'A drastic slowdown in the bike sector in the second half of the year had a substantial negative impact on sales'
MIPS, the Swedish company behind the helmet safety system seen in many big-name brands' lids, suffered a"substantial negative impact on sales" from the"drastic slowdown in the bike sector" in the second half of last year, with net sales down 46 per cent in Q4.show that a 50 per cent drop in bike helmet sales in the fourth quarter of 2022 saw sales slump by £7.2 million compared with the same period in 2021.
The Stockholm-based brand is behind the design that allows 10-15mm of relative motion between the helmet and the head in all directions in order to reduce rotational motion transferred to the brain in the event of an impact, protecting against brain injury. "While we had to deal with the short-term challenging market for our largest category, we have taken big steps for the future through several initiatives and successes within other categories. We have also continued to strengthen our brand position, product portfolio and organisation.
"Our assessment is still that over time there will be excellent opportunities for growth and solid consumer demand in the bike category, mainly driven by our increased market penetration and the strong underlying trends regarding these types of helmets."
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