Third Bridge 专家访谈讨论 Salomon 户外鞋份额流失与运动生活方式增长趋势

[[00:02:31]]
What is your perspective on the broader technical apparel and footwear industry that Amer Sports and Salomon operate in, highlighting 2-3 trends that you think are important to monitor?

[[00:02:45]]
Thinking of two or three trends, one, I would say, in the outdoor, we've seen a lot of the lifestyle trends, sport style trends like many of the brands, whether it's Salomon that we speak about, but even North Face, On, Hoka, there's a little bit more of a mix between the outdoor and lifestyle. A lot of people, what turned out to be making great outdoor shoes, make great everyday shoe as well. I think we see it as well. I mentioned I was working even in the sales territory in New York City. Definitely not the outdoor place but like 10 years ago, when you walk in the street, there was not many people working in outdoor shoes. There was not many people wearing Salomon shoes. Now today, when I go to New York City, you almost can't do one block without seeing Salomon on people's shoes in New York City. Yes, one big trend is like outdoor is becoming part of lifestyle and sport style people buying this product, whether if it's Salomon shoes, Arc'teryx jacket as an everyday piece and not only to go hiking or trail running. That will be one trend.

Another trend, is a couple of years ago, already several years ago, every brand to be successful, it started by wholesale and retailers and that's how you build the brand. Today, the D2C trend is huge in two ways, for established brands like Salomon, like North Face, like Nike, like it's a huge proportion of their sales. For most brands, it is still growing, and it's also higher profitability, so great. On one way, D2C is high this way. On another way, also D2C is… In the past, brands were starting in wholesale and then getting into D2C. Now we have more and more brands that actually start D2C and become hot on the D2C side and then afterwards, become into wholesale. Vuori would be probably one of the best example, but many other even smaller footwear brands, Norda, Mount to Coast. Yes, an interesting shift with the D2C.

I think these will be the two big trends I was thinking of. There's two other I noted, maybe not as big and as high as the two first one I said, but which are also trend is like a lot of the ask from the consumer about sustainability and also a lot of ask about personalisation. Many companies today, I think Nike probably started it like many years ago, maybe 15 or 20 years ago, where you could personalise your own shoe from the stitches to the colour of the shoes and everything but now, for example, On do this in performance, where now you can have a shoe which is like printed on your feet. Really made to your perfect fit. Yes, sustainability, personalisation is also two trends I see, maybe not as big as the two first ones, but trends. Let me know if I'm too much detail or not enough or…

[[00:06:38]]
Could you lay out the competitive landscape for Salomon? Who do you view as its closest peers and biggest competitive market share threats?

[[00:06:57]]
It's a tough question because where Salomon plays in so many different areas. Maybe I will take each area separately because they play in the winter sports, so the ski industry, and they play in outdoor, in running and in sport style. Maybe I'll go in each of them. On winter sports, I think big competitors is Atomic, which is actually part of the group, Rossignol, Tecnica, but here, Salomon is already a podium brand. I don't see a lot of risk in here in terms of competitor because like Amer Sports has a great industrial set-up where they manufacture skis for all the brands of the group, but also for other brands that actually… They really have the tools, a great industrial set-up. It's a big barrier to entry. It's not like a new ski brand, legit ski brand is starting easily. Also the big advantage that has Amer Sports vs other ski brands is like ski is sometimes challenging because if you have a bad winter, many brands are in trouble. Salomon yes, it's not great, but it's not that much in trouble because footwear is all year long. Yes, that's on the winter sports side.

On the outdoor side, I think on the competitors, I was seeing a lot like Hoka, On, Keen, Merrell, North Face. I mean, North Face pretty behind, but on the outdoor footwear side. I do see here, I see more risks in this because on the outdoor side, they have been losing market share. Several years ago, Salomon was the trail running brand. We were like 38% market share, if I remember, this was like 15 years ago. It was probably one of the brands that pushed the more trail running, but today, it is losing a bit market share in the outdoor. My personal feeling is, I think, because the innovation has not been as high as it used to be in the past. Some other brands have come in with some more ground-setting innovation, Hoka, On, and even Nike now in outdoor products. Also Salomon has shift the focus a lot into D2C and into sport style, which I understand because it's a much bigger market, but then it was at the detriment of outdoor. I do see this a little bit of a risk. You even see it in store, it's less prominent as it was a couple of years ago.

