Giant has sent the latest signal of the ongoing challenges facing the bike industry as its sales fell by 20 per cent in the first quarter of 2024 as post-tax profits slumped by 38 per cent.
Giant opted to put a positive spin on the situation, highlighting that bicycle sales in China"remain strong" due to an"increasing trend in sports and recreation which supported the sales of mid to high-end bicycles". The"huge bicycle sales growth" in China appears to have continued into 2024, but demand in Europe and North America, notably for entry-level and mid-range products, remains weak.Giant is suing Stages for £11 million worth of unpaid invoices, the bike brand having manufactured many of Stages' products, with four former top executives from the US-based brand also having joined Giant.We’ve noticed you’re using an ad blocker. If you like road.
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