I'd guess that a lot of things are subcontracted. For example, do you think there's the bike brand sign on the door of the factory making any of these items sold by these brands?
1. Specialized shoes
2. SRAM brake pads
3. Shimano circuit boards and step motors
4. Bontrager tires, pumps, gloves, clothing, helmets, etc?
I'd say it's a question probably to a decent extent, what sign is on the door of the factory making most brands' frame volume?