Image Credits - WSJ
LeBron James has been riding a bike since he was a child. He’s now getting into the business side of things.
Canyon Bicycles, a pioneering direct-to-consumer bicycle manufacturer, has received a strategic investment from LRMR Ventures. LeBron James and Maverick Carter’s family office and SC Holdings own private equity and strategic advisory businesses.
The Canyon is worth €750 million after the €30 million investment. The cash will assist Canyon, located in Germany, to develop in the United States. Groupe Bruxelles Lambert is Canyon’s largest shareholder.
“LeBron James is one of the most famous sportsmen in the world, and he genuinely loves cycling,” Canyon CEO Nicolas de Ros Wallace told the Financial Times, adding that James’ knowledge of the sports and retail industries in the United States allies “the right combination.”
De Ros Wallace, a former Nike executive, joined Canyon in January after previous CEO Armin Landgraf stepped down in September for personal reasons.
The bicycle market in the United States expanded during the epidemic, but it also encountered challenges from supply chain concerns and tariffs on China.
Bike imports into the United States (excluding e-bikes) increased to 4.7 million in the first quarter, with port value rising 52 percent year on year to $565 million, following a trend that began in H2 2021.
In 2021, the bicycle market in the United States was expected to be worth $9.5 billion.
“The quality of the products, the strength of the Canyon brand, and the unique distribution approach present a lot of enticing potentials,” Carter said.
It appears like a new generation of environmentalists is emerging in the NBA. From athletes who have gone entirely vegan to those who cycle to venues.
The wave has the potential to become a storm, and with the recent news of LeBron James jumping on board, it appears like the weather is about to shift.
Yes, the league’s face, LeBron James, is planning to spend considerably on an environmentally friendly form of transportation. Athletes and members of the media will inevitably become environmentalists.
$30 million is a significant investment, but knowing LeBron, it will almost certainly pay off. When it comes to investing, he has a Midas touch. Keep an eye on this space for more developments.
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