Store network

Mike Sinyard passes the torch of specialty CEO, a larger network of own stores to follow?

Mike Sinyard, the founder and CEO of Specialized Bicycles, announced the passing of the CEO torch to a former Dyson executive, Scott Maguire.

Now 70 years old, Sinyard has led Specialized from humble beginnings to become an industry leader in the space of 48 years at the helm. From now on, he steps into a role of founder, president and chief pilots’ attorney.

“I had been looking for the ideal leader for Specialized for years; Scott is perfect because it integrates design thinking, engineering capabilities, supply chain expertise and operational excellence to drive meaningful innovation for customers and employees. On top of that, Scott brings together and harnesses the strengths of diverse people and cultures to create simplicity out of complexity,” Sinyard said of the change.

Maguire brings world-renowned Dyson experience, where he worked for 18 years in roles including senior vice president of engineering, as well as chief operating officer for the past two years.

“I am extremely excited to lead this revered brand into the future. There has never been a stronger team in the bike industry and the innovation driver, product and distribution of Specialized are unmatched,” Maguire said. “We have everything we need to deliver products, experiences and services that matter to riders around the world and positively impact global change.”

Will Specialized’s omnichannel approach go deeper into retail?

He takes the reins at a time of transition for the Specialized brand, which recently created waves in the bike industry by announcing a direct-to-consumer channel to support its B2B operations. While the brand is by no means the first to offer this path to market (in fact, many would say it’s a one-way trend), it nevertheless quickly became a talking point for the market. bike industry in which a heritage bike shop brand diverged. This way.

A contract letter delivered to a retail partner and seen by CyclingIndustry.News this week shows that while Specialized’s omnichannel go-to-market approach is just getting started, there is another, even less-talked-about part of the strategy. brand ; that is to say buyouts of large accounts with sought-after commercial locations, as competitors are increasingly doing.

In the letter, which bears the signatures of both Mike Sinyard and U.S. Sales and Business Development Manager Jesse Porter, Specialized encourages partners to sign an agreement to notify the brand if the store owner has the intention to sell.

The contract is short and sweet, but shows that Specialized wants to reserve the right to make a counter-offer within 90 days on the business premises it wants to keep in its retail network.

Industry commentators have begun to take a hard look at the balance between retail presence and consumer reach among major brands, noting an intensification of the fight to retain key retail assets, especially in the United States. Rick Vosper has this piece closer to BR&IN.

A survey conducted in the UK over the past year by CyclingIndustry.News found that around 11% of UK independent bike shops or workshops believe they may sell their business in the near future. To purchase this preview, email us here.