Who owns whom in sports tech? A comprehensive list of wearables, electronics, platforms, bike and running hardware

If you have ever wondered who owns Garmin or Coros, who made your Puma shoes, or who published the code for Zwift, you have come to the right place.

These tables try to answer seemingly simple questions like, “Is Coros Chinese?” or “Is Garmin American?” If you really want to know in which country a specific product is manufactured or assembled, answering that question is relatively easy. However, a company like Garmin can have a headquarters in the USA and be listed on the NYSE, yet its legal domicile is in Switzerland.

Even when you know this information, what if most shareholders exerting control and having ownership are all from, say, Nepal? Does that make it a Nepalese company? Or maybe the Nepalese government has de facto control of those shares in some way. What does that mean?

Often, the shareholders of large, private companies are investment companies like BlackRock. Who owns them? Ownership details are a complex web. Sometimes, owners are governments, but not so often, more likely, private owners are sovereign wealth funds or Venture Capitalists. If you want to go down an interesting rabbit hole to find out who owns everything, you get quite an interesting answer (I won’t spoil your rabbit hole fun).

Coming back to the actual manufacturing piece. Very few products are made outside of Asia. But wait a minute, what about all the individual components? Where are they made? What if the components are all made in China but assembled in Taiwan? Where does that mean the product is made? That’s a tricky question, but easily answered, as there needs to be a definition for customs purposes about the COO (Country of Origin). In the case of watches, it’s where the printed circuit board (PCB) is put together. Garmin mostly does this in Taiwan; hence, the products assembled there are classed as Made in Taiwan.

Bike Tech Brands

Brand	Headquarters Location	Parent/Ownership	Parent Country Domicile	Manufacturing Country(s)	Major Investors/Shareholders
Trek	Waterloo, WI, USA	Private (family-owned)	USA	Taiwan, China, Cambodia	Family-owned (no major external investors)
Specialized	Morgan Hill, CA, USA	Private (majority founder-owned)	USA	Taiwan, China	Founder Mike Sinyard (majority), Merida (~35% minority stake)
Giant	Taichung, Taiwan	Giant Manufacturing Co. (public)	Taiwan	Taiwan, China, Vietnam	Public (TPE: 9921); institutional like Cathay Life
Cannondale	Wilton, CT, USA	Pon Holdings (private)	Netherlands	Taiwan, China	Pon family (private Dutch conglomerate)
Santa Cruz	Santa Cruz, CA, USA	Pon Holdings (private)	Netherlands	Taiwan	Pon family (private Dutch conglomerate)
Cervélo	Toronto, Canada	Pon Holdings (private)	Netherlands	Taiwan, Asia	Pon family (private Dutch conglomerate)
Scott	Givisiez, Switzerland	Scott Sports AG (private)	South Korea	Taiwan, China	Youngone Corp (~97% majority post-2025 ICC ruling; Korea Stock Exchange)
Bianchi	Treviglio, Italy	Cycleurope Group (private)	Sweden	Italy (high-end), Asia	Grimaldi Group (Italian industrial family/majority)
Pinarello	Treviso, Italy	Private (Ivan Glasenberg, est. ~80%)	Italy/Switzerland	Italy, Asia	Ivan Glasenberg (est. ~80%; ~€200M acquisition 2023), Fausto Pinarello (minority)
SRAM	Chicago, IL, USA	Private (majority founder/family-controlled)	USA	USA, Taiwan, China	Stan Day family (majority), minority PE (TA Associates, TPG Capital)
Mavic	Martignas-sur-Jaille, France	Bourrelier Group (private)	France	France, Taiwan	Private (family-owned)
Time	Voreppe, France	Rossignol Group (private)	France	France	Altor Equity Partners, Boix-Vives family
Ridley	Hulshout, Belgium	N.V. Race Productions (private)	Belgium	Belgium, Taiwan	Jochim Aerts, Belgian government involvement
Merida	Yuanlin, Taiwan	Merida Industry Co. (public)	Taiwan	Taiwan, China	Public (TPE: 9914); institutional investors
Shimano	Sakai, Japan	Shimano Inc. (public)	Japan	Japan, Malaysia, Singapore	Public (TSE: 7309); institutional investors
Canyon	Koblenz, Germany	Canyon Bicycles (majority GBL-owned since 2020)	Belgium	Taiwan, China	Groupe Bruxelles Lambert (majority)

Last Updated on 27 January 2026 by the5krunner

the5krunner

tfk is the founder and author of the5krunner, an independent endurance sports technology publication. With 20 years of hands-on testing of GPS watches and wearables, and competing in triathlons at an international age-group level, tfk provides in-depth expert analysis of fitness technology for serious athletes and endurance sport competitors.