Canyon eyes future growth as annual sales top €400 million
Today Canyon announced that its co-founder and current CEO, Roman Arnold, is stepping down and will become the chairman of the newly established Canyon Advisory Board. Taking his place is Armin Ladgraf, the current COO at Canyon, and former CEO of the Dutch PON Group’s bicycle division (holding group of Cervelo, Focus, Santa Cruz and other brands).
In a press release from Canyon, the 35-year-old German company announced that it’s on track to reach sales of €400 million for the financial year ending this month. According to the company, that figure represents a 30% increase over the previous year.
“Now is the right time to go on the offensive, to seize all opportunities – and there are many,” said Arnold in a press release, giving a clear signal that the world’s leading consumer-direct bicycle company intends to continue its aggressive growth.
That recent growth has certainly been assisted by the company’s current investor, TSG Consumer Partners LLC, who in the past five years has helped Canyon grow from its €150 million turnover to the current €400 million figure. Now Canyon and TSG are looking to recapitalize and are seeking further investors.
“We have reached a scale at which we need additional investors for our growth and innovation plans,” said Arnold.
Arnold will take a backseat and is likely to once again become more involved with the innovation and technology side of the business. “I have been riding the big chainring for over 30 years,” he said. “I am now shifting down a gear, but I am doing well on the long distance.”
CyclingTips’ founder, Wade Wallace, previously interviewed Roman Arnold about the creation and growth of Canyon as part of the From the Top podcast series.