Giant Group has published its revenues for the second quarter of 2025, the bike brand’s positive start to the year undermined by a significant drop in revenue compared with spring 2024.
In April, May and June, revenue was down 17 per cent, 29 per cent and 30 per cent respectively on those same months last year, the heavy hit leaving Giant down 12.4 per cent overall for the first half of 2025.
It’s worth noting that we don’t yet know about Giant’s profit or loss, the figures only for revenue and having been filed with the Taipei stock exchange late last week and first reported by Bicycle Retailer and Industry News.
While Giant enjoyed a more positive start to 2025 — with revenue for the first quarter of the year up 4.9 per cent, largely boosted by February’s revenue being up 30.87 per cent on the same month last year — things appear to have dropped off since, with revenue down 25 per cent on Q2 last year.
In fact, February aside, every other month has seen revenues down on 2024, most notably in the recent months of May and June when they were down 29 and 30 per cent respectively.
The impact on profits remains to be seen, although the brand’s first quarter results saw operating profit drop 21.7 per cent to NT$0.42 billion (£10.6m), while net profit after tax fell 29.3 per cent to NT$0.37 billion (£9.3m).
While the bike industry tends to perform better as the year moves into spring and summer, Giant’s revenue dropped from Q1 to Q2, falling to £398m from £427m in the second three-month period of 2025. Overall revenue for the first half of the year was £825m, down 12.4 per cent from £927m during the same period last year.
March was the brand’s highest month for revenues, at £171m, while May and June’s performance was only better than January, when looking at the figures’ monthly breakdown. We’ll know soon what the impact on profits has been, Giant expected to publish more figures soon.
Despite the challenges facing the bike industry, notably issues with inventory stemming from overstocking during the Covid bike boom, Giant posted a post-tax profit of NT$1.26 billion (£31.9m) in 2024. Approving the statements at a recent shareholders’ meeting, group chairman Young Liu said: “Despite ongoing market uncertainties and subdued consumer demand, Giant Group’s global footprint and diversified manufacturing base give us resilience and flexibility. We will stay focused and adaptable as we prepare for the next stage of growth.”
CEO Phoebe Liu added: “While demand in Europe and the US remains soft, we are seeing signs of stabilisation. For example, the UK market has performed strongly. In China, cycling remains popular — though sales have naturally moderated following explosive growth in recent years, the volume remains steady. With a long-term view, we believe bicycles are key to sustainable mobility, and we’ll continue driving growth through innovation, quality, and service.”
While Giant did still make a profit in 2024, the total plunged by 62.8 per cent year-on-year. Although sales were down just 7.4 per cent compared to 2023 and remained above pre-pandemic levels, a combination of aggressive discounting and unsold inventory put significant pressure on the company’s margins. Giant made a provision of NT$1.9 billion (£44.4 million) for inventory losses last year.
In a March statement, the company struck a cautiously optimistic tone, noting that “the over-inventory situation continues to improve, consumers are demanding new fresh products”, and predicting a “profit recovery in 2025”.
Those challenges have been widespread across the industry. Shimano reported a 17 per cent drop in cycling operating income in 2024, citing persistently high inventories, while Accell Group — owner of brands including Lapierre, Raleigh and Ghost — posted a £325 million loss and said 2024 had been a “challenging year” marked by a focus on “normalising stock levels”.
Last month, Canyon revealed it suffered a net loss of €38 million (£32m) last year, with the investment company who bought just over 50 per cent of the business in 2020 for €400 million (£337m) now saying their shares are worth 43 per cent less than in 2023 and 35 per cent less than what they invested five years ago.
1 thought on “Giant’s revenue slumps by 25% in spring after positive start to 2025, as bike brand takes £102m less than first half of last year”
I’ve been trying to buy a Liv
I’ve been trying to buy a Liv ebike for the last 6 months. Ordered in January and finally delivered to the bike shop in June to find that the sizing from the charts is way off but obviously there were no bikes to try during the ordering process to realise this sooner. Thankfully the local bike shop is helpful and sorting other things out but none of this had been thanks to Giant/Liv…