There have been far too many tales lately of manufacturers shutting down, staff being let go, and customarily laborious instances for the bike business. Maybe probably the most surprising and saddening to me, was the shock announcement that Revel Bikes was closing. The model had simply unveiled three new bikes, and appeared to have a ton of momentum heading into the Sea Otter Basic, however that every one got here crashing to a halt when the model misplaced their funding as a result of advanced financial setting.
Revel Bikes and Why Cycles founder Adam Miller, made the choice to promote Revel Bikes to a Non-public Fairness agency in 2021, believing, “that with extra capital and infrastructure, Revel may develop into one thing even greater, whereas holding on to what made it particular.”
Nevertheless, as is commonly the case with Non-public Fairness companies, what had made Revel particular wasn’t as essential as development and elevated gross sales. “The non-public fairness agency had a really completely different imaginative and prescient for Revel than I did,” Miller mentioned. “They helped us by making heavy investments in manufacturing and provide chain that constructed world-class infrastructure—one thing I consider will profit Revel for years to return. However in addition they pursued an aggressive growth-at-all-costs mannequin that didn’t align with the DNA of the model. Excessive stock, excessive overhead, and a inflexible monetary construction left little room for being nimble and adjusting to the instances. When funding dried up in a tricky macro setting, the corporate was compelled to close its doorways.”
Adam was simply as shocked as we had been to listen to that Revel was closing, solely listening to the information himself the day earlier than the official announcement. It didn’t take lengthy for Adam to resolve that it was time to step again in and save the model. “Once I left a 12 months in the past, I assumed and hoped Revel would reside on and proceed to thrive, however that didn’t occur. Final month, I discovered, only a day earlier than the general public announcement, that Revel was shutting its doorways. The workers, the neighborhood, the purchasers…we had been all left hanging. This information was actually devastating to me – I had poured my coronary heart into Revel for the higher a part of a decade, and I couldn’t simply let it disappear. This wasn’t one thing I deliberate on doing, however Revel means rather a lot to lots of people. I’m excited to work with our superior staff in Carbondale and Taiwan to construct Revel into the very best world-class mountain bike model that we are able to dream up,” he mentioned.
Because of this, Revel is again – although it wasn’t a positive factor that Adam could be again on the helm. After JP Morgan foreclosed on the corporate, there have been reportedly 125 gives in simply two days to purchase the model. In the end, the financial institution didn’t care about the truth that Adam was the founder, they only needed probably the most cash they might get. After a tense ready interval to seek out out if his remaining bid was accepted, Adam signed the ultimate paperwork yesterday to buy again all of the belongings and rights to the Revel Bikes firm.
Adam factors out that this isn’t an try to rapidly cut back up the enterprise or construct it again as much as promote it once more, “it’s about constructing an organization we’re pleased with—one which makes the very best bikes we are able to dream of, takes care of its prospects across the globe in one of the best ways doable, and sticks round for the lengthy haul. Revel is again, and we’re attending to work.”
What’s Subsequent for Revel Bikes?
Revel is now again beneath founder management with a transparent route:
- Make the very best, most progressive bikes we are able to
- Assist our prospects with world-class customer support
- Run a sensible, sustainable enterprise that works for riders and retailers
Enterprise Mannequin Updates
The brand new Revel will regulate its operations to fulfill the wants of right this moment’s using and retail setting:
- Considerably improved retail pricing, higher than something seen since earlier than COVID
- Smarter stock planning, with fewer full bikes in inventory and extra nimble meeting capabilities utilizing our Colorado and Taiwan services
- A refined supplier program, providing frame-only gross sales with no minimums, so retailers can construct customized bikes their very own means
- Stronger DTC infrastructure, to supply higher worth and entry to riders globally
New Bikes are Again
The newly launched Ritual: a 170mm journey enduro race bike with inner body storage and trendy options and “the very best CBF platform but”, is obtainable now with frames beginning at $3099 and full bikes beginning at $5199.
The Revel ReRun eBike: Revel’s first ebike, the ReRun consists of the Bosch SX motor, and is obtainable for pre-order now with a refundable deposit and can start delivery to prospects in July. Full builds begin at $6999.
