Canyon bikes credits 'unique' business model for 23% growth amidst turbulent wider cycling industry

Canyon bikes "unique" business model has seen its year-on-year-sales figures by 23% this year. 

Multiple household names won world titles on Canyon machines in 2023 and the brand has said that feedback from the likes of Mathieu van der Poel and Kasia Niewiadoma is pivotal to their continued success and development as a company. 

In a year in which multiple high-profile cycling brands have experienced financial issues, Canyon's CEO Nicholas De Ross Wallace told Cycling Weekly that the brand's continued growth was largely due to its one of a kind business model.

De Ross Wallace said: “Although we are not immune from the global inventory and sales discount challenges, we are focused on driving innovation and inspiration throughout our business and delivering excellent value to the customer through our unique direct-to-consumer business model. 

"This is deep within Canyon’s DNA and is reflected in our track record of year-on-year growth."

De Ross Wallace explained that the brands success can also be attributed to the success of its wide-ranging group of ambassadors.

Canyon athletes won 13 gold medals at the recent Glasgow World Championships. That included Chloé Dygert winning the individual time trial on the track and Van der Poel’s win in the elite men’s road race. 

Elsewhere Alpecin-Deceuninck’s Jasper Philipsen won four stages of the Tour de France while riding a Canyon as well as the races’ green jersey. 

He added: “2023 has seen a number of high-profile road, track and gravel product launches, including the grail, the speedmax track and our limited-edition aeroads, which include innovations that are proven through inspirational performances by our athletes and pro sports teams. 

"Our World Championships gold medal successes with Mathieu van der Poel and Chloe Dygert, as well as Caro Schiff’s victory in Unbound, and Sam Laidlow’s victory at Ironman Nice stand out in particular.

"More than that though, we put the highest priority on delivering excellent service and value to our customers, which has continued to evolve through the development of our app and our network of service providers in the UK and beyond, and will be a strong focus for us in the coming years.”

Back in 2022, Canyon committed to achieving company-wide science-based net-zero emission reduction targets in line with the Science Based Targets initiative (SBTi).

“The industry we work in is full of enthusiasm and passion. We want to use this positive energy to actively drive change at our company and beyond towards more responsible business practices,” de Ros Wallace added. 

In terms of sustainability, earlier this year Canyon began working with Iperion X, a company which specialises in a recycled and low-carbon process to develop a more sustainable way to produce future titanium components, including bike frames.

Based out of a facility in Utah in the United States, the company produces titanium metal powders from scrap titanium. Plans are also in place to increase production at a facility in Virginia. Canyon initially agreed to prototype components that will run until June 2025.

Currently the Canyon mainly produces bikes from carbon or aluminium but the move to work with Iperion X suggests a potential new material in the near future.