In my digging around through KTMs stuff, I found this in their H1 presentation. Mind you, this is many months old, but felt too good to not post...
BICYCLE MARKET
"During the coronavirus pandemic, the demand for bicycles rose rapidly, leading to overheating in the bicycle market and disruption throughout the supply chain. Stock levels peaked as a result. The return of these stocks to normal levels continues, while at the same time there is massive pressure on sales prices. On the customer side, the increased cost of living in the core market of Europe led to a loss of purchasing power. This caused a decline in demand for premium e-bicycles and bicycles. All relevant markets have seen a decline in sales figures, with the decline having a particularly strong impact on KTM’s domestic market in Europe. Around 44% of motorcycles were sold in Europe (+4 percentage points year-on-year), 21% in North America including Mexico (-5 percentage points year-on-year) and 22% in India and Indonesia via partner Bajaj (+4 percentage points year-on-year). Another 13% were sold in the rest of the world (-3 percentage points on the previous year)."
EDIT: The more I look into KTM the more I'm legitimately concerned about their ability to operate into the future. Will probably come back with a longer post here. Woah.
I didn't say they were. I did say Pierer Mobility has an e-bike business, which they do. They own Husqvarna and GASGAS e-bike lines. You can find more information by quickly going through their H1 report.
planet cyclery is back through cambria - press release
Press Release 10.23.24
Planet Cyclery is back online. The mission remains unchanged: Bring together the World’s finest cycling brands with expert staff to help and inspire.
Now part of the Cambria Bike Group based in California, with expanding locations in Colorado and North Carolina, we combine the best of Planet Cyclery with an even larger pool of products and resources.
Independently owned. Run by riders for riders.
Today, we have over 500 brands to choose from, in stock and dispatched on the same day. Our buying team have individually chosen every product, with a customer service team ready to help you find the perfect ride.
Cambria Bike has attained 4.8 on Trustpilot and has been recognised as a "Top Quality Store" by Google. Planet Cyclery will build on these foundations with an expanded team poised to respond.
Bought your bike from Planet Cyclery and need help with a warranty claim? We’re here for you. A new customer needing help to choose the best e-bike for your next adventure? Pour a coffee. Let’s talk.
Our story has always been rooted in a pure love for cycling. It’s time for the next chapter. Let’s pedal the planet some more… #PedalThePlanet
Funny, I thought the exact same thing. The brand is not listed on the website but is in their October 2024 Investor Presentation. Digging around further, it appears they own 70% of the company and sold 20% to "equity with management". Maybe that explains it? The sale everyone posted ~a year ago was in fact just a minority sale of equity to a "consortium of managers"? I'm not as familiar with European exchange regulations but I can tell you if this was the NYSE/Nasdaq, there would be far more detailed disclosures around anything deemed "material" (unless you are Tesla - who put out an 8K saying "anything Musk tweets is considered possibly material so go follow musk on twitter" - LOL)
Digressions aside, you all will probably love spending 5-10 minutes on the presentation. Check out their "assembly network". Supply chain chills.
Also - check this slide out...
Final point - the banks that cover the stock have them at a "hold" recommendation with one "buy". Say what you will about sell side research, but if there is a massive balance sheet issue, they are usually good at noting these types of things in their research notes. MBAs may not be good for much, but they are killer for analyzing a company's financial health
. Again, take it with a grain of salt but they are probably going to be fine. (or someone buys them!)
RE: Felt & Pierer, this is from a bike-eu.com article behind a paywall but helps to explain some things.
"The first indication of a change in the bicycle and e-bike business at Pierer Industrie came with the report on the disinvestment of R Raymon in September 2023, quickly followed by the announcement on the reorganisation of Felt Bicycles. Felt Bicycles managing director Florian Burguet explains what happened since then.
Bike Europe: After Pierer Mobility took over Felt Bicycles from the Rossignol Group at the end of 2011, the US sport brand was sold to an unnamed consortium centered around you at the end of 2023. At the same time, it became known that Pierer Mobility parent company Pierer Industrie AG remained on board via another subsidiary or subsidiaries. Who are these?
Florian Burguet: The shareholding structure of Felt Bicycles is actually fairly simple and clear. The major shareholder is Pierer Mobility, a subsidiary of the Pierer Industrie. Both Cesar Rojo of Cero Design Studio and me are equal but minor shareholders. Cero Design Studio is also part of Pierer Mobility."
KTM could be an important lesson in making sure your brands are attracting different people.. As I understand it, the differences between a KTM, Husky, and Gas Gas may be subtle enough to where all the are doing shifting sales from one brand to another.
In my digging around through KTMs stuff, I found this in their H1 presentation. Mind you, this is many months old, but felt too good to not post...
BICYCLE MARKET
"During the coronavirus pandemic, the demand for bicycles rose rapidly, leading to overheating in the bicycle market and disruption throughout the supply chain. Stock levels peaked as a result. The return of these stocks to normal levels continues, while at the same time there is massive pressure on sales prices. On the customer side, the increased cost of living in the core market of Europe led to a loss of purchasing power. This caused a decline in demand for premium e-bicycles and bicycles. All relevant markets have seen a decline in sales figures, with the decline having a particularly strong impact on KTM’s domestic market in Europe. Around 44% of motorcycles were sold in Europe (+4 percentage points year-on-year), 21% in North America including Mexico (-5 percentage points year-on-year) and 22% in India and Indonesia via partner Bajaj (+4 percentage points year-on-year). Another 13% were sold in the rest of the world (-3 percentage points on the previous year)."
In case anyone wants to look at the whole thing. Pretty good read. https://www.pierermobility.com/api/assets/17633357?type=attachment
EDIT: The more I look into KTM the more I'm legitimately concerned about their ability to operate into the future. Will probably come back with a longer post here. Woah.
KTM and KTM Bike are not the same company.
I didn't say they were. I did say Pierer Mobility has an e-bike business, which they do. They own Husqvarna and GASGAS e-bike lines. You can find more information by quickly going through their H1 report.
https://www.pierermobility.com/api/assets/17633357?type=attachment
Interesting KTM is doing roughly $2B a year. I had no idea what size company they were.
Also 300,000 motorcycle sales per year, 70,000 e-bikes… that’s more e bikes than I thought they would sell.
planet cyclery is back through cambria - press release
Press Release 10.23.24
Planet Cyclery is back online. The mission remains unchanged: Bring together the World’s finest cycling brands with expert staff to help and inspire.
Now part of the Cambria Bike Group based in California, with expanding locations in Colorado and North Carolina, we combine the best of Planet Cyclery with an even larger pool of products and resources.
Independently owned. Run by riders for riders.
Today, we have over 500 brands to choose from, in stock and dispatched on the same day. Our buying team have individually chosen every product, with a customer service team ready to help you find the perfect ride.
Cambria Bike has attained 4.8 on Trustpilot and has been recognised as a "Top Quality Store" by Google. Planet Cyclery will build on these foundations with an expanded team poised to respond.
Bought your bike from Planet Cyclery and need help with a warranty claim? We’re here for you. A new customer needing help to choose the best e-bike for your next adventure? Pour a coffee. Let’s talk.
Our story has always been rooted in a pure love for cycling. It’s time for the next chapter. Let’s pedal the planet some more…
#PedalThePlanet
Contacts:
PR & Marketing: Dave Flynn / davidf@cambriabike.com
CEO: Matt Yeo / matt@cambriabike.com
I thought KTM already sold off felt, or is this some sort of shell game?
https://www.bicycleretailer.com/international/2023/12/06/pierer-announc…
Is not that the same individual entered into this Agreement in '23?
Things take a settle, because - things.
Funny, I thought the exact same thing. The brand is not listed on the website but is in their October 2024 Investor Presentation. Digging around further, it appears they own 70% of the company and sold 20% to "equity with management". Maybe that explains it? The sale everyone posted ~a year ago was in fact just a minority sale of equity to a "consortium of managers"? I'm not as familiar with European exchange regulations but I can tell you if this was the NYSE/Nasdaq, there would be far more detailed disclosures around anything deemed "material" (unless you are Tesla - who put out an 8K saying "anything Musk tweets is considered possibly material so go follow musk on twitter" - LOL)
Digressions aside, you all will probably love spending 5-10 minutes on the presentation. Check out their "assembly network". Supply chain chills.
Also - check this slide out...
Final point - the banks that cover the stock have them at a "hold" recommendation with one "buy". Say what you will about sell side research, but if there is a massive balance sheet issue, they are usually good at noting these types of things in their research notes. MBAs may not be good for much, but they are killer for analyzing a company's financial health
. Again, take it with a grain of salt but they are probably going to be fine. (or someone buys them!)
RE: Felt & Pierer, this is from a bike-eu.com article behind a paywall but helps to explain some things.
"The first indication of a change in the bicycle and e-bike business at Pierer Industrie came with the report on the disinvestment of R Raymon in September 2023, quickly followed by the announcement on the reorganisation of Felt Bicycles. Felt Bicycles managing director Florian Burguet explains what happened since then.
Bike Europe: After Pierer Mobility took over Felt Bicycles from the Rossignol Group at the end of 2011, the US sport brand was sold to an unnamed consortium centered around you at the end of 2023. At the same time, it became known that Pierer Mobility parent company Pierer Industrie AG remained on board via another subsidiary or subsidiaries. Who are these?
Florian Burguet: The shareholding structure of Felt Bicycles is actually fairly simple and clear. The major shareholder is Pierer Mobility, a subsidiary of the Pierer Industrie. Both Cesar Rojo of Cero Design Studio and me are equal but minor shareholders. Cero Design Studio is also part of Pierer Mobility."
KTM could be an important lesson in making sure your brands are attracting different people.. As I understand it, the differences between a KTM, Husky, and Gas Gas may be subtle enough to where all the are doing shifting sales from one brand to another.
Is Felt even still a thing?
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