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LATEST PRESS RELEASE - 21/06/2022

In just two years, cycling essentials and accessories brand GripGrab has doubled its revenue

Last year was a growth-filled 12 months for family-owned business GripGrab. The Danish brand makes Cycling Essentials – the accessories cyclists need to ride in all conditions – which are sold throughout Europe. The company grew its turnover by 30% in 2021, to reach a total of almost 100 million kroner (approximately €13.1m). The next step is to enter the North American market and spread the vision of all the positive benefits of cycling – both personal and societal.

It all started with Kristian Krøyer's passion for cycling in 2000, where he saw an opportunity to make better mountain bike gloves than those already on the market at the time. The three Krøyer brothers – Kristian, Martin and Bjørn – joined forces and established GripGrab with the goal of making the world's best cycling gloves.

Now, 22 years later, the passion has grown into a rapid profit business with 51 employees, a turnover in 2021 of 98 million kroner and a wide range of different types of accessories for cycling, which are sold throughout Scandinavia and Europe.

GripGrab has redefined its category as ‘Cycling Essentials’ – that is, everything you cannot do without when cycling, regardless of cycling discipline and weather conditions. Especially within the rapidly growing segment of ‘gravel cycling’, GripGrab has experienced a perfect match between the special understanding of functionality and quality added to a single Scandinavian design.

“We are enormously satisfied with the result we have delivered in 2021,” says 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.

“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,” Martin Krøyer explains.

The vision is the driving force – not the economy

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 – and that is how it will continue to be.

“For us, it's not about making a lot of money, it's not about being sold or becoming the biggest. For us, in short, it is about wanting to make a difference in the world,” Martin Krøyer continues. “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,” Martin Krøyer concludes.

About GripGrab

  • GripGrab develops and produces essentials for cyclists, such as gloves, shoe covers, hats, caps and socks for all cycling disciplines. Soon, there will also be cycling clothes for all kinds of weather
  • The three brothers – Kristian, Martin and Bjørn Krøyer – own the company together, which they started together in 2000
  • 51 employees as of 2022
  • Annual accounts 2021: DKK 98 million
  • Growth of 50% in 2020 and 30% in 2021
  • Profit before tax in 2021: DKK 14.5 million
  • Countries GripGrab is traded in: Denmark, Germany, Netherlands, UK, Sweden, Italy, Spain, Belgium, Sweden, Norway, France, Switzerland
  • Sales channels: GripGrab.com, physical shops, online bike shops, Amazon
  • Purpose: “Enriching lives through cycling”