On the running category here, so I thought of some competitors, Hoka, On, Brooks, Asics, Mizuno, but truly, I feel Salomon in the running is not yet, how to say, a true player. If you go to running speciality, I don't know the exact number, but I wouldn't be surprised if more than 80% of the run speciality in the country don't carry Salomon. I think here, it's not like there's a risk because Salomon is not there yet, but if one day, they figure out the product and the channel, there will be a huge opportunity. Then the fourth category, the sport style. Here on competitors, Nike, Adidas, Anta, I think in China, which is also the owner of the company, New Balance, Hoka, On. I think I see two ways. On one side, I could see a risk like well, if tomorrow's outdoor is no longer hot to wear an outdoor shoe every day.

If this is no longer the trend, well, yes, it's a big issue for Salomon but I think I see more opportunity than risks because the growth of this category in just a few years has been amazing for Salomon, this category wasn't existing for Salomon maybe five years ago. Today, from all the category we spoke about, it is the biggest category. The growth has been impressive. We see it as well. We see it in the news in all the stores they are opening and things like this. Even if there's a risk if tomorrow outdoor is no longer hot, I see more opportunities that they are still winning more consumer in this category and the market size is huge comparing to outdoor running.

[[00:12:27]]
Could you contextualise or quantify Salomon's market share losses in the outdoor category? To what extent did Salomon pick up those losses in other categories such as sport style? Were they avoidable in any way?

[[00:12:50]]
I would have trouble giving you an exact number, but in the outdoor, it is for sure in the double digit. How we see On and Hoka being hot today in outdoor store was a little bit more similar to Salomon a couple of years ago. Like trail running a couple of years ago, Salomon was owning this. Like I mentioned, so I guess that's the number I could share like I think 2014, we were, if I remember, around 38% market share in trail running. Today, it's not even a top five brand in trail running. On, Hoka, Ultra will all be before. That's the sad side, well, the loss in outdoor has been big. In the product as well, I speak a lot about trail running, but in hiking as well, so 15 years ago or 10 years ago, like Salomon hiking boots was like the lightest, the more athletic, it was very, very out there product. It was very disturbing and new innovation.

Today, Salomon is no longer the lightest, the more advanced, the more challenging and innovation. I still even see it myself today in my new job in my new company, where there's many other brands which are actually way more progressive than Salomon today. That's on the side on the outdoor, but then to your question, were they able to recover these losses? Yes, for sure. Like in sport style, then they way made up for it, again, because the market is much bigger in sport style. Almost everybody wear sport style shoes vs not everybody has a hiking or trail running shoes. Yes, the dollars they lost in outdoor, they have well over made it in sport style.

[[00:15:06]]
How do you think Salomon should balance technical performance and innovation with the popularity of the sport style? Do you see any specific risks in the balancing act of those two priorities for the company or its products?

[[00:15:27]]
Yes. I mean the risk I see is… Sport style is fashion. One day, it's no longer be fashion anymore. Like a couple of years ago, everybody was wearing five-finger shoes like and then one day, it was no longer. Now five finger is almost nothing. There are so many trends that have disappeared like this. Yes, the big risk is like if outdoor is no longer fashion, that's a big problem for the company. I would say many of these trends have turned around, but then I was thinking in my mind preparing for this interview as well. There are some others like, for example, if I take Nike Air Force One. Right now, Nike is maybe rebuilding right now, but the Air Force One have been hot for years. Maybe the trend of outdoor sport style is going to last forever, I hope, but if it does taper down and all of a sudden, we are back dress shoes every day and things like this. Yes, then it's a trouble for the company. In regard to your question or how can limit this, I'm thinking of two ways.