The Revel Rascal SL: an improved model of the bike that put Revel on the map (and one which I nonetheless personal), now with a stiffer, lighter, and higher carbon layup, is obtainable now with frames at $2999 and completes at $4999.
The Ranger: out there in two new colorways with two construct package choices and frames at $2999.
Revel can also be providing reductions on a restricted provide of final 12 months’s mannequin merchandise. Their workplace is closed over the last week of Could to offer the staff a break from the craziness of the previous couple of weeks, however Revel is taking orders on-line and will likely be again in full operation beginning June 2. Extra particulars will be discovered at www.RevelBikes.com.
A Letter from Adam Miller
Founding father of Revel Bikes
My entire life has been formed by bicycles. I began tinkering with bikes as a child, and by the point I used to be 11, I used to be working a mini bike enterprise out of my bed room in Anchorage, Alaska, parting out used bikes and promoting them on eBay. Just a few years later, once I was 14, I landed a job at our native bike store, and that’s when my future in bikes actually grabbed maintain. I wasn’t simply wrenching and altering tires and studying about all types of motorcycle corporations and enterprise fashions, I used to be getting increasingly more passionate and fascinated by bikes, the individuals who journey them, and the type of neighborhood that two wheels can create.
As my profession advanced, and I began after which bought my first firm, I used to be fortunate sufficient to journey all around the world and type unbelievable relationships with individuals in manufacturing, distribution, and every part associated to bikes, from factories in Asia to the paths in Colorado to retailers throughout Europe. These experiences led me to start out Revel Bikes in 2015. Over the subsequent 4 years, I labored on designs and logistics and developed Revel’s first two carbon fiber mountain bike fashions – whereas additionally designing enjoyable titanium bikes and working Why Cycles. I used to be surrounded by a tremendous group of designers, engineers, and bike nerds, lots of whom had been additionally my roommates. We’d spend lengthy days on the workplace, and nights in the lounge tinkering with prototypes, dreaming about launch day.
After we lastly launched Experience 2019 with simply these two fashions, it took off sooner than we ever imagined. We had been simply six buddies in a warehouse in a small Colorado mountain city, and someway, our concepts had been working.
Revel was by no means only a firm to me – it was a private mission. We constructed the bikes we really needed to journey, rooted in high quality, sustainability, customer support, and a real love of using bikes and being exterior within the mountains. I had an absolute blast working loopy hours and working the corporate for a number of implausible years.
In late 2021, I bought the corporate to a personal fairness group. I believed that with extra capital and infrastructure, Revel may develop into one thing even greater, whereas holding on to what made it particular. I stayed on for some time to assist with the transition, after which I totally stepped away in early 2024 when the corporate’s mission began to deviate from my very own.
Once I left a 12 months in the past, I assumed and hoped Revel would reside on and proceed to thrive, however that didn’t occur. Final month, I discovered, only a day earlier than the general public announcement, that Revel was shutting its doorways. The workers, the neighborhood, the purchasers…we had been all left hanging. This information was actually devastating to me – I had poured my coronary heart into Revel for the higher a part of a decade, and I couldn’t simply let it disappear.
So I purchased Revel again, and now we’re right here to remain. The enterprise goes to be smaller, leaner, and smarter, and the staff and I are extra motivated than ever to make Revel what we all the time knew it could possibly be – a responsive, customer-oriented firm with unbelievable, fastidiously crafted bikes that we wish to journey and we predict you’ll too.
As Revel re-emerges, we’re planning to remain laser-focused on what actually issues. This firm will not be going to chase development for development’s sake. We’re going to create one thing we’re pleased with, for the lengthy haul. We’ll promote on to riders, and we’ll have a frame-only program for sellers with the hopes of seeing extra epic customized builds. My staff and I are dedicated to working every part with the identical obsessive consideration to element that began in that bed room bike store in Alaska and that put Revel on the map in 2019.
To everybody who caught with me and this firm, thanks. To these simply discovering Revel, welcome. We’re simply getting began, once more.
Adam Miller
Founder & CEO, Revel Bikes
