Pas Normal Studios Sells Minority Stake, Plots Future

Pas Normal Studios is navigating new terrain.

The news: The cycling apparel brand agreed to sell a minority stake to Archive Srl, the investment firm of Moncler CEO Remo Ruffini.

Sparse on details, Archive is rumoured to have snagged between 20–25% of the Danish company, in a deal accelerating Pas Normal’s ambition to redefine cycling culture.

For context: Combining style, functionality and community, Pas Normal targets Gen Zers and millennials – collaborating with companies like iconic eyewear brand Oakley and hosting social events to resonate with riders on and off the bike.

Having established a presence in the US, Europe and Asia – selling its apparel via seven flagship stores, retail partnerships and DTC – it plans to leverage Archive’s industry expertise to expand its international footprint and positioning.

Shifting gears. Connecting the fashion and cycling industries, upstarts like Pas Normal are transcending the sport to become lifestyle brands.

• Last year, ASSOS and HUGO BOSS launched a cycling apparel collection combining the Swiss brand’s technical, performance-boosting fabrics with BOSS’ classic aesthetic.
• A 2023 collaboration between Italian brand Giordana and triathlete Kristopher Brock juxtaposed bike jerseys and bib shorts with weather-proof jackets and accessories.
• An ongoing partnership between Melbourne brands MAAP and P.A.M. combines ’90s-inspired designs with high-tech apparel.

Bumpy ride. But, as a pioneer of the saddle-to-street playbook, Rapha’s annual losses, underscored by the closure of its US office, highlight the challenges of a category navigating a cost-of-living crisis alongside a slump in consumer biking interest post-COVID.

Punchline: Taking cues from activewear, cycling apparel brands are making moves to capture a wider audience. Creating clothing to be worn whether commuting, competing or socialising is one piece of the puzzle, but getting more people onto bikes could prove even more beneficial.