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Yeah I don't doubt it for a second. ironically, Madison a few months ago (I'm out loop since then) looked like they'd ordered far far too much during covid and had to hit hard at their margins to balance the books. They were doing some insane prices on a lot of stuff.
As far as my experience over the past decade seems to feed me, the cycling industry really needs a good hard look at itself, or there will a lot broken stuff that can't be fixed.
Chak
Their boss was clever and ruthless. I remember him boasting of a 1000% margin on a little tube of grease. He wanted to modernise the trade. He reckoned margins could be jacked up if you put a cheap product in a bubble pack with some marketing guff printed on it. At the time he drove a Porsche.