2025 proved a turbulent year for bike brand Giant, punctuated by the US government’s decision to block imports of the company’s bicycles due to an investigation into forced labour allegations.
And 2026 hasn’t got off to the best start either for the Taiwanese brand, widely recognised as the biggest bike manufacturer in the world, with Giant posting a sharp 21.6 per cent decline in revenue for he first month of the year.
According to Giant’s monthly finance report for January, the company’s revenue was NT$3.67 billion (around £86m).
That represents a NT$1.02 billion (£24m) slump compared to January 2025, when the brand’s revenue was NT$4.69 billion (£111m), Giant’s continued woes a worrying sign for the cycling industry in general, as it struggles to ‘normalise’ following years of upheaval.
January’s numbers are also 23.4 per cent down on Giant’s revenue from January 2024, the beginning of a volatile year for the manufacturer, and a huge 45 per cent down on the revenue posted in January 2022 (NT$6.68 billion, or 160m), the last time the company saw growth in the opening month of the year.
After recording a post-tax profit of NT$1.26 billion (£31.9m) in 2024, a year characterised by a turbulent market, Giant’s overall revenue dipped in 2025, with business in the US softening in the first half of the year due to tariff uncertainty.
Those difficulties were exacerbated in September, when the administration of US President Donald Trump issued a withhold release order against Giant, blocking the import of its bikes from Taiwan, meaning US Customs and Border Protection would begin detaining its bicycles, components, and accessories.
This order was made after an investigation alleged evidence of abusive working and living conditions, debt bondage, withholding of wages, and excessive overtime.
The report, carried out by the Business and Human Rights Resource Centre, also included allegations of worker fees being paid by Giant factory workers. Giant confirmed that some migrant employees had paid recruitment fees to recruiters in their home country, something the company insisted it was “not involved in the negotiation and collection of”.
Giant soon entered talks with US authorities and fellow Taiwanese-based bike brand Merida changed its migrant worker policy, namely by introducing a zero-fee policy.
In December, Giant said its Corrective Action Plan (CAP) was progressing to the approved schedule and refunds had been issued in full following the first round in October.
As part of the corrective plan, corporate policy is said to have been updated and the company’s recruitment management systems “enhanced”, with Giant insisting it will continue to protect migrant workers’ rights.
Last week, Giant also mourned the loss of its founder King Liu, who died on 16 February, aged 91.
Liu founded Giant in Taiwan in 1972, developing it into the world’s largest bike manufacturer. Despite not being a cyclist himself when he founded the company, in 2007 he rode around Taiwan at the age of 73, before cycling from Beijing to Shanghai two years later.
He was also one of the driving forces behind the establishment of Taiwan’s YouBike bike share service, and is widely regarded as the father of the country’s cycling industry.
“To Giant Group, Mr. Liu was not only our Founder, but a leader who consistently guided the organization forward while remaining attentive to the people around him,” Giant said in a statement announcing King Liu’s death.
“Through a strong commitment to quality and a clear long-term vision, he led the company onto the global stage and helped the world recognise the strength and capability of Taiwan’s bicycle industry.
“Throughout his life, Mr. Liu devoted himself to bicycles, believing they represented not merely a business, but a meaningful way of life.
“He was widely respected as a lifelong advocate for cycling culture and remained a deeply influential figure to colleagues, partners, and riders across generations.”
