Press release: Munich start-up Veloine to cease business at the end of April
Munich start-up Veloine to cease business at the end of April - further funding for the multi-award-winning brand not secured
Munich, March 18, 2024 - Munich-based start-up Veloine announced today that it will cease operations at the end of April until further notice. The company cites the difficult market situation and the lack of further financing as the reason.
Veloine has been on the market since 2019 and offers premium cycling clothing for women only. In 2021, the company received the 'ISPO Brandnew Winner', one of the most coveted awards in the international sports industry. In the same year, the start-up was honored with the Eurobike Gold Award for the development of the industry’s first-ever maternity cycling clothing.
"Like many companies, we have been confronted with huge increases in production and operating costs over the past two years - especially as our production runs exclusively in Europe. At the same time, we are seeing a shift in consumer behaviour due to inflation and economic downturn," says co-founder and Managing Director Sandra Waschnewski.
Veloine has been looking for investors in recent months to enable the growth of the young brand, but was unable to successfully complete the financing round. "Under the current circumstances, we are therefore unable to continue the business," Waschnewski continues.
Experts confirm that the bicycle industry experienced a significant decline in 2022/2023. After strong growth during the coronavirus pandemic, many market players are now suffering from the tense economic situation.
Veloine remains open to discussions with investors. "We are convinced of the brand's great potential. This is confirmed not only by customer feedback, but also by the awards we have received in recent years. We will therefore continue to hold talks with potential partners and hope that the brand can continue in the future," says Sandra Waschnewski.
The Veloine online store is expected to go offline at the end of April. Customer service will remain available by email at hello@veloine.cc.
