Colnago tripled its turnover to €55 million in the last three years, revealing a profit of €14 million for 2023, as their strategy of targeting the high-end ultra-expensive market and sponsoring Tadej Pogačar’s UAE Team Emirates squad and the women’s UAE Team ADQ, appears to be paying off.
"Our mission is to be the most desirable bicycle brand in the world. At this point, of course, we think we are on the right track,” Nicola Rosin, CEO of Colnago, said after shareholders approved the company’s 2023 financial statement.
The cycling industry has suffered a boom and bust scenario following the COVID-19 pandemic, with huge growth in sales sparking overstocking and then a major downturn in the market which is still being felt in 2024. Several brands have suffered losses, with many launching sales to try and clear massive stock.
Colnago appears to have bucked the market trend by targeting the very high-end of the market, with a Colnago C68 bike equipped with Shimano Dura-Ace Di2 priced at more than €12,000. The Colnago V4RS bike used by Pogačar retails for a similar price.
The increase in turnover has come during Colnago’s sponsorship of Pogačar’s UAE Team Emirates team and UAE Team ADQ women’s team. Pogačar won the Tour de France in 2020 and 2021 and has emerged as the most successful rider of his generation.
Colnago was bought by the United Arab Emirates-based Royal Group in 2020 from founder and owner Ernesto Colnago in 2020. The Legendary bike builder and his family have since opened a museum called La Collezione Ernesto Colnago but are no longer involved in the bike company.
Royal Group is controlled by the family office of the Abu Dhabi royal family and led by Sheikh Tahnoon bin Zayed al-Nahyan, UAE President Sheikh Mohammed bin Zayed al-Nahyan’s brother.
"The opportunity to have two great teams in the WorldTour, both male and female, UAE Team Emirates and UAE Team ADQ, raises the level of their demands and stimulates us daily to improve our product,” Rosin said.
“Colnago is a well-organised company, with capable managers and a great sense of belonging.”
