Online cycling retailer Wiggle announce a 19 per cent increase in sales in 2013 to overtake Chain Reaction Cycles in the market.
Cycling retailer Wiggle have announced a 19% increase in sales for the year ending February 2 to £168m, from £141m in 2013.
Wiggle say that sales in the UK and Europe are doing well, but the strong Pound is holding back sales from the rest of the world.
Founded in 2009, the company was sold to Bridgeport Capital for £180m in 2011 and became a title sponsor of the women’s professional cycling team Wiggle Honda in 2013.
Wiggle chief executive Stefan Barden told Retail Week: “The underlying performance of the business in the year has been strong, with fast growth in Europe and clear evidence of further market share gains in the UK.
“The momentum has continued into the current financial year with major investment projects underway to not only drive profitable growth but also provide the capacity and infrastructure to support and manage it.
“As a major exporter, ongoing currency headwinds – particularly the recent euro weakness – are unhelpful, but we continue to evolve the business model to better cope with these external pressures.”
The company claim the increase has moved them above Chain Reaction as the biggest global retailer of triathlon products, as their rivals’ sales dropped six per cent to £144.9m.
But the year has not been without controversy for Wiggle, with the company having to deny claims that a new jersey in their dhb range plagiarised designs by Anna Glowinski.