Peloton cut staff – ENVE Sold – Rapha Retrenches
Another bad week for the bike industry.
Peloton
Peloton CEO Barry McCarthy steps down as the company announces a 15% cut to the workforce. This follows the layoff of 2,800 of its staff in February 2022.
More: Peloton News
More: Road.cc
The company’s revenues are shrinking year-on-year but McCarthy claims that cash flow has stabilised giving some security to the company and increasing the ability to borrow if needed.
Once again this will raise the prospect of a sale of Peloton to Apple. That would be a good fit to the latter’s business but in the absence of other suitors, it must be in Apple’s interest to wait for Peloton’s situation to deteriorate further and lower its value further.
ENVE Sold
ENVE is now owned by investment firm PV3 having been sold by AMER Sports, the owner for the last 7 years.
Chinese companies have not yet attacked the wheel market to the extent of their capabilities. I wouldn’t fancy owning ENVE.
via: GCN
Rapha Retrenches
Apparently, Rapha (bike clothing) hasn’t turned a profit and it’s now probably not likely to do that in North America as the company closed its offices there and laid off 6 of its 8 staff.
vi: CyclingNews
KONA Bike Up for sale
Fancy buying a bike company? KONA is up for sale….nothing to do with the Hawaiian Ironman location, it’s the MTB company.
Kent Outdoors acquired the company in January 2022 and must now regret its decision.
Apparently, KONA bikes still sell well in the UK
Doom & Gloom
Well, that was cheery.
On a positive note, CIN reports that Colnago’s sales have tripled in three years to $55m.
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