Accell Group revenue falls 22% in 2024
Accell Group, the owner of brands Lapierre, Raleigh, Haibike, and Babboe, saw a 22% decline in its annual revenue in 2024, dropping from €1.29 billion to just over €1 billion. The company said the decline was driven by heavy discounting across the cycling industry and a slow recovery in demand.
In a press release, the Dutch company also noted that one-off costs related to outdated stock, restructuring efforts, and the ongoing Babboe cargo bike recall weighed on the result. Despite that, Jonas Nilsson, CEO, said the company's situation is improving, especially in the parts and accessories business.
In the last year, Accell has downsized its warehouse network from 85 to 28, outsourced more production, and made its Hungary factory the central hub. The future of its original facility in the Netherlands remains uncertain, as the company noted it will continue to cut costs.
Sales of Babboe cargo bikes have now resumed in Germany, France, and Denmark, and the company said it is preparing new models for launch later this year. Several Babboe cargo bike models were recalled in 2024 due to hairline cracks in the frames.
