The Business of Cycling

Who Is Kenda? Inside the Taiwanese Tire Juggernaut with VP Eric Yang 29.06.2026 36мин

If you've ridden a mountain bike in the last 25 years, chances are you've rolled on Kenda — whether you knew it or not. The Taiwanese tire maker produces close to 70% of the aftermarket tubes sold in the US.This week I'm joined by Eric Yang, VP of Business Development at Kenda USA and grandson of the company's founder. Born and raised in Ohio after his father moved to open Kenda's US headquarters, Eric spent five years in the family business before walking away for a decade — Silicon Valley startups, a Wharton MBA, and angel investing — until he decided it was time to come home.We dig into Kenda's 64-year history, the humility baked into Taiwanese manufacturing culture, the tightrope walk between being a B2B powerhouse and a consumer brand, and what it really means to step into a company with nine board members, a global footprint, and a DNA rooted firmly in the factory floor.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

Crisis, Leverage, and the Death of the Hockey Stick: Whyte CEO Nikki Hawyes on Surviving the PE Cycle 15.06.2026 1ч 9мин

Nikki Hawyes is one of the most private-equity-experienced executives in cycling. Across three PE-backed businesses—Fisher, Zyro Fisher, and now Whyte Bikes—she's lived through every phase of the cycle: rapid growth, near-administration crisis, secondary buyouts, and exits. In this episode she shares a refreshingly candid view of what actually works when private equity meets the bike business: why realistic growth beats hockey-stick projections, how focus drives turnarounds, and why she set the terms before signing on.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

Behind the Curtain at QBP - America's Biggest Cycling Distributor 01.06.2026 34мин

Joe Benedict, Vice President of Category Management at Quality Bicycle Products (QBP), pulls back the curtain on America's largest cycling distributor.With 5,500 retailers served nationwide and over 45,000 products in their portfolio, QBP sits at the center of the US cycling supply chain — yet remains largely invisible to the outside world. Joe breaks down how QBP actually operates, from their category-based business model to their four-warehouse logistics network, and explains why landing a distribution deal with QBP is just the starting line, not the finish.For European brands eyeing the US market, this one is essential listening. We also get into the current state of the aftermarket parts business, what the industry looks like post-pandemic inventory crisis, and why QBP sees 2026 as a year to take control and move forward.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

Beyond the Hangtag: The Untapped Power of Ingredient Branding 18.05.2026 49мин

Recorded live at Performance Days 2026 in Munich, this panel brought together three of the most influential ingredient brands in performance apparel — Polartec (Eric Yung), Elastic Interface (Gianluca Pellicciari), and Polygiene (Eva Doll) — alongside the design leads at Albion (Graham Raeburn) and Santini (Fergus Niland) to unpack a relationship the cycling industry rarely talks about openly: the strategic relationship between ingredient partners and brands. The conversation moved past the hangtag.The panel dug into what real co-development looks like (hint: it starts with trust and a shared problem, not a logo), why so many brands fail to communicate the value their ingredient partners create, and how cycling still lags behind the outdoor industry in maturing this conversation.The throughline: ingredient brands are an under-leveraged R&D arm sitting right there, waiting to be used better.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

The Unraveling of Accell: What Went Wrong and What's Next 11.05.2026 43мин

In this episode, Sam Nicols returns to The Business of Cycling to break down one of the most consequential — and arguably under-reported — stories in the industry right now: the unraveling of Accell. Sam, who serves on the board of Propain Bikes and previously led YT Industries through the post-COVID downturn, brings a rare combination of operator experience and acquisition insight to the conversation.We trace Accell's path from a steady, publicly-traded European conglomerate of brands like Haibike, Raleigh, and Lapierre, to its 2022 take-private deal by KKR at a $1.4 billion valuation — closed at the absolute peak of the post-COVID cycling boom. From there, we unpack the perfect storm that followed: collapsing demand in the entry-to-mid segment where Accell was strongest, the Babboe cargo bike recall, a hollowing-out of the middle of the market, and the brutal mechanics of a leveraged buyout when revenue drops 40%.We also get into KKR walking away from roughly $1.1 billion in equity earlier this year, what restructuring is underway, and what it would actually take for Accell to find stable ground again. A candid, sober look at how a company can go from looking like the perfect investment target to a cautionary tale in less than three years.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

The Finnish Component Brand that Cracked the Code on European Cycling Manufacturing 04.05.2026 38мин

