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. Wearables Brand Headquarters Location Parent/Ownership Parent Country Domicile Manufacturing Country(s) Major Investors/Shareholders Garmin Olathe, KS, USA Garmin Ltd. (public) Switzerland Taiwan (assembly), China, Some US Public (NYSE: GRMN); insiders (~18-20%, Kao family trust), institutional (~85%) like Vanguard, BlackRock Polar Kempele, Finland Polar Electro Oy (private) Finland China (volume), Finland (design) Family-owned majority (Säynäjäkangas heirs), external management Suunto Vantaa, Finland Liesheng Group (private; acquired early 2022) China Finland (high-end)?, China Liesheng Group (Chinese tech firm) Coros Tustin, CA, USA Private (majority YF Tech) China China YF Tech (majority), Dynamo VC (seed) Fitbit San Francisco, CA, USA Google (Alphabet Inc.; acquired 2021) USA China, Vietnam Public (NASDAQ: GOOGL); institutional, like Vanguard, BlackRock Apple Watch Cupertino, CA, USA Apple Inc. (public) USA China, India Public (NASDAQ: AAPL); institutional, like Vanguard, BlackRock Samsung Galaxy Watch Suwon, South Korea Samsung Electronics (public) South Korea Vietnam, China Public (KRX: 005930); National Pension Service, BlackRock Amazfit Hefei, China Zepp Health (public) China China Public (NYSE: ZEPP); institutional investors Huawei Shenzhen, China Huawei Technologies (private) China China Private (employee-owned, limited public info) Whoop Boston, MA, USA Private (VC-backed) USA USA?, China SoftBank Vision Fund 2 (lead), IVP, Foundry Group ($3.6B last valuation, 2021) Oura Ring Oulu, Finland Oura Health (private; VC-backed) Finland Taiwan, China Fidelity, Dexcom, Temasek ($10.9B post-Series E, Sep 2025) RingConn Shenzhen, China Private China China Private (limited public info; facing U.S. import ban Oct 2025) Circular Paris, France Private (VC-backed) France China Venture capital (undisclosed) Google Pixel Watch Mountain View, CA, USA Google (Alphabet Inc.; public) USA China Public (NASDAQ: GOOGL); institutional, like Vanguard, BlackRock TAG Heuer La Chaux-de-Fonds, Switzerland LVMH (public) France China, (Switzerland) Public (EPA: MC); Arnault family (majority via LVMH) Realme Watch Shenzhen, China Realme (BBK Electronics; private) China China BBK Electronics (Oppo parent, private) Redmi Watch Beijing, China Xiaomi Corporation (public) China China Public (HKEX: 1810); institutional investors TicWatch Beijing, China Mobvoi (private; VC-backed) China China Google, Volkswagen ($1B+ valuation) Withings Issy-les-Moulineaux, France Private (founder-led; independent since 2018) France China Founder Éric Carreel (majority), Bpifrance (significant) Xiaomi Mi Band Beijing, China Xiaomi Corporation (public) China China Public (HKEX: 1810); institutional investors https://youtu.be/Tet5N1LfuII Electronics (Bike Computers, Trainers) Brand Headquarters Location Parent/Ownership Parent Country Domicile Manufacturing Country(s) Major Investors/Shareholders Wahoo Atlanta, GA, USA Private (founder-led) USA China Founder Chip Hawkins, minority (e.g., NEP) iGPSport Wuhan, China Private China China Eagles Fund, Thunderstorm VC Sigma Sport Neustadt, Germany Private Germany China Private (limited public info) Magene Qingdao, China Private China China Series A investors (undisclosed) Bryton Taipei, Taiwan Bryton Sport (public) Taiwan Taiwan, China Public (TPE: 3591); Top Taiwan Venture Capital Elite Bergamo, Italy Private Italy Italy (high-end trainers), China (accessories) Private (limited public info) Hammerhead Oakland, CA, USA SRAM (private; acquired Dec 2021) USA China SRAM (majority founder/family-controlled, minority PE via TA Associates, TPG Capital) Lezyne Reno, NV, USA Private (Beeline Global) USA China Private (limited public info) Tacx Wassenaar, Netherlands Garmin Ltd. (public; acquired 2019) Switzerland Netherlands (design/assembly), Taiwan/China (volume) Public (NYSE: GRMN); via Garmin Mio Cyclo Taipei, Taiwan MiTAC International (public) Taiwan Taiwan, China Public (TPE: 2315); institutional investors Navihood Taipei, Taiwan Private Taiwan Taiwan, China Private (limited public info) TRIMM Tallinn, Estonia Private Estonia China Private (limited public info) CYCPLUS Shenzhen, China Private China China Private (limited public info) CatEye Osaka, Japan CatEye Co., Ltd. (private) Japan Japan (primary), China (lower-cost SKUs) Private (family-owned, limited public info) Stages Cycling Boulder, CO, USA SPIA Cycling (Giant holding; acquired $20.1M, 2024) Taiwan China, Taiwan Giant Manufacturing Co. (public, TPE: 9921) Saris Madison, WI, USA C+A Global (private; acquired 2022) USA USA, China C+A Global (private) Apps & Software Brand Headquarters Location Parent/Ownership Parent Country Domicile Manu Major Investors/Shareholders Strava San Francisco, CA, USA Private (VC-backed) USA - Sequoia Capital, TCV, Dragoneer ($2.2B valuation) TrainingPeaks Louisville, CO, USA Peaksware (private) USA - Private (undisclosed) MyWhoosh Abu Dhabi, UAE Private (founder-led) UAE - UAE Government (primary/lead investor); Founder Akhtar Saeed Hashmi (CEO, majority influence); undisclosed private backers Rouvy Strakonice, Czech Republic Pale Fire Capital (private) Czech Republic - Pale Fire Capital ($6M Series A) Zwift Long Beach, CA, USA Private (VC-backed) USA - Blackstone, Causeway Media ($438M total) TrainerRoad Sausalito, CA, USA Private USA - Private (undisclosed) BKOOL Berga, Spain Private Spain - Private (undisclosed) Komoot Potsdam, Germany Bending Spoons (private; acquired Mar 2025) Italy - Bending Spoons (private; ~80% layoffs post-acquisition) AllTrails San Francisco, CA, USA Private (PE-backed) USA - Permira (growth fund), Spectrum Equity (majority) Peloton New York, NY, USA Peloton Interactive (public; restructuring FY25) USA - Public (NASDAQ: PTON); institutional like Vanguard ($200M cost savings target FY25) MapMyRun Austin, TX, USA Private (founders; sold back from Under Armour, 2024) USA - Founders (independent) Nike Run Club Beaverton, OR, USA Nike, Inc. (public) USA - Public (NYSE: NKE); via Nike Adidas Running Herzogenaurach, Germany Adidas AG (public; ex-Runtastic) Germany - Public (ETR: ADS); via Adidas (closures mid-2025) Bike Tech Brands [caption id="attachment_10850" align="aligncenter" width="768"] Image|Shimano[/caption] 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) Running Brands Brand Headquarters Location Parent/Ownership Parent Country Domicile Manufacturing Country(s) Major Investors/Shareholders Nike Beaverton, OR, USA Nike, Inc. (public) USA Vietnam, China, Indonesia Public (NYSE: NKE); institutional investors like Vanguard, BlackRock Adidas Herzogenaurach, Germany Adidas AG (public) Germany Vietnam, Indonesia, China Public (ETR: ADS); major holders include BlackRock, Norges Bank Hoka Goleta, CA, USA Deckers Outdoor Corp. (public) USA Vietnam, China Public (NYSE: DECK); Vanguard, BlackRock Brooks Seattle, WA, USA Berkshire Hathaway (public; 100% subsidiary) USA Vietnam, China Berkshire Hathaway (Warren Buffett-led) On Running Zurich, Switzerland On Holding AG (public) Switzerland Vietnam, China Public (NYSE: ONON); Stripes (PE), Roger Federer (~3% stake) New Balance Boston, MA, USA Private (family-owned) USA USA (partial), Vietnam, China, UK? Family-owned (no major external investors) Asics Kobe, Japan Asics Corp. (public) Japan Japan, Vietnam, Indonesia Public (TSE: 7936); institutional like Sumitomo Mitsui Saucony Waltham, MA, USA Wolverine World Wide (public) USA Vietnam, China Public (NYSE: WWW); Vanguard, BlackRock Puma Herzogenaurach, Germany Puma SE (public) Germany Vietnam, China, Indonesia Public (ETR: PUM); Artémis Group (Pinault family) Lululemon Vancouver, Canada Lululemon Athletica (public) Canada Vietnam, China, Cambodia, Sri Lanka Public (NASDAQ: LULU); institutional investors Under Armour Baltimore, MD, USA Under Armour, Inc. (public) USA Vietnam, China, Indonesia Public (NYSE: UA); institutional investors Decathlon Villeneuve-d'Ascq, France Private (employee/family-owned) France France (design), Asia (volume) Mulliez family (majority), employee ownership Kiprun Villeneuve-d'Ascq, France Decathlon (private) France France?, Asia Via Decathlon Van Rysel Villeneuve-d'Ascq, France Decathlon (private) France France (assembly), Taiwan/China (frames) Via Decathlon Rapha London, UK Private (RZC Investments majority since 2017) USA Portugal, China RZC Investments (Walmart heirs, majority) Pearl Izumi Louisville, CO, USA United Sports Brands (private; acquired from Shimano 2022) USA Vietnam, China Private (limited public info) These tables draw from verified sources for accuracy as of September 29, 2025. Specific thanks to The Inner Ring for the idea and for information on bike frame brands. There will likely be a few errors. Please let me know below, and I will update the info.
