“The cowboy is in a very different position from that of Vanmoof,” the brand’s CEO, Adrien Roose, proclaimed aloud, on the edge in July 2023. Two years later, the subject seems to have aged.
Leader for a while with electrical designer assistance bicycles and made for urban residents, Cowboy, according to Tijd media, in great financial difficulties.
Unpaid suppliers for nine months
The Daily Walloon explains that Cowboy would have lost several payments to its suppliers and would see that their debts increase dramatically. The Belgian company normally published its annual results of 2024 last week, but did not, which is not a good sign.
In addition, Tijd reports that many customer complaints expect their new bicycle for more than nine months, and repairs would be so long.
Released in 2017, the brand had succeeded in an advance, while the general public was increasingly interested in electric bicycles. Taken for the help of the regions or the state, the concept had rooted in the main cities, with a clientele that was going to work by bicycle and looking for a more refined design than the most classic bicycles of the time.
But over the years, and in particular the Pandemia of Covid-19, the VAE market has hired, to the point of seeing that certain new companies in competition lower the curtain, including Vanmoof and Angell. Since then, these two brands have been revived (or on the way to the second), not without difficulty for previous customers.
Prices well above competition
Especially because the cowboy was “premium.” It was sold for the first time from 1,399 euros, a relatively affordable price, brand bicycles cost more than 2,699 euros today and can raise up to 4,000 euros. First he sold alone on his website, then he had to choose resellers to revitalize his finances.
The fact is that today, the good weather no longer seems to be there. According to Tijd, despite the 134 million collected through several crowdfunding campaigns and through institutional funds, the account is not. Eight years after its creation, Cowboy is not yet profitable. After registering a dry loss of 32.1 million euros in 2022, the company promised a return to profits by 2023, which was not the case. The same year, he separated from 20 of his 80 employees located in Europe.
Since 2024, Cowboy has also faced himself, as his angell competitor, he has spontaneous breaks of his executives. A problem that has sunk the confidence of customers, especially in the Netherlands, its main market.
Finally, the company must also compose with cheaper competitors, but have also chosen the design. In France, this is the case of decathlon or even Lidl.
At this stage, the jeans leaders remained silent on this issue, but the free Belgium announced in early 2025 that a new CEO was actively sought, instead of Adrien Roose. Relatively disturbing news while Cowboy rests its ecosystem in an application system and an ultra connected bicycle.
Source: BFM TV