Herrmans Bike Components is a 67-year-old Finnish manufacturer most cyclists have never heard of — even though their grips, lights, and rim tape are quietly riding on bikes across Europe. Built on decades of OEM work for some of the biggest e-bike brands, Hermans operates a highly automated factory on Finland's west coast that competes head-on with Asian suppliers on price, lead time, and service.In this conversation, CEO Dan Liljeqvist walks me through the company's arc: from a privately-held family business, through a 2019 private equity transition that split off its industrial lighting arm, into the post-COVID correction that forced the cycling industry to reckon with itself. And now, the hardest move of all — stepping out of the shadows to build a consumer-facing brand in the European aftermarket.We talk about why automation only works when you have the volume to justify it, what the Nordic entrepreneurial spirit has to do with surviving as a European manufacturer, and why going from anonymous supplier to recognized brand might be the toughest leap a company in this industry can make.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

How a Dot-Com Failure Accidentally Created One of Cycling's Most Unique Accessory Brands 20.04.2026 51мин

Hugo Davidson didn't set out to build a bike accessories brand. Trained as an industrial designer in Melbourne, he spent years contracting at London design firms before co-founding his own consultancy back in Australia.Then came the dot-com crash — a failed retail technology startup (one that held the iPod trademark before Apple), $2 million in debt, and a stark question: what now? The answer came from one of his last remaining designers, a former bike shop employee who saw an opening in cycling accessories. Armed with frequent flyer points and a portfolio of quirky, design-forward prototypes, Hugo showed up at the 2002 Taipei Bike Show and walked away with 16 distributors in 16 countries. Twenty-five years later, KNOG has sold over 7 million of its iconic frog lights, navigated the rise of Chinese competition and e-commerce, and remains stubbornly optimistic about the future of cycling. In this conversation, Hugo and I talk about entrepreneurial resilience, the evolution of bike retail, and why — as his German distributor likes to remind him — people will always ride bikes.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

Humble, Steady, Fast: CEO Danny Segers on the Flemish Mindset that grew Bioracer from €7M to €35M 06.04.2026 38мин

Danny Segers has spent 18 years quietly building Bioracer into one of Europe's largest custom cycling apparel manufacturers, growing the Belgian company from €7 million to €35 million in revenue, with 85% of the business focused on custom team wear. With a background in finance and auditing, Danny brings a distinctly analytical lens to the cycling industry, one that favors sustainable reinvestment over aggressive expansion and steady progress over flashy ambition.In this conversation, we dig into how Bio Racer mastered the incredibly complex world of custom clothing, processing 15,000 unique designs annually across factories in Czech Republic, Romania, Macedonia, and Colombia. Danny also shares the moment that changed everything — when World Champion Tony Martin crossed the finish line in a competitor's skin suit — and how that painful wake-up call pushed Bio Racer to embrace wind tunnel testing and redefine themselves as the most tested brand in cycling.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' NewsletterRead the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

From 26 to 29 to 32 - Are We Doing This Again? 30.03.2026 29мин

The bike world is arguing about 32-inch wheels. Is it a physics-backed leap forward, or is it the industry's latest attempt to move units during a tough cycle?Joshua Riddle has a unique vantage point. He's Marketing Director at Hayes Bicycle Group — Hayes Brakes, Manitou Suspension, Reynolds Wheels — and his team is already riding prototypes. Today we talk about what makes innovations stick, what the 29er era can teach us about what's coming, and why Joshua thinks the question was never really *if*.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' NewsletterRead the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

Deep, Not Wide: Polartec's 40-Year Case for Strategic Focus with MD Eric Yung 16.03.2026 32мин

Eric Yung has spent nearly two decades at Polartec doing one thing exceptionally well — and that's exactly the point. As Managing Director and VP of Sales and Marketing at Polartec (a Milliken company), Eric pulls back the curtain on what it actually takes to build a premium ingredient brand over the long haul.The answer isn't growth at all costs. It's ruthless focus, selective partnerships, and the discipline to walk away from opportunities that don't fit. In this episode, we dig into how Polartec invented modern synthetic fleece alongside Patagonia, why they deliberately stepped back from a commoditizing outdoor market to bet on cycling, and what it really means to "win with winners."Eric also breaks down the PFAS transition, the three pillars of Polartec's product universe — insulation, base layer, and weather protection — and why cycling brands are now among the most innovation-hungry partners they work with.If you're building a brand in cycling and wondering how to differentiate in a world getting more competitive by the day, Eric's philosophy is a blueprint worth studying.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' NewsletterRead the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

Inside Eurobike's Strategic Overhaul with New Managing Director Philip Ferger 02.03.2026 31мин

In this episode, we sit down with Philip Ferger, the newly appointed Managing Director of Fairnamic — the company behind Eurobike — just four weeks into his role. Philip brings over 20 years of experience at Messe Frankfurt, co-owner of FairNamic, and joins at a critical moment for the cycling industry's most important trade show. The conversation covers what's actually changing at Eurobike and why: a more budget-accessible format for 2026, a new industry advisory board, and a broader strategic repositioning aimed at 2027. Philip also addresses the hard questions head-on — the B2B vs. B2C debate, whether Eurobike has drifted too far from its cycling roots, and what it takes to keep a trade show relevant when the industry is under pressure.If you're wondering what's next for Eurobike, this episode is essential listening.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' NewsletterRead the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

Where the Money Flows: Cycling Sponsorships in 2026 with Nicolò Ildos 23.02.2026 41мин

The business of professional cycling has never been more complex — or more expensive. Team budgets are exploding, rider time is increasingly scarce, and brands are being asked to spend more while getting less access in return. Meanwhile, gravel is professionalizing fast, and Asian brands are quietly reshaping who supplies the peloton.In this episode, I sit down with sports marketing consultant Nicolò Ildos to take stock of where sponsorship dollars are flowing as we head into the 2026 season — and what brands need to ask themselves before writing any checks.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' NewsletterRead the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

The Long Game Founder: Two MBAs, Two Failed Ventures, One Breakthrough Product with Marcus Tonndorf of HEXLOX 09.02.2026 53мин

HEXLOX founder Marcus Tonndorf spent years studying design in London and earning an MBA in Berlin, working at Pentagram on brands like Citibank, launching a failed publishing house in Japan, and even getting his illustrations into millions of Kinder Eggs.By 2015, he'd figured out what he didn't want to do—now he just needed the right product. So he walked into Eurobike with no company and no prototype, just a hypothesis that the cycling industry needed his skills. Within a year, he launched a Kickstarter together with a partner that funded in 24 hours and hit 800% of its goal—after camping outside press booths in Taiwan and pitching a Kickstarter account manager at a New York Starbucks.Today, HEXLOX tiny magnetic security devices protect bicycles, motorcycles, and museum exhibits worldwide, proving that sometimes the scenic route is the smartest one.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' NewsletterRead the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

Former YT CEO Sam Nicols and the Financial Mechanics Reshaping our Industry 26.01.2026 54мин

Sam Nichols brings a rare perspective to the cycling industry—he's an outsider who became an insider during the most turbulent period in recent memory. After a decade at Amazon and strategic consulting at Bain, Sam took the CEO role at YT Industries in November 2020, just as private equity was flooding into cycling.In this conversation, we cut through the noise around private equity in our industry. Sam explains how PE actually works using straightforward analogies, why the timing of 2020-2021 investments proved so disastrous, and what happens when company valuations collapse below the debt used to acquire them. We also discuss why family-owned businesses like Specialized and Trek have weathered this storm better, and what the current restructuring wave means for the brands caught in it.This isn't about vilifying private equity—it's about understanding the financial mechanics reshaping our industry.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' NewsletterRead the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

The Barbell Effect: Why the Middle of the Bike Market Is Disappearing with Jeff Brines 05.01.2026 40мин

CEO at Rali Systems and Contributor at VitalMTB, Jeff Brines introduces his "barbell hypothesis". In the conversation we discuss how the cycling market is splitting into two thriving extremes while the middle hollows out. Bikes under $4,000 and premium builds above $15,000 are selling well, but the $6,000-8,000 sweet spot is disappearing.He attributes this to slowing technological progress (diminishing returns on spending), demographic shifts between asset owners and non-owners, and middle-class economic pressure. Brines advises brands to identify their moat: either compete on volume or position as premium.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' NewsletterRead the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

From Unilever to ASSOS: A Fresh Perspective on Cycling Marketing with CMO Claire Deschamps 22.12.2025 42мин

Claire Deschamps is the CMO of Assos, and she brings a refreshing outsider's perspective to the cycling world. After spending a decade at consumer goods giants like Unilever and Colgate, this French marketing exec—who's called Mexico, Rome, and now Switzerland home—joined Assos nearly three years ago to help the premium apparel brand navigate a rapidly shifting landscape.In our conversation, Claire shares how marketing has changed dramatically—it's no longer about brands talking at consumers, but about letting communities, ambassadors, and athletes become the voice of the brand. She opens up about how Assos is honoring its 50-year heritage while reaching new riders: women, gravel enthusiasts, and the wave of newcomers who discovered cycling during COVID. Plus, she reveals how digging into consumer data helped bust some long-held assumptions about who's actually buying premium cycling apparel.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' NewsletterRead the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

The Power Of Persistence: Quoc Pham on Surviving Near-Bankruptcy to Build a 20-Person Shoe Brand 08.12.2025 36мин

In an industry dominated by legacy brands, Quoc Pham took an unconventional path to building Quoc, one of cycling's most distinctive footwear companies. A Vietnamese refugee who arrived in the UK at the age of eight, Quoc traded formulas and maths for fashion design, eventually graduating from Central Saint Martin's College.Four years of running a menswear brand label taught him the harsh realities of the apparel business, but he found his calling at the intersection of his two passions: beautiful design and cycling. What started in 2010 with a suitcase of leather cycling shoes and cold calls to London bike shops has grown into a 20-person company challenging the status quo of cycling footwear.In this conversation, Quoc shares the unglamorous truth about building a brand from scratch—from near bankruptcy and COVID setbacks to the simple philosophy that's carried him forward: do the basics exceptionally well. This isn't just a story about making shoes. It's about the power of persistence, the importance of customer service in a relationship-driven industry, and why sometimes the best competitive advantage is simply replying to emails within 12 hours.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' NewsletterRead the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

Is the Cycling Industry 'Inbreeding'? A Conversation with Juansi Vivo 24.11.2025 51мин

If you have logged onto LinkedIn anytime in the last year, chances are you already know Juansi Vivo. Juansi has become one of the most candid—and provocative—voices in our feed, posting daily critiques that challenge how we do business.Before he was a digital thought leader, Juansi was a project manager in Spanish academia with a secure job for life. In this episode, we talk about the personal tragedy that forced him to quit that safety net and dive headfirst into the cycling world—working with major players like Cannondale, BMC, and Orbea.We discuss why he believes the industry is currently "inbreeding"—talking only to itself—and we break down his central argument: that we are leaving money on the table by ignoring 95% of the population. He calls them "Los Ignorados"—the ignored ones.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' NewsletterRead the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

Swim or Drown: The Reality of Cycling Entrepreneurship with Alberto Fonte of Udog 10.11.2025 53мин

Alberto Fonte is an Italian entrepreneur building cycling footwear brand Udog from scratch. After nine years growing Fizik at Selle Royal as brand director, he now faces the ultimate challenge: competing against industry giants without corporate resources. In this candid discussion, Alberto shares the realities of cash flow constraints, supply chain disruptions, and why creating distinctive products—like one of the first gravel-specific cycling shoes—requires nimble audacity only small startups possess.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' NewsletterRead the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

From Team Sky to the CEO Suite: Fran Miller on Turning Around Rapha 27.10.2025 41мин

Over the past 15 years, Rapha has fundamentally shaped the look and feel of modern cycling, essentially upending the entire apparel industry.Fran stepped in just over a year ago to lead the company through its next chapter, navigating the challenging cycling apparel landscape with a brand that is searching for its idendity.Fran's journey is remarkable—from managing her brother, pro cyclist David Millar, to running Team Sky, to turning around fashion brand Belstaff. Now she's tasked with reimagining Rapha's future while honoring its legacy. In this conversation, we explore her unconventional path, the complexities of running a global cycling apparel brand, and her vision for Rapha's evolution in an increasingly crowded and competitive market.0:00 Introduction & Importance of Rapha2:46 Fran’s Early Life & Family Background3:25 Starting a Career & Managing David Millar7:15 Event Promotion & British Cycling12:48 Team Sky & Leadership Roles17:54 Transition to BellStaff & Apparel Industry21:13 Joining Rapha: Motivation & First Impressions24:15 Righting the Ship at Rapha: Challenges & Strategy34:22 Market Trends & Channel Strategy40:44 Closing Thoughts & Contact InfoRead the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' NewsletterRead the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter