Canyon is the world’s largest direct-to-consumer (“DTC”) distributor of premium bicycles thanks to its early adoption of this distribution model and its industry-leading German design and engineering capabilities. The company is active in three segments (conventional, e-bikes, parts and accessories). Its core markets are the DACH region, France, Benelux, the UK, and the US.

2.2 %
Portfolio value 12/31/2022
Investment case

Canyon operates in the attractive premium bike market with double-digit annual growth, driven by long term structural tailwinds:

  • Increasing popularity of bicycles, especially in Canyon’s premium segment, as an environmentallyfriendly mobility solution and to support healthy, active lifestyles
  • Continuous customer adoption of e-bikes supported by technological advancement and an ongoing shift toward e-bikes as a lifestyle or athletic product
  • Continued focus on online Direct-To-Consumer channel (DTC), with advantages in terms of price and choice, but also in response to consumers’ growing adoption of e-commerce.

Canyon has become a true trademark for sports and performance bikes, supported by its drive for innovation:

  • Strong positioning in its core European markets such as Germany, UK and Benelux that have grown at high double digits in the last years
  • Renowned performance heritage through successful partnerships with sports personalities such as Mathieu van der Poel and Fabio Wibmer
  • Outstanding track record of the leadership team, with founder Roman Arnold remaining invested as a significant shareholder alongside GBL and continuing his involvement as Chairman of the Advisory Board.

Canyon has embarked on new journeys with significant upside potential:

  • High demand for Canyon bikes outside of the large European bike countries
  • Good traction in the US, driven by increasing brand awareness and a unique DTC offering
  • Promising start into e-bikes, with a focus on sports and urban categories
  • Improved customer journey through omnichannel experience
  • Further opportunities to grow the sports gear offering.
  • Advisory Board Member 3/5*