After IKEA buyers and managers were seen at recent international bicycle shows, Bike Europe reports that the Dutch furniture retailer IKEA sells bicycles in the Netherlands now. Read more at Bike Europe.
Elsewhere in Europe… French President Nicolas Sarkozy wants to cut the European sales tax (VAT) on fuel to reduce fuel prices. Fishermen have blocked French ports for the last week to protest high fuel prices as prices for diesel for fishing boats has doubled over the past six months. More at the BBC.
In Canada, Dorel Industries had their annual stockholders meeting yesterday. They expect bikes to be big business for them as gasoline makes travel more expensive. In spite of the slowing economy, sales were up 54.9 per cent in the first quarter, compared to the same period a year ago. Overall, Dorel revenues rose 22 per cent to $556 million, and earnings went up 25.7 per cent to $35.1 million, or $1.05 a share, from the first quarter in 2007. Shareholders were told that Dorel plans to aggressively develop its bicycle business.
“The purchase of Cannondale and SUGOi immediately establishes huge IBD positioning for Dorel and will help us move toward a dominant worldwide position in the bicycle industry,” Dorel CEO Martin Schwartz told stockholders. “Our intention is to seek further acquisitions in similar high quality, performance bicycle companies and create new innovative products.”
Dorel sells bicycles under the Schwinn, GT, Mongoose, and Cannondale brands through mass merchant and independent bike retail stores.
My friend Tim Grahl has his 15 minutes of fame through a mention in this article at Forbes Magazine. Tim made Forbe’s list of richest bike riders in the world. Or something like that.