Giant Bicycles has been named among Forbes magazine’s “20 Best Small Companies in the World” reports Bicycleretailer.com

Giant started up two decades ago as a supplier to Schwinn who, ironically, went bust earlier this year. Today, two thirds of Giant’s sales are from bikes, the rest from original equipment manufacturing.

At a time when bike companies are sinking like stones, Giant are reporting massive profits and a three percent share of the Chinese market, the largest in the industry. Giant’s chairman, the fantastically named King Liu, told Forbes magazine that he hopes that this share will be up to 10 percent by 2008, the year in which China, one of the company’s largest markets, hosts the Olympic games.

It seems a long time since there was any news about bike companies actually making a profit. Already this year such marques as Schwinn/GT and Derby Cycles, former owners of Raleigh and Diamond Back, have gone bankrupt. Giant are understandably chuffed with the recognition Forbes have given them. Giant USA’s president, Skip Hess (what is with Giant employees names?) told Bicycleretailer.com: “This is further validation of the hard work, passion for cycling and smart business that defines the culture of Giant Bicycles. We have known for a long time that we have the right business model, and we’re proud that a global icon like Forbes recognizes it.”