The Business of Cycling

The business of professional cycling has never been more complex — or more expensive. Team budgets are exploding, rider time is increasingly scarce, and brands are being asked to spend more while getting less access in return. Meanwhile, gravel is professionalizing fast, and Asian brands are quietly reshaping who supplies the peloton.

In this episode, I sit down with sports marketing consultant Nicolò Ildos to take stock of where sponsorship dollars are flowing as we head into the 2026 season — and what brands need to ask themselves before writing any checks.

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HEXLOX founder Marcus Tonndorf spent years studying design in London and earning an MBA in Berlin, working at Pentagram on brands like Citibank, launching a failed publishing house in Japan, and even getting his illustrations into millions of Kinder Eggs.

By 2015, he'd figured out what he didn't want to do—now he just needed the right product. So he walked into Eurobike with no company and no prototype, just a hypothesis that the cycling industry needed his skills. Within a year, he launched a Kickstarter together with a partner that funded in 24 hours and hit 800% of its goal—after camping outside press booths in Taiwan and pitching a Kickstarter account manager at a New York Starbucks.

Today, HEXLOX tiny magnetic security devices protect bicycles, motorcycles, and museum exhibits worldwide, proving that sometimes the scenic route is the smartest one.

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Sam Nichols brings a rare perspective to the cycling industry—he's an outsider who became an insider during the most turbulent period in recent memory. After a decade at Amazon and strategic consulting at Bain, Sam took the CEO role at YT Industries in November 2020, just as private equity was flooding into cycling.

In this conversation, we cut through the noise around private equity in our industry. Sam explains how PE actually works using straightforward analogies, why the timing of 2020-2021 investments proved so disastrous, and what happens when company valuations collapse below the debt used to acquire them. We also discuss why family-owned businesses like Specialized and Trek have weathered this storm better, and what the current restructuring wave means for the brands caught in it.

This isn't about vilifying private equity—it's about understanding the financial mechanics reshaping our industry.

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CEO at Rali Systems and Contributor at VitalMTB, Jeff Brines introduces his "barbell hypothesis". In the conversation we discuss how the cycling market is splitting into two thriving extremes while the middle hollows out. Bikes under $4,000 and premium builds above $15,000 are selling well, but the $6,000-8,000 sweet spot is disappearing.

He attributes this to slowing technological progress (diminishing returns on spending), demographic shifts between asset owners and non-owners, and middle-class economic pressure. Brines advises brands to identify their moat: either compete on volume or position as premium.

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Claire Deschamps is the CMO of Assos, and she brings a refreshing outsider's perspective to the cycling world. After spending a decade at consumer goods giants like Unilever and Colgate, this French marketing exec—who's called Mexico, Rome, and now Switzerland home—joined Assos nearly three years ago to help the premium apparel brand navigate a rapidly shifting landscape.

In our conversation, Claire shares how marketing has changed dramatically—it's no longer about brands talking at consumers, but about letting communities, ambassadors, and athletes become the voice of the brand. She opens up about how Assos is honoring its 50-year heritage while reaching new riders: women, gravel enthusiasts, and the wave of newcomers who discovered cycling during COVID. Plus, she reveals how digging into consumer data helped bust some long-held assumptions about who's actually buying premium cycling apparel.

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