Veltec Sports distributes Sidi shoes in North America and plans to offset the turbulent economic climate by lowering prices by 8 to 15 percent. For example the Genius 6.6 Carbon road shoes new price is now $449.99. But all top-end shoes might also drop below the sensitive $500 ceiling.
The price reductions have been made to all carry-over stock as well as the new 2009 model year and it’s big news from one of the most popular and pricey shoe lines in the world.
The announcement comes as shoe companies have launched new shoes this spring. New models of Bontrager, Specialized and Mavic have already hit the shelves in many parts of the United States. But the Sidi price reduction actually reflects the current global economic concerns rather than in response to competitors.
In the past seven years the Italian shoemaker has seen significant gains in the United States but at that same time the value of the euro has greatly surpassed the dollar. In fact between 2002 and the start of 2009 the euro increased by 88 percent. While the dollar has declined Sidi sales have still more than doubled in North America.
Manfred Krikke, CEO of Veltec Sports said, “The price reduction is intended to stimulate sell-through and to support our bicycle retailer partners during a tough economy.”
Veltec has been distributing Sidi for more than 30 years and some of the shoe models are designed specifically for American riders. Even though Veltec will not immediately benefit from the change, it anticipates the euro to lower in the remainder of 2009 and wants to pass on the savings now rather than waiting until 2010.
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