On product side, really investing in innovation and development because that's how On is I think from what I see on the market is a little bit slowing down, still very hot, but we might be at the top of the curve, but from my feeling, Hoka is still, from what I see really like power engine. Both of them have come from innovations. I think that what I would hope Salomon can… It has been lagging in innovation in footwear these last five years or so. I do hope that they can use the money made in sport style to feed some of this innovation. I think we also see it in Nike. I spoke about, okay, Nike is maybe resetting right now, but what they are doing is getting back to part of it to speciality and also launching new innovation like I was at a race two weeks ago at a trail running event from all brands. I don't know, maybe a third of the field were wearing their new T-shirt, which is a new technology of cooling down. Yes, they've been relevant.

[[00:18:45]]
How would you describe Salomon's approach to innovation and product development in footwear? To what extent is innovation either a competitive differentiator or a continued driver of demand and revenue?

[[00:19:06]]
I think their approach to innovation, on the outdoor side, it's a lot driven by athlete. They have a good run of athlete. They are the sponsor of the largest trail running series, Golden Trail Running series, something like this, which happen all over the world. Yes, it comes from the athlete. That's where the pipeline come from. Something lighter, faster, more supportive, anything and so working with the athlete. It's maybe not groundbreaking. I'm sure many other brands do the same approach, but it's been working well in previous years for many years. This last five years has been a little bit behind. To be fair to the company, they had many product departure and many people rotations that went to other brands or left the company. Yes, I think it was maybe one of the result as well of some of the change in innovations.

[[00:20:44]]
Are there any changes you would make to how Salomon approaches product innovation and development to get back to the level that the company was at years ago?

[[00:21:01]]
I think redirecting a lot of the… Not a lot, but a good amount of the funds to innovation. Today, there's a lot which is spent in sport style, which is great because that's a much bigger market than outdoor, but I think yes, the innovation pipeline in the performance category has been lacking. I'm not a product person, so I don't know what they need to do exactly, but I would be like, shit, we need to invest in this, chasing the best people, spending more money on this. I even seeing today at… I joined the Lowa brand, which is much smaller than Salomon. I'm not saying this because now I work at Lowa, but now we launched a new trail shoes with a new construction and new foam and everything. I'm like, shit even Salomon is not there yet. Yes, and there are some small brands like Mount to Coast or Norda, pretty tiny brand, but they already make so much better product than Lowa in trail running and better than Salomon.

[[00:22:34]]
What factors do you think have driven Salomon's brand heat? How sustainable are those drivers on the company's current growth trajectory?

[[00:22:53]]
Part of it, for the business, COVID was an amazing year for outdoor brands. Many people got outdoor and yes, sales were through the roof. This was maybe like a kick starter. Then there was a lot of endorsement from public, how to say, public VIP, I guess, Rihanna at the Super Bowl maybe four years ago. I think that was the one in Miami. I don't remember which one, but four or five years ago, wear Salomon on stage. We didn't even pay for it. I think we learned about it that she was going to do this maybe like five days before. Rihanna did this. There's many trendsetter that have been wearing Salomon. One thing they did good in product innovation in sport style. Salomon did a great job working, they didn't go like, "Hey, all in, let's do a Foot Locker," which is, how to say, Foot Locker is a great store, but it's more the bottom of the top pyramid, I would say. That's not where you build the brand first. I think Salomon did a great job working with some key either collaboration on retailer Boris Bidjan Saberi or Keys, Dover Street Market. I think all these were the trendsetter that then planted the seed for the more broader success today. I think you had asked on a follow-up like a risk of this not continuing or something like this?

[[00:24:57]]
How sustainable are those drivers? Do you see any risks to its growth trajectory?

[[00:25:03]]
The risk and maybe it's a little bit similar to what I was saying before, how long sport style is going to stay hot is like, for example, Rihanna, yes, she was wearing this when not many people were wearing Salomon or not many people were knowing about Salomon. Now that Salomon became much hotter, is now accessible at the bottom of the pyramid at Foot Locker and everything and stuff, will this trendsetter still be wearing Salomon or will they be switching to the next thing that's hot? That could be a risk. I think it's something Salomon has to manage.

[[00:25:48]]
Arc'teryx is ramping up in the footwear category. Do you see any risk of cannibalisation to Amer Sports between Salomon and Arc'teryