Bicycle industry e-commerce aggregator BikeExchange has announced an ‘operational pause’ in Australia and that operations in the Australian market would cease by EOFY 2025.
In a press release, CEO Peter O’Hanlon identified some of the key issues behind the decision –
- Stronger opportunities overseas: BikeExchange’s international operations—particularly in North America and Europe continue to show strong revenue growth and product-market fit, supported by robust demand and market scale.
- Focus on marketplace performance and logistics operations in North America. (In 2021 BikeExchange acquired Kitzuma, a US-based company specializing in logistics and worldwide shipping for the bicycle industry.
- Expansion into additional European countries, enabled by existing operational structures and partnerships.
- Ongoing innovation to improve seller outcomes and buyer experience across all active markets.
O’Hanlon went on to stress that “the Board remains committed to building a sustainable, high-performing business focused on long-term value creation for shareholders.”
According to the BikeExchange 2024 Annual Report, revenue for the FY2024 reached $7,702,000, with a before tax loss of $3,524,000. The company removed its shares from the ASX official list at the close of trade on Wednesday, 29 May 2024.
