Danish cycling accessories brand GripGrab has announced that it has doubled its revenue in two years.
Last year was a growth-filled 12 months for the family-owned business. The company grew its turnover by 30% in 2021, to reach a total of almost 100 million kroner (approximately €13.1 million).
“We are enormously satisfied with the result we have delivered in 2021,” said Martin Krøyer, CEO of GripGrab. “We had tailwinds during the coronavirus pandemic because people had to look outside to exercise.
“We could clearly feel it, and it turns out that people to that extent have opened their eyes to what cycling can do. You become happier, fresher and healthier – plus you can use your bike as a means of transport in everyday life. It supports our purpose of enriching lives through cycling.”
In 2020, GripGrab grew by 50% and in 2021 growth continued at a rate of 30%. Last year, 15 new employees were hired to strengthen the company’s competencies and make it ready to take the next, significant growth leaps.
Krøyer said: “We are in a place now where the volume and complexity of the tasks mean that we need extremely skilled people to be able to develop new products and enter new markets. The next step is to expand to North America in 2022, and the ambition is that in approximately five years we will have more than doubled our current turnover.”
Although GripGrab grows and has tailwinds, the brothers maintain a long-range view. GripGrab is their life’s work, based on their love of cycling and the brand that they have created together.
“For us, it’s not about making a lot of money, it’s not about being sold or becoming the biggest,” said Krøyer. “For us, in short, it is about wanting to make a difference in the world.
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“We want to help people open their eyes to what cycling can do, how it can improve people’s lives and health and how the bicycle can be used as a means of transport, while at the same time contributing positively to the climate by allowing people to leave their car at home.
“Through our products, we want to remove the barriers that can stop you getting on your bike. We want to make the trip such a good experience that you cannot help but cycle instead of drive. Our product philosophy is to make quality products that last longer and do not go out of fashion next year. Alone, we cannot save the climate – but we can make a small positive difference.”