Welcome to the debut episode of the BikeBiz Podcast, sponsored by Reid Bikes. In this series, we sit down with the leaders, innovators, and disruptors shaping the future of the cycling trade.

To kick things off, host Pedro Couto Lopes is joined by Dominic Langan, CEO of Madison. With over 30 years in the industry, Dominic offers a rare, candid look at the challenges facing the market today and why the path to 2026 requires a radical shift in how we think about retail.

The BikeBiz Podcast Interview: Madison CEO Dominic Langan

I think, you know, the reason why I’ve stayed in the industry for so long is that it’s actually a really nice industry to be in and, and, you everyone’s passionate about what they do. So there’s no, you know, get away from that. think everyone has a passion for the industry, even when they’re probably not making any money, they still would rather be doing that than anything else – Dominic Langan

Pedro Couto Lopes: Dom, you’ve been in the cycling industry for over 30 years and have seen extraordinary highs and testing lows. As we start this conversation, could you paint us a picture of the mood of the industry heading into 2025?

Dominic Langan: It’s interesting. In February 2024, at our IceBike trade show, the mood was actually incredibly positive. I was concerned it might be a bit “miserable,” but it was very upbeat. We had more people attend that show than any previous one, which was encouraging. It set a tone that people were ready to move forward. However, as the year unfolded, there were ups and downs. Factors impacted the market and, while it didn’t turn out as well as I would have liked, it certainly wasn’t as bad as I feared it could have been.

Pedro: In late 2024, the mantra for many was “survive until ’25.” People were bracing themselves. Yet, as you described, it hasn’t quite been smooth sailing. How did that mood shift as 2025 progressed?

Dominic: There are a few factors. Our industry created its own issues—specifically, the volume of unsold bike inventory is much larger than anyone appreciated. Even after visiting Taichung Bike Week, I came away a little depressed because the volume of bikes still needing to be “rehomed” is dramatic.

Some of that is linked to inventory originally destined for the US now being diverted due to tariffs. I think we still have a massive amount of inventory to get through, and that is likely going to take us well into 2026. Factories are still nowhere near their production capacities; the scale of production during and immediately after COVID was simply more than most of us realised at the time.

Pedro: So there is a clear strain, yet you’ve also mentioned “glimmers of hope” and businesses that are quietly doing well. Could you expand on that?

Dominic: Absolutely. There are people who have realised they need to change and think differently. Shops that have reevaluated their business models seem to be doing quite well. In categories like parts and accessories (P&A), the stock situation and lead times are very much back to normal, and that side of the business has had a much more positive year.

It’s specifically bike sales that remain challenging for suppliers and retailers in terms of margins. Interestingly, independent specialist retailers (IBDs) seem to be performing well and tracking ahead of last year. Some of the larger, corporate-style customers are slower to react or adapt because they plan so much further ahead. An IBD can pivot quickly, and those who have looked at their operations and changed things up are the ones bucking the trend.

Key Insights from this Episode

  • The ‘Reverse Gear’ Crisis: Why the volume of unsold bike inventory is larger than anyone appreciated.

  • The IBD Advantage: Why independent dealers are outmanoeuvring corporate giants through agility.

  • Retail Evolution: Moving beyond the ‘mechanic’s mindset’ to create inclusive, world-class retail environments.

Don’t just stand on the other side of the counter; stand on the other side of the street and look at who is walking by. If they aren’t walking through your door, you have to ask yourself what you’re doing to attract them. — Dominic Langan

LISTEN ON THE GO: Prefer to listen while you work? The BikeBiz podcast is available on: [Listen on Spotify] | [Listen on SoundCloud (Audio Only)]