Colorado Ricardo Mountain Bikes was founded by Ricardo Francisco, a keen off-road cyclist who grew frustrated with bikes breaking down under the strain of the Colorado mountains. After years of trial and error, he built a bike tough enough to survive the terrain and named it the “Colorado Ricardo”. Word spread quickly among local riders, and Ricardo gave up his day job to build and sell bikes full-time from a small workshop outside Denver.
The business grew quickly in its early years, reaching a peak of around 10,000 bikes sold annually. Sales have fallen for three years running since then, and this year’s forecast is under half that peak. Ricardo still has a loyal following among serious off-road riders in Colorado, spare capacity in his factory, healthy cash reserves, and a strong “hand-built in Colorado” brand story – but almost no presence outside the state, and no products beyond the original off-road mountain bike. Meanwhile, demand for gravel bikes and e-mountain bikes has grown steadily across the wider cycling market.
Ricardo’s sales team have noticed that the customers asking about the e-mountain-bike look and sound different from the loyal, older riders who built the brand’s reputation. He wants to understand whether this is a real generational shift in his customer base, or just noise from a handful of enquiries.
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