Lapierre's pitch to investors rests on one number: operating losses fell 41% year-on-year, from €46.3 million in 2024 to €27.2 million in 2025, even as the parent company Accell Group collapsed around it. That's the case for a turnaround rather than a rescue of a sinking ship, but €27.2 million in losses is still €27.2 million in losses, and the European cycling industry hasn't shaken off the excess inventory and margin compression weighing on the whole sector. As managing director William Perrier put it, the court decision gives Lapierre «the right and the time to fight» — not the fight itself.