TCM Cykel Turns Crisis Into Comeback: From -6.8M to 100M SEK with E-Commerce at the Core

When the market softened, demand dipped, and competitors folded, TCM Cykel went in the opposite direction. Few Swedish e-tailers have executed such a rapid and dramatic turnaround. From heavy losses and organizational turmoil in 2022 to profitability, momentum, and a clear digital-first strategy in 2024, the company is now positioned to cross SEK 100 million in annual revenue by 2025 with a strengthened bottom line.

At the center of the shift is CEO Emil Thyrén, who stepped into the leadership role in 2023 after several years inside the company.

“There was ambition, but no control”

The first step? Brutal honesty. “We dug into the income statement, scrutinized every invoice, turned over every stone and cut all unnecessary costs,” Emil recalls. “Third-party services, expenses… even staff reductions. It was brutal but necessary.”

His analysis was clear: there were plenty of ideas but no clarity or control. “The vision was there but we needed structure. First, we built order. Then came growth.”

From generalist to specialist: New business model, new customer

TCM pivoted from a broad cycling and outdoor offering to focusing on quality-conscious consumers who demand top-tier products. The assortment was refined, procurement focused, and the website redesigned to guide customers faster to the right products.

“We can’t be everything to everyone and we don’t aim to be,” says Emil. “'We’re not interested in competing with low-quality bikes for SEK 3,000. But we can be the most knowledgeable, most service-minded choice for customers who prioritize quality and trust.”

30% Growth fueled by premium focus and customer loyalty

In 2024, TCM posted 30% growth. Sales were driven primarily by premium bikes in the SEK 20,000 to 150,000 range. E-bikes, especially online, also gained significant traction. Their growing reputation has become a tangible asset:

“We see a lot of returning customers. That’s built a reputation. People don’t just casually buy a SEK 70,000 bike they need to feel secure,” Emil says.

E-Commerce as the growth engine

The digital channel is now the clear growth driver. But TCM doesn’t abandon physical retail. Its stores in Söderhamn and Stockholm serve as trust-building extensions of the brand.

“E-commerce has huge leverage,” says Emil. “But our physical stores work as extensions that build credibility.”

Technology: Enabler, not obstacle

To strengthen the customer experience, TCM is investing in smarter e-commerce solutions such as helping customers automatically identify compatible spare parts. The platform is built on Geins, a composable commerce backend that supports flexibility and scale.

“Geins gives us the freedom to create exactly the experience we want. It’s fast, flexible, and fits our vision.” Next on the roadmap is a new ERP system to streamline logistics and finance.

“Tech used to be hygiene. Now it’s clearly a competitive advantage. Your systems must support not hinder the customer experience.”

TCM already uses AI across daily operations from product information management (PIM) to research. Emil, however, cautions against hype:

“There’s a lot of hype around AI. We see it as a tool helpful, not magical. But it will be transformative long-term. That’s why we’re investing in a modern tech stack.”

Culture Shift: Transparency, teamwork, and trust

One of the most vital elements in the turnaround? Culture. When things looked bleakest, leadership went fully transparent.

“We were brutally honest about the situation,” Emil says. “We told the team: either we grit our teeth and fight or we lie down and die. Most stayed. And we became tighter than ever.”

Customer obsession was embedded across the company.

“Our products carry a premium so our service must match that standard. No one can afford unhappy customers. Every single one must walk away satisfied.”

To support this, TCM recruited new talent across marketing, customer service, PIM, and finance. The team became specialized and aligned everyone focused on their strengths and the customer.

Scaling Up: New warehouse, bigger ambitions

TCM is now moving to new premises that will triple warehouse capacity enabling larger inventory purchases, better pricing, and significantly improved operational efficiency.

“The whole Söderhamn team is looking forward to the move. It’s a big step,” Emil adds.

“You have to deal with the hard stuff”

Looking back, Emil reflects on how difficult the journey was.

“If I had known how brutal it would be, maybe I wouldn’t have done it. But our naivety saved us,” he admits. “I wish we could have predicted how fast everything would shift post-pandemic but you can’t forecast a war or global instability.”

His advice for others facing similar challenges:

• Dig deep into the numbers. Analyze every line item even down to invoices.

• Cut the unnecessary. Be ruthless.

• Focus on your core. What does the customer want? What can you be the best at? How do you make it profitable?

• Bring the team with you. You can’t do it alone.

And most importantly: “You have to deal with the hard stuff.”

Ready for the next ride

Today, TCM stands stronger than ever. With a renewed tech stack, a sharper team, and a crystal-clear direction, the company is poised to become the Nordic region’s leading e-commerce destination for cyclists. In addition to continuing its focus on online customer experience, the company is also exploring more concept stores across Sweden.