You’re familiar with the “odd couple” trope — the unlikely pairing of two people with seemingly different outlooks and preferences that just works. Today’s news centers around the unexpected partnership of man and brand: specifically, LeBron James and Canyon Bicycles, to the tune of $30 million.
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It was announced this morning that the strategic equity investment was led by LRMR Ventures, the family office of global icon LeBron James and Maverick Carter, and SC Holdings, a US-based private equity firm focused on market-leading brands. Koblenz, Germany-based Canyon Bicycles is certainly one of the leading direct-to-consumer bike brands on the market — its bikes are seen from Los Angeles to New York City, and everywhere in-between.
While the investment may seem a little out of left field, strategically it makes sense. James, his business manager Maverick Carter and the team at LRMR Ventures are taking action on what the rest of the world recognizes in one way or another: the pandemic-induced bike boom is showing no signs of slowing down.
“As an avid cyclist and storyteller, I’m excited about partnering with Canyon,” said Maverick Carter. “The quality of the products, the power of the Canyon brand, and the unique distribution model create a lot of compelling opportunities we want to be a part of.”
Canyon sits at the intersection of multiple cultural movements: the direct-to-consumer-ification of the marketplace, the desire for consumers to spend more time outside and the experiential aspect of consuming that has gained traction over the last decade, even more so in the last three years.
