New Felt parent registers large growth in cycling division sales

Pierer Mobility, the new parent to Felt Bicycles, has revealed that it grew pedal-based cycling sales by more than 40% in a financial update issued yesterday.

The motorcycle, cycling and electric bike firm registered “another record year”, increasing revenue and earnings, all whilst strengthening the business with brand acquisition and investment in production. In 2020 alone the firm sunk €150.2 million into investments for further growth.

Alongside the impressive bicycle division growth, electric bike sales grew 37%. Pierer is the parent to electric bike labels Husqvarna, R Raymon, and GasGas.

Overall, sales volume grew 23% for the group, which also sold 332,881 motorcycles in the 2021 financial year. Bicycles registered 102,753 sales, up from 77,277 a year prior, while electric bike sales volume hit 76,916 over 56,064 in the 2020 financial year.

As a result of the significant leap forwards, the group has raised its revenue forecast for the 2021 financial year to between €2,020 and €2,040 million, ahead of a prior expectation of hitting €1,900 million to €2,000 million. Furthermore, the executive board is raising the forecast for the EBIT margin to 9.0% – 9.5% (previous EBIT margin range for 2021: 8% – 9%).

The Pierer Group now employs north of 4,500, the majority of which are found in Austria.

Preliminary figures for the group will be published on February 1st.