THE RUNWAY STRIP PART 2 – AVOIDING “CAN I HELP YOU?” You spent effort and money to bring customers into your shop, maybe in enhancing your frontage, social media marketing or something else. And now it’s paying off and you have customers in store… so how do you best approach and serve them? It’s the crux challenge that every bike shop faces and – handily – there are some simple sales tips available from industry sales expert John Styles, in the latest of his articles for CIN…

S

o last time (Sales Tips #5) we looked at ‘The Runway Strip’ from Paco Underhill’s best-selling book Why We Buy. So now let’s have a look at what happens after the consumer has ‘landed’ in your store.

Whether you’re brand new in the bike trade or been at it for years, greeting customers seems to be natural for many, OK for some and ‘uncomfortable’ for a few.

Avoiding “Can I help you?”

When consumers come to a halt at the ‘X-Spot’ – I still hear many staff using

something like “Can I help you?” And although that can work, it’s not always the best. Because it demands that consumers immediately think and engage – that they commit or reject.

The other trouble with any phrase that contains the word ‘help’ is that it implies you have more knowledge than them. Which of course you do, but it harks back to a time when shopkeepers were considered all powerful, and the consumer well… less informed. And as we discussed in Sales Tips #4, where information is asymmetrical (for example complex financial products or auto-

motive sales) there are many horror stories of consumers being misled or mis-sold. So, consumers are naturally reticent to admit any lack of knowledge, especially when buying complex products such as a bicycle or eBike.

Consumers nowadays are generally better researched (or at least think they are, every mechanic knows how a little knowledge can be a dangerous thing). And they want to feel empowered. Donnie Perry talks about this in his fantastic book Leading Out Retail where he suggests questions around the research a consumer has done.

X MARKS THE SPOT – HOW YOUR CONSUMERS JOURNEY INFLUENCES THEIR PURCHASING BLIND SPOTS BLIND SPOTS

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32 cyclingindustry.news

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32 34 36 BIKE SALES TIPS - John Styles - CIN01 2026.qxp 14/01/2026 17:08 Page 2

BIKE TRADE SALES TIPS WITH JOHN STYLES

Another reason why ‘help’ phrases don’t tend to work is that psychologically they imply weakness or a need to be helped. This means the consumer can become concerned that you might start helping them and continue helping them for the whole time in the store. Not allowing them any time and space to themselves, to make their own choices about things.

Travel – An Easier Greeting Just a “Hello” can be better, because it’s more neutral, and doesn’t demand their thinking power. But the best greeting I’ve heard in stores, and one that I confess I’ve borrowed for many consumer shows, is something about their travel: “Where have you travelled from today?” and/or “How was your journey?” Because nine times out of ten, it allows the customer to feel at ease, talk about something neutral and unload a bit of stress – without commitment or rejection. Very often they free wheel right into the reason why they came to your store, without you even needing to ask.

A question that does the work for you…

Sometimes, they give you some great steer on where the sale is going. I remember greeting a couple at one consumer show viewing a high value road bike. As he was circling it, for the fifth time, she, with arms firmly folded told me “We’ve come all the way from Bolton today” then leaned a little closer and added “he’s been agonising over

34 cyclingindustry.news

that bloody bike for years, I just wish he’d get on and buy it, can’t we just put him out of his misery today?” Fabulous I thought, she’s on board, he’s just too scared to ask. Let’s get that sorted.

See you at the Landing Gate Sometimes your customer won’t engage where ‘X marks the spot’ and heads off straight into the store. They don’t want any help just yet and off they go. One of the things I’ve noticed can be uncomfortable for store staff, especially the new team members, is how long to leave that customer browsing before offering to help again. And how to do it.

I’ve seen staff members wait and watch, wait and watch, wait and watch, feel a bit stressed, make a long

ACTING BUSY: being available to help the customer without directly approaching them is a useful ploy in store

march directly to the consumer, say “Can I help you?”, get a second No, and then march all the way back to the till – feeling frustrated.

Act Busy But Approachable So how to approach consumers a different way? Act busy, you could even grab a couple of props. Maybe a clipboard, some stickers, a bit of POS, maybe even a pack of bar tape. Make yourself seem “busy but approachable.” Chances are, you do have stuff to do, so it’s not entirely an act anyhow. And as Paco puts it “The store is the stage, and the employees are the actors.” So, Act Busy – even if you’re not.

It means you’re not just marching directly to the consumer. It may seem silly to begin with, but making sure

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BIKE TRADE SALES TIPS WITH JOHN STYLES

you have something else to do around them puts them at ease. And this makes it easy and natural to let them know that you’re available, but you’re not going to pounce on them and spend your whole time with them.

That’s one of the things consumers fear most, being latched onto and not being given the time and space to consider things for themselves. People are too polite to ask for a time-out. So, as you approach your consumer, keeping busy as you go, you can much more easily say “I’m just doing my restock list but I’m available for any info you might need” or “I’m going to be back-and-forth a bit, but happy to stop and give advice on…”.

The Right (Side) Approach Another thing “props” help you achieve is a “side approach”. This is something that Paco’s book talks about. Based on his thousands of hours tracking and observing consumers in stores he noticed one important thing. Consumers respond best to an approach from the side.

It means you can approach near the

36 cyclingindustry.news

merchandise they are looking at and it’s obvious to the consumer you have a ‘reason’ for being there. That your approach isn’t just about them.

Why? Because, if you approach someone from behind, at a fundamental level it’s unsettling, surprising, predatory even. If you approach someone face-to-face, it can be a little awkward or even confrontational at times. When we approach from the side, wherever that’s possible, it’s more friendly. It’s better to be shoulder-toshoulder, side-by-side, facing challenges together, right?

In summary….

So, we can boil this approach down to four things. Being aware of “The Runway Strip”, approaching from the side, while being busy-but-approachable and using the easiest greeting question (travel). There’s a little graphic for each of those things above.

Now if you want to remind yourself or another member of your team to do these, just print them off and stick them somewhere around your till where they’re going to be noticed.

After all, you probably have dozens of stickers around the shop anyhow. So, here’s a few that might just close one more sale or help a new member of staff settle in.

For experienced store staff, these things may be obvious, they may do this instinctively, without perhaps even knowing why they do it. But it’s not obvious to everyone. So, if you have a new starter or part-timer who is uncomfortable greeting customers, show them how to do it, don’t assume they’ll just pick it up through observing you.

Why? Because – as you know – retail is detail, a game of marginal gains, where every little helps.

John Styles is a veteran of the cycling industry, having worked with leading distributors and brands across the sector. With a well-rounded perspective on the opportunities and challenges facing the sector, backed by a Bachelors Degree in Economics, John Styles is an expert consultant for the bike trade. Get in contact via johnstyles2002@yahoo.co.uk

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38 39 40 42 OPINION - Marks Column - CIN01 2026.qxp 14/01/2026 17:11 Page 1

OPINION MARKET MUSING | PART 1

BIKE TO EARNINGS RATIO The conversation about income relative to the price of goods has never been in such sharp focus. Mark Sutton considers the evolution of the bike price to earnings ratio and explores how the cost of cycling is dictating rider replenishment rates…

B

efore you read on, I want you to think back to when it all began.

The first bike you bought with your own money and how you achieved that outcome. For me, it was 23 years ago and while the bike in question was not my first bike, it was the first I paid for out of my own pocket.

When I was 14 years old, I used to earn a paltry wage of £10 per day on my father’s forecourt, washing 30-odd cars. So dire was the once-per-week payout that my grandfather used to discreetly double my money so that, once lunch was accounted for, I’d take home a little over £15 a day.

That meant that my target, a £500 Saracen X-cell from my local Action Bikes, was by my initial calculation around nine months of work away. That was a tough summer, watching on as my friends pulled ahead on their Saracens.

Remember when this was the only brand in demand? We were those kids, and of course, they broke all the time, compounding the pocket money crisis.

Once one of our group got the Marzochhi Bomber, or inverted fork upgrade, well, we all had to spend as much money on a fork as the bike itself thereafter. Our local bike shops played a huge role in encouraging our enthusiasm for new gear, one sponsoring a few of us with a combination of discounts and weekend road trips to bike parks.

This kept us engaged for years.

38 cyclingindustry.news

Realising that I had lost touch with what a typical complete dirt jump bike would cost nowadays and having in my mind an article about affordability relative to earnings, I had a scour of the web pre-Christmas. Like-for-like, that is not the cheapest model, but the second-tier model, a DMR Rhythm Pro is currently discounted to £1,120 from £1,400, while a Ghost Nirvana 4X sells for €1,499.

Though it was great fun learning the value of money, I’m not going to model the calculations that follow on working for the family business for loose change. We will instead look at the historic tracking of minimum wage and average wages in the UK relative to this entirely random bike choice. It’s not apples for apples, but for illustrative purposes, it works.

Adjusted forward a few years to the year 2005 and a legal employment age of 16 to 17, the minimum wage then would have been £3 per hour, or £5.05 if you were over 22. To keep things simple, a before-tax daily earning would be something like £25 or £40.40 per day, respectively of the aforementioned ages. A mid-level dirt jump bike was attainable for about £500, give or take 20%. So, depending on your age and shift rota, you could expect it to take between 20 or 12.5 days, assuming you’re under tax thresholds, to pay off the bike purchase. (Please excuse the

lack of historic tax bracket insight and ignorance of all other life expenses).

Now I don’t know yet, before I write this next paragraph, whether the biketo-earnings ratio is going to be significantly larger, so call this an experiment in analysing the truth behind recent political commentary.

Sure, the price of housing is the focal point and that’s more important because ultimately a roof over one’s head and how much that costs relative to wages has greater influence on consumer spending than almost anything else. With any luck, what comes next is interesting nonetheless.

At the time of writing, not accounting for any 2026 adjustments, the minimum wage in the UK is £7.55 for a 16 to 17-year-old apprentice and £12.21 for a worker over 21 years of age. Meeting the DMR and the Ghost hardtail dirt jump bikes at their approximate £1,400 retail price and again using the same back of a cigarette packet calculations, the £60.40 pre-tax daily earning of the apprentice would equate to just over 23 days' work, while the 21year-old would meet the sale price in 14.3 days of work.

So, quirky as this experiment has been, the bike-to-earnings ratio has widened. Inflation has caused a minimum wage worker to have to graft for between 1.8 to 3 days longer to afford what is more or less the same product

38 39 40 42 OPINION - Marks Column - CIN01 2026.qxp 14/01/2026 17:10 Page 2

OPINION MARKET MUSING | PART 1

“THINK BACK TO WHEN IT ALL BEGAN, THE FIRST BIKE YOU BOUGHT AND HOW YOU ACHIEVED THAT OUTCOME... HOW LONG DID IT TAKE YOU TO SAVE ENOUGH?”

on differing timelines, albeit with natural trickledown of tech and innovation. That doesn’t sound too much of a burden until you consider that there are about 21 working days per month on average, so the extra days working are about 10 to 15% more.

Now I know at this point some readers will be picking holes in this experiment and that’s fine, the Editor loves complaint emails... Yet, rather than being an exact science, consider this a conversation opener for the subject.

Because the fact of the matter is that the young people of today, those who we hope will be our future customers, are facing some tough life choices.

Invariably, those will revolve around

spending another year living at home with mum and dad, saving as much as they can by doing so, or allowing themselves luxuries like a bike that every child and teenager should be able to afford. A bike is, after all, the pre-car transport if nothing else, though we should always encourage that it can represent more.

Presented in this way, it becomes obvious why the Saracen X-cell of today is, more often than not, something like a singlespeed wheelie bike, or, worse, a kit modified Carrera adapted to do 40mph, give or take a few mph taken off for the drag effect of loose Duck tape. I don’t mean to be judgmental, of course, but the ques-

tion remains: How can we start young people on quality bikes and where is our rider replenishment coming from?

Is there a reason why pre-owned platform Cycle Exchange just landed £2.4 million in currently rare private equity cash and why Upway is surging globally, including a rumoured UK approach due shortly.

Access to bikes and affordability matters like never before, but as I have illustrated in prior columns this year, the wealth gap is becoming visible in some of the trends that punctuate 2025’s market data. In London, for example, full-size commuter bike sales have died a death. It certainly can be argued that this is because of cramped

cyclingindustry.news 39

38 39 40 42 OPINION - Marks Column - CIN01 2026.qxp 14/01/2026 17:10 Page 3

OPINION MARKET MUSING | PART 1

“ACCESS TO BIKES AND AFFORDABILITY MATTERS LIKE NEVER BEFORE. WITH THE WEALTH GAP BECOMING VISIBLE IN SOME OF THE TRENDS THAT PUNCTUATE 2025’S MARKET DATA, THE DAILY RATES OF LIME BIKES ARE PRETTY ATTRACTIVE ”

rental properties with sky-high rents and high rates of bike theft, but in a similar experiment for Cycling Electric.com I was surprised to learn just how cheaply you can buy a year’s cycle hire subscription with the deployment of a Cycle to Work voucher.

An annual pass for the official Santander-sponsored scheme costs only £120, before the applicable cycle-towork discount is applied. More popular is Lime, which has a monthly £8.99 subscription for unlimited unlocks, again, before cycle to work discounts are applied, which in case you hadn’t heard, they now can be.

On the plus side, while it’s very hard to quantify whether bike share leads to bike sales beyond grapevine anecdotes of an about 15% conversion rate inside

40 cyclingindustry.news

two years, we can at least see that there is a critical mass of demand that exists, something that wasn’t visible prior to bike share’s city-only explosion. Better still, often their first experience of cycling is an electric bike, which will be brand new to most of the population.

This, at least, plants a seed in those who may be able to afford their own bike.

This trend again begs the question as to whether the UK’s steady increase in average sales prices (now likely skewed by eBike sales) has actually grown all that much, inflation-adjusted. Historically, the British customer has always spent somewhere in the region of 1530% less than the mainland European average, which is a cultural thing, or more precisely, we have almost no cycle lanes, so bikes still struggle to be

part of the transport discussion.

So, acknowledging that we have both a broad and perhaps localised economic problem to contend with, I’m again led to ask manufacturers, why the focus on the performance side, four to five figure bike or eBike buyer when this is increasingly not reflective of the lower end of the wealth divide’s ability to access bikes?

Is it simply a matter of competing for healthier margins, versus those that it’s fair to say are dominated in the UK’s market share by Halfords? Is that customer just a sexier proposition?

It seems to me that people are doing a number of things that are harming cycling’s year-to-year rider replenishment rate, which has a legacy effect.

With it generally considered that

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38 39 40 42 OPINION - Marks Column - CIN01 2026.qxp 14/01/2026 17:10 Page 4

OPINION MARKET MUSING | PART 1

“IT APPEARS THAT PEOPLE ARE HANGING ON TO, OR REPAIRING EXISTING BIKES, RATHER THAN BUYING NEW ONES (PERHAPS WITH AN EXCEPTION FOR MOUNTAIN BIKERS SWITCHING UP TO EMTB)”

enthusiasts buy a new bike every five years, well, that takes us back to 2020.

Has this window now extended as the world has changed?

It appears that people are hanging on to, or repairing existing bikes, rather than buying new ones (perhaps with an exception for mountain bikers switching up to eMTB). This much is evidenced in the very steady multi-year shift in shop floor space from volume of bikes, to volume of workstands.

Separately, it’s my understanding that the BMX industry, the long-time portal for converting teenagers to cyclists, is at a low point, with most towns now having had a skate park for some years. Anecdotally, my hometown’s park is now almost always is empty of riders. Trail building efforts

42 cyclingindustry.news

seem to come and go, but as anyone who has lived this life knows, it’s a second job to keep them running.

How are road cycling clubs attracting new members? I have asked colleagues this a number of times, but haven’t had a concrete answer. Though I distinctly remember underestimating its effect, London 2012 did wonders for this market. Is that what it takes to inspire a generation?

As ever, I leave you with more questions than answers, so if you have the solutions or even some examples of schemes that have boosted rider replenishment rates, we’d love to hear about them on Cycling Industry News Facebook Group – Cycling Industry Chat.

Now, more than ever, we must nurture the next generation, helping

them with a leg up when needed to get started. The bike shop that I purchased my Saracen X-cell from is sadly no longer there, but I remember the name of the guy who served me, those who nurtured my group’s early journey in the cycling space, plus got us excited about building our own local trails and buying the next round of component upgrades. Your role in creating new customers is far more impactful than you may believe, especially among the youth.

Cycling Industry News would love to hear your views on those who have influenced your journey through the bike trade. Talk to us on our Facebook group – Cycling Industry Chat.

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BIGGER AND EVEN BETTER Coming back to NAEC Stoneleigh following its successful 2025 debut, CIN Live will see plenty of returning exhibitors as well as new names soon to be announced, all in a bigger space…

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0-21 September 2026 sees Cycling Industry News Live run at NAEC Stoneleigh, Warwickshire.

Building on the opening edition, CIN Live 2026 is open to all the industry, combining education, training and new products with face-to-face time with the trade.

For bike shops, workshops and mobile mechanics as well as distributors, brands, importers and service providers for the industry, CIN Live 2026 works to the CIN ethos: delivering education, pin-sharp analysis and market-useful content. That’s primarily delivered through the engaging-ifwe-do-say-ourselves seminar programme (2025’s edition had a bumnumbing nine hours of talks aimed primarily at retailers and workshops).

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44 cyclingindustry.news

and upcoming names, all looking to engage with the trade.

Networking is another lynch-pin of the event, from good old fashioned bumping-into-that-person-you’ve-notseen in ages in the show hall, to tailored events like the industry BBQ. Stay tuned to CIN Magazine and website for updates on the show. live.cyclingindustry.news

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46 48 49 50 PROFILE - Hastings Bikes - Duncan Moore - CIN01 2025.qxp 14/01/2026 17:13 Page 1

PROFILE

THE HASTINGS BIKE PROJECT

“THIS IS ABOUT GETTING PEOPLE ON BIKES, AND IT’S ABOUT REPAIR” Hastings Bike Project evolved out of an art project called The Labyrinth, which then became The Bike Lab

Duncan Moore gets the inside line on how the volunteer-led Hastings Bike Project, a community interest company, is keeping local cyclists riding when other businesses deem their bikes’ repairs uneconomical…

L “THIS ISN’T ABOUT SPECIALIST CYCLISTS. THEY’RE WELCOME, BUT THEY ARE CATERED FOR ELSEWHERE. THIS IS ABOUT GETTING PEOPLE ON BIKES, AND IT’S ABOUT REPAIR”

46 cyclingindustry.news

et’s start with the elephant in the room with this feature. I know there is a general sense of antipathy towards charity bike projects within the cycle trade, but here’s why I want to talk about the Hastings Bike Project. The whole aim of the project, which is a community interest company rather than a charity and as such doesn’t get the same tax benefits and help as a charity, is to get people riding bikes, and much of the bulk of this is through supporting people to fix their own bikes, rather than used bike sales. Now, surely, this getting people on bikes can only be a good thing. Someone starts on a second-hand bike from the Project, which allows them to make changes in their life.

These changes mean they now have some spare money; maybe they’ll spend that money on a better bike. Where might they go for a new bike? Well, it won’t be the Hastings Bike Project, as they only have second-hand machines available, and so it will be a bike shop that gets a sale. Now, can we all agree that that’s a good thing?

It is also worth considering that Hastings is not an affluent town, and by making bike repair and cheap bikes avail-

able/helping people carry on cycling, the Project is meeting a need. It’s also worth pointing out that these days Hastings only has one ‘regular’ bike shop and the ubiquitous retail park big brand store beside the Hastings Bike Project. Regular shops in the surrounding area often say almost all repairs are uneconomical, leaving riders with bikes in a state of disrepair for want of a bit of knowledge, tools, space and spares.

Okay, now I’ve got that cleared up, let’s talk about the Hastings Bike Project and why it and similar operations have a part to play in the wider world of cycling.

To get a deeper understanding of what the Hastings Bike Project does and how it came about, I sat down with one of the Project’s longest serving volunteers, Mat, who told me: “The Hastings Bike Project came out of something called The Labyrinth, which was originally an arts project that then became The Bike Lab. That was a community space that started operating here [out of The Old Lifeguard Stores, on the Lower Promenade, Hastings, in collaboration with and with support from Hastings Borough Council] around 2011.

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46 48 49 50 PROFILE - Hastings Bikes - Duncan Moore - CIN01 2025.qxp 14/01/2026 17:13 Page 2

PROFILE

A wide demographic visit the Project to learn about their bike and maintenance

“THE HASTINGS BIKE PROJECT IS SO MUCH MORE THAN SIMPLY A ‘REPAIR CAFÉ’ FOR BICYCLES; IT’S A CENTRE FOR COMMUNITY, OPEN AND WELCOMING TO ALL WHO WANT TO LEARN”

48 cyclingindustry.news

“When I became involved around eight years ago, it was still the Bike Lab, a userled community bike workshop space, giving people access to tools and space to work with a keen focus on recycling and reusing, and all the community coherence just comes along with that.”

Now the Hastings Bike Project is so much more than simply a ‘repair café’ for bicycles; it’s a centre for community, open and welcoming to all who want to learn.

This ethos was clear during my visit when Mat pointed out that among the volunteers that day, there was a spread of local people, rich and poor, housed and unhoused, white collar, blue collar locals and refugees. As he said, “Everyone is welcome for the love of bikes and riding”.

Talking about those who volunteer with the Project, Mat explained: “A lot of people come in to pay it forward. They come in and get their bike fixed and help out with the work and think, ‘That was all right, I’ll go back again and do some more.’ And it all helps. Some people like me stay for years, others maybe just a few weeks.”

Mat carries on chronicling his own journey with the project. “I came down here, and there was a bunch of guys who wanted to tinker with bikes. Wanted to show other people how to tinker with bikes. This was when it was all completely new to me when I started. I just came down to fix my little Carrera and learn, and in doing that, I met other people, learnt other things. I've been involved for

eight years now.

“Anyone who came along, who was interested in riding a bike, would be helped. No particular focus on any style of riding, or any particular type of bike, we’re here for anyone on two wheels.”

On the theme of helping people out, Mat continues: “This isn’t about specialist cyclists. They’re welcome, but they are catered for elsewhere. This is about getting people on bikes, and it’s about repair.

“We get all sorts of people coming down here. People who just want to learn a bit about their bike. We have people who’ve got money, who want to learn a bit, and they come down and mix rub shoulders with homeless people who need a bike to get from one shelter to the next, move their kit around from one camping spot to the next, and everyone in between. We work with everyone. We don’t work with any one particular cohort of people. We’ve always been sort of staunchly independent, and that has allowed us to stay open and welcoming to everyone.”

That fight to remain independent is a hard battle, especially so without new bike sales providing a regular income and only extremely limited funding opportunities from low-priced service work and a recently introduced, small on-site coffee shop and take-away. Indeed, the only way the Project is able to maintain its independence is through the support of its many volunteers. The open sessions are said to emphasise empowerment and self-

46 48 49 50 PROFILE - Hastings Bikes - Duncan Moore - CIN01 2025.qxp 14/01/2026 17:13 Page 3

THE HASTINGS BIKE PROJECT

reliance by involving hands-on practical engagement that bonds owner and bicycle.

This ethos of giving back is at the very centre of what the Hastings Bike Project is all about, helping those who need the most help and asking for nothing in return, just hoping that goodwill will shine through and repayment will be made in kind in the future.

It is this sense of community that defines the Hastings Bike Project and allows it to operate in a very open and friendly way, and if I’m being contentious here, I could say in a non-condescending way.

During my time at the Project Mat mentioned in passing a woman who had recently made use of the Project to get her bike serviced, “We were showing her how to change her brake pads and how to tune her gears, and she said, ‘I would never have gone into a regular bike shop, because I never felt like it was a place I could go into.’” It is that type of comment that sets the Hastings Bike Project apart and why it needs the support from the wider bicycle industry, as it offers a way into the pastime for casual riders, people who ride bikes but are not cyclists, the type of people who can feel reluctant to enter a traditional bike shop for fear of being intimidated for their lack of bike knowledge.

This openness to everyone and the lack of elitism is exemplified by a comment Mat makes about visitors to the project.

“The way we work is, you come along, we ask, ‘What’s your problem?’ If someone

doesn’t know or understand even the basics of how a bike works, we’ll take them through a basic M-check, tell them what the problems are and what we think they can do themselves here on the day.

Even if someone comes in with just a puncture and then learns about correct tyre pressures, that’s a win for us.

“We can scale up from there. If people are keen and capable, we will invite them to join us as a member volunteer. We check each other's work, make sure it’s safe. And that’s really it, you know, it’s just keeping people on a smooth, safe ride, keeping broken bikes out of the waste stream.

“Someone came in today with some donations, which is the typical way we get the bikes we have to fix and redistribute or break for parts. He came in with two perfectly functional early 2000s commuter Ridgebacks, and he was just not using them anymore. I always ask, ‘Why aren't you riding? What could we do to help you get riding again?’ In this case, it was simply that Hastings is a hilly town, and he feels like he is getting too old to carry on. Now, instead of going to the tip, these bikes will go to a new home with someone who needs sustainable, affordable transport, and will now get a good, refurbished bike rather than a bad new one built to break. We sometimes refurbish them and sell them on to recover the cost, plus a little bit to keep us in grease and tools, and things like that, which helps us pay all our bills. More often than

“SOMEONE CAME IN TODAY WITH SOME DONATIONS, WHICH IS THE TYPICAL WAY WE GET THE BIKES WE HAVE TO FIX AND REDISTRIBUTE OR BREAK FOR PARTS”

If people are keen and capable, they are invited to join as a member volunteer

cyclingindustry.news 49

46 48 49 50 PROFILE - Hastings Bikes - Duncan Moore - CIN01 2025.qxp 14/01/2026 17:13 Page 4

PROFILE

THE HASTINGS BIKE PROJECT

The project is volunteerdependent, with a strong regular and consistent team

“IF SOMEONE WAS FEELING GENEROUS IN THE INDUSTRY WE NEED KEY SPARES – SEVEN, EIGHT, NINE AND 10-SPEED DRIVE TRAINS AND WHEELS. THIS IS WHAT WE RINSE THROUGH KEEPING NURSES, STUDENTS, MUSICIANS, TEACHERS AND OTHERS ON TWO WHEELS”

50 cyclingindustry.news

not, these bikes get given to people for the cost of the replacement parts. Just depends on need and means.”

“We [The Hastings Bike Project] just want to keep people on their bikes, and we want to keep stuff out of landfill. This sort of thinking may not be of much interest to the cycle industry, but what we do is fix things; we let people know that they, too, can fix stuff. It’s an empowering project.”

As Mat says, “In a volunteer organisation such as this, and in times such as we are in, all our hours are precious. It’s very much a case of come down and see us when we’re open. It’s old school; if we’re open, we’re open. No socials, no phone line. If we’re here, we’re here.

It’s volunteer-dependent. At the moment, we’ve got a really strong team and sort of six, seven guys who are regular and consistent. We’re running Autumn/Winter hours at the moment, which is one long Saturday per month, and then Thursday nights when we have our volunteers’ night, where we work through the stock of donated bikes.

People learn, break stuff, learn, break stuff, and, hopefully, at the end of that, we’ve got some stuff that’s worth redistributing, and the volunteers have learnt something along the way too.”

So, there you have it. The Hastings Bike

Project, a community-centred scheme to keep people on bikes, in a town that has in the past two years lost two ‘conventional’ bike stores, this project keeps on keeping on, fixing bikes that others would consider worthless and at the same time offering community support to those who need it most and those who maybe just need somewhere where they can go and have some much needed conversations and company. At the end of the day, even if you don’t agree with operations such as this that are putting bicycles back on the street rather than driving news sales, you can’t argue with the fact that the Hastings Bike Project is keeping people on bicycles and for the wider trade and the future of cycling, that can only be a good thing.

Should you agree with the ethos of the Hastings Bike Project and want to help out, these are Mat’s final words: “The best help we could get if someone was feeling generous in the industry would be for key spares – seven, eight, nine and 10-speed drive trains and wheels. This is what we rinse through keeping nurses, students, musicians, teachers and countless other people who need sustainable, affordable transport on two wheels.” hastingsbikeproject.org

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