Pinarello registers 25% turnover growth, €2.5 million investment due

Pinarello has spoken with local Italian press, revealing that the business registered a 25% turnover growth from February 2021 to February 2022 and that in the near future a €2.5 million investment will be made to further the brand’s production.

The stand out stat revealed by Antonio Dus, the brand’s CEO, is that the production investment will enhance the bike output capability by as much as 40% and no later than the beginning of 2023. This transformation will take place at the Villorba site, which Dus says has already enhanced its efficiency to the tune of 44%.

Having now presented its 2023 catalogue to dealers and distributors around the world, Pinarello expects MY23 bikes to begin landing in the Autumn of this year and orders of these bikes have already registered a 20% growth like-for-like.

February was important for the business for another reason too; the launch of the MyWay platform, which has come into play to enable customers to get creative with customisation on bikes like the top-of-the-line Dogma F. The software has resonated with customers, with 129,000 visits and an average dwell time of 4 minutes for clients wishing to lay out a custom build. 3,200 potential customers saved a design. 500 orders have been placed.

Dus conceded that the pandemic’s ripple effects have been no less kind to Pinarello as many others and told the local press site that “we want to thank all the collaborators who in this period have managed confusion and uncertainty related to the supply chain and in particular the production department which has been working overtime for over six months. Note the difficulty in finding specialized personnel in particular in the painting department. We have hired 21 people in the past months, 10 of which only dedicated to production. Several researches are still in progress to reinforce this department.”

Dus expands that it is in particular a global shortage in components and raw materials pegging the business back and he goes as far to concede the growth rate will not be able to be maintained unless the supply chain improves noticeably.

As for the numbers on which to make comparisons, the L Catterton owned business returned €65 million in 2021, selling to over 50 countries through 700 partners, including four of its own flagship branches, found in London, Manchester, New York and Treviso.

Spring 2022 will also bring the launch of the brand’s clothing collection.