The Business of Cycling

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' Newsletter

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' Newsletter

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' Newsletter

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' Newsletter

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' Newsletter

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' Newsletter

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' Newsletter

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' Newsletter

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' Newsletter

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' Newsletter

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' Newsletter

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' Newsletter

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' Newsletter

Derek Bouchard Hall went from pro cyclist to CEO of POC, with stops at Wiggle, USA Cycling, and Assos along the way. He's got some really interesting perspectives on what makes premium brands work in cycling—the importance of staying consistent, letting your design team do their thing, and not trying to be everything to everyone. It's a great conversation about building brands that cyclists actually connect with and what it takes to keep them authentic as they grow.[0:00] Introduction & Derek’s Early Journey[3:00] From Pro Cycling to Business Leadership[10:00] Wiggle & USA Cycling: Disruption and Challenges[18:00] Leading Premium Brands: Assos and POC[36:00] Brand Philosophy, Innovation & Industry Outlook[59:00] Closing Thoughts & How to ConnectRead the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

On the heels of his recently announced retirement, I interviewed Ermanno Leonardi, the managing director of the Italian subsidiary of Specialized Bicycle Components, a role he has held for 36 years. He will be stepping down on October 1st. When I recorded this interview, I didn't know he would be stepping down from his role. He's not leaving the company—he's just stepping back and taking on a different role. But he was definitely someone I had always wanted to interview.I'm really happy to give you the opportunity to learn more about Ermanno, who is a pillar of European cycling. He was a huge part of Specialized's rise in Europe and serves as Mike Sinyard's right-hand man in Europe. I want to give you all the opportunity to see inside the mind of the man behind Specialized's European growth throughout the last 25 to 30 years.Introduction & Guest Background – 0:00Early Career and Entry into Cycling – 1:33Building Specialized in Europe – 11:08Competing, Strategy, and Brand Development – 17:15Innovation, Product Development, and COVID-19 – 26:34The Future of Cycling & Closing Thoughts – 38:23Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

Graeme Raeburn brings a rare perspective to cycling apparel design. As Rapha's lead designer from 2008-2018, he witnessed the brand's explosive growth from a single room to industry dominance. Now leading design at sustainable British brand Albion, Graeme applies fashion training through an industrial design lens. This conversation explores how commercial reality shapes product decisions, the critical importance of power user feedback, and balancing innovation with market viability in cycling's demanding technical apparel segment.ChaptersIntroduction — 0:00Early Life and Education — 2:31Entering the Fashion Industry — 6:04Joining Rapha — 8:31Growth and Innovation at Rapha — 11:08Transition to Albion — 16:38Product Design Philosophy — 22:34Feedback Loops and Product Evolution — 28:21Brand Expansion and Focus — 31:25Looking Forward at Albion — 33:53Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

The Eurobike 2025 panel explores branding in the cycling industry, featuring Gerard Vroomen founder and Entrepeneur, Greg Shapleigh Brand Strategy Consultant, Justin Day Founder and Creative Director and Ricky Buckelei Marketing Manager.This is a rare opportunity to get real insights from a series of experts in the cycling industry on branding. The panel underscores that successful branding in cycling requires authenticity, strategic clarity, consistent investment, and a willingness to focus and say no to distractions, all while staying attuned to both heritage and evolving customer needs.Chapters0:00 — Introduction & Panel Overview2:38 — Guest Introductions7:02 — Differentiation in Cycling Brands14:02 — The Role of Storytelling & Brand Positioning15:28 — Sponsorships & Brand Activation26:13 — Heritage vs. Innovation31:44 — Brand Investment vs. Short-Term Sales42:14 — Strategy vs. Opportunity53:27 — Brand Evolution & Audience Q&A55:59 — Closing RemarksRead the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

Gerard Vroomen is best known as the founder of Cervelo. This is the second time Gerard has been on the show, and this time around we talk about his new investment fund, Fundracer. Fundracer specializes in micro-mobility startups, and he started the fund just over a year ago with his partners, Rene Wiertz, who is the former owner and CEO of 3T, and Andy Ording, who was the former CEO and the founder of Zipp Wheels. The fund focuses mainly on safety technologies like AI collision detection, foldable helmets, as well as bicycle ABS systems. The discussion provides a rare behind-the-scenes look at how a micromobility investment fund actually operates. Vroomen candidly discusses decision-making criteria, operational division of responsibilities among partners, and hands-on support. Their market intelligence from evaluating 600 companies annually explains their safety-tech focus over performance products.0:00 – Introduction & Purpose of the Interview0:51 – Meet the Founders: Backgrounds and Industry Experience7:12 – Building the Team & Fund Structure14:04 – How Fundracer Invests: Process, Criteria, and Due Diligence19:20 – Investment Size, Portfolio Strategy, and Active Support23:12 – What Makes a Great Startup: Criteria, Challenges, and Lessons Learned32:14 – Reflections, Industry Trends, and How to ConnectRead the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

Alberto Morgando is the CEO of the iconic brand Mavic. Alberto shares his fascinating journey from studying mechanical engineering in Turin, Italy to leading multinational companies and private equity turnarounds before taking the helm at the legendary French wheel manufacturer.Arriving at a precarious moment when Mavic was struggling with significant losses amid cycling's market downturn, Alberto faces the critical task of returning this storied brand to profitability and long-term health.We explore his management philosophy, the unique challenges of revitalizing a storied brand, and his strategic approach to navigating the volatile cycling industry. With his outsider perspective and proven turnaround expertise, Alberto offers fresh insights into brand revival, market dynamics, and the evolving future of cycling.Introduction & Background0:00 – Introduction to Alberto Morgando and his background in engineering and management.Early Career & Moving Abroad1:14 – Alberto’s decision to study engineering, early career in logistics, and moving from Italy to France.Small vs. Large Companies5:45 – Experiences in small companies vs. large corporations, and the value of both.Transition to Consulting & MBA12:50 – Pursuing an MBA, entering consulting, and the impact on his career trajectory.Leadership Philosophy & Management Roles18:46 – Alberto’s approach to leadership, impact, and moving into executive roles.First CEO Experience & Private Equity22:06 – Taking on CEO roles in mid-sized companies, challenges, and successes.Joining Mavic & Brand Revitalization27:07 – How Alberto became involved with Mavic, the brand’s challenges, and his mandate.Cycling Industry Challenges & Strategy36:37 – The unique challenges of the cycling industry, market cycles, and Mavic’s strategy for growth.Product Innovation & Market Approach43:09 – Focus on product development, innovation, and balancing OEM and aftermarket business.Retail, D2C, and Channel Strategy53:54 – Mavic’s approach to retail, direct-to-consumer, and online channels.Closing & Contact Information59:17 – Final thoughts, how to contact Alberto, and closing remarks.Read the latest 'The Business of Cycling' BlogSign up for 'The Business of Cycling' Newsletter

In this episode, we dive deep into the shocking news of YT Industries entering self-administration, examining what led one of the bike industry's most successful direct-to-consumer brands to this critical juncture.Our guests bring unique insights to this developing story: Raymund Bareuther, an M&A expert who was directly involved in YT's previous acquisition deal when founder Markus Flossman brought in private equity investment, and Cristobal Perez, a veteran bike industry executive with decades of managerial experience across Europe.We explore the perfect storm that hit YT - from post-COVID inventory challenges and brutal industry-wide discounting wars to US tariff uncertainties affecting 50% of their business. Our experts break down what self-administration means, why even well-managed companies like YT can fall victim to industry-wide pressures, and what the restructuring process might look like going forward.We also discuss Markus Flossman's remarkably transparent YouTube response to the crisis and why this human approach to crisis communication stands out in an industry where companies typically go silent during financial difficulties.00:00 Introduction00:16 Meet the Experts:Raymund Bareuther and Cristobal Perez02:51 Understanding Mergers and Acquisitions (M&A)05:47 The YT Industries Situation07:09 The Impact of COVID-19 on the Bike Industry11:15 Self-Administration and Restructuring14:03 Future of YT Industries20:56 Cristobal Perez's Insights31:02 Challenges in the Bike Industry37:47 Conclusion and Contact Information