KOBLENZ, Germany (BRAIN) — Canyon Bicycle sales declined 7% year-over-year in the first nine months of the year with parent company Groupe Bruxelles Lambert saying the industry's challenging market of "oversupply and aggressive discounting" was partially responsible.
Sales were 611 million euros ($705 million), compared with 655 million euros at the same time last year. Organic growth also decreased 7%, and EBITDA growth slipped 29%.
A Stop Use Notice to owners of Spectral: ON, CF, and CFR, and Torque: ON CF e-MTBs because of battery safety concerns last year affected sales, GBL said. Canyon said it has resolved the issue for the majority of affected customers.
While electric and non-electric mountain and urban bikes showed little growth, Canyon's road and gravel bikes "remained robust," according to GBL.
Europe continues to be Canyon's most resilient market, according to GBL, but there's been reduced demand in Asia and the U.S. because of tariff uncertainty. In April, Canyon laid off an undisclosed number of employees in the U.S., part of an "an ongoing process" and not tied to changing tariff policy, a brand spokesperson said. In July, industry veteran Ben Coates joined the brand as its U.S. general manager.
GBL said Canyon is conducting a review of its product portfolio "and the implementation of efficiency measures" in addition to enhancing its "omnichannel presence to bring the brand closer to riders." Canyon recently opened a flagship store in Munich.
Canyon founder Roman Arnold returned to an operational role at the company in September as Nicolas De Ros Wallace, who had been CEO, stepped down. The company said de Ros Wallace left "by mutual agreement," while Arnold moved from chairman of Canyon's advisory board to become executive chairman.
