Industry News
BRASELTON, Ga. (BRAIN) — Fox Factory recorded a 1.8% decline in revenue in its Speciality Sports Group, which is comprised of sales of bicycle products sold under the Fox, Marzocchi, Race Face and Easton brands. The company attributed the decline to "a shift in timing of OEM orders."
MILAN (BRAIN) — Chimera Investments LLC, an investment fund based in Abu Dhabi, United Arab Emirates, has acquired a majority of the shares in Colnago, the Italian road bike brand.
FRIEDRICHSHAFEN, Germany (BRAIN) — Eurobike, originally scheduled for Sept. 2-5, has been moved to the late November dates that organizers previously announced as a backup.
WASHINGTON (BRAIN) — The Small Business Administration said Sunday it issued 2.2 million Paycheck Protection Program loans valued at $175 billion in the first week of the second round of federal funding during the COVID-19 pandemic.
BROOKLYN, N.Y. (BRAIN) — Recent "Pandemic Check-ins" have featured executives with large IBD suppliers in Wisconsin, California, and Minnesota. Today we check in with a smaller supplier based in the pandemic's epicenter and who is experiencing a major sales boom — with sales up 600% so far this year.
WASHINGTON (BRAIN) — The Small Business Administration and Department of the Treasury will make it easier for small businesses to obtain Paycheck Protection Program loans.
OLATHE, Kan. (BRAIN) — Garmin Ltd. total revenue increased 12% in the first quarter of 2020 year-over-year, with its fitness division that includes smart-trainer sales growing 24%.
STOCKHOLM (BRAIN) — Net sales for MIPS increased 25% in the first quarter year-over-year despite the COVID-19 pandemic affecting retailers worldwide.
MORGAN HILL, Calif. (BRAIN) – Mike Sinyard was in his mid-20s when he founded Specialized Bicycle Components in 1974, selling his old Volkswagen van for $1,500 and leaving for Europe. He came back selling hard-to-find Italian components and two years later launched a Specialized tire for the touring market.
MIAMI (BRAIN) — Florida-based distributor JBI, parent of the distributor J&B, has acquired Pure Cycles, an omnichannel bike brand.
TOKYO (BRAIN) — Shimano reported Tuesday that its first-quarter bike division sales were down 15.4% from the same period last year. Operating income in the division declined 26.1%.
STOCKHOLM (BRAIN) — Thule Group sales in the first quarter of this year dropped 4.9% as a result of the COVID-19 pandemic that either closed or limited retailers in Europe and North America.
WASHINGTON (BRAIN) — The U.S. Trade Representative's office has granted tariff exclusions to some more bike-related products. Meanwhile the industry is working to extend the exclusions to the tariffs, which are imposed on China-made products as part of the Trump administration's Section 301 action.
WASHINGTON (BRAIN) — The Small Business Administration officially received an additional $310 billion in funds to restart its two loan programs that ran out of money last week.
MILAN (BRAIN) — Pirelli bicycle tires will now be distributed by KASK America in the U.S., the Italian company announced.
WASHINGTON (BRAIN) — The House of Representatives on Thursday night signed off on the COVID-19 relief package that allocates $310 billion to the depleted Paycheck Protection Program to aid small businesses.
The measure passed 388-5.
MORGAN HILL, Calif. (BRAIN) — Specialized has laid off 7% of its workforce as the company reassess its economic position in the wake of COVID-19's impact on the world cycling market.
KIRKWOOD, Calif. (BRAIN) — The COVID-19 pandemic has canceled yet another industry event: The QBP U of Q Brand Camp 2020, scheduled for Sept. 15-18 at Kirkwood Resort.
SAN DIEGO (BRAIN) — John Forester, considered the father of "vehicular cycling," died last week at age 90.
BLOOMINGTON, Minn. (BRAIN) — With a few exceptions, almost every bike retailer in the country has an account with Quality Bicycle Products, giving the Minnesota-based distributor a wide view of what's happening across the IBD nation.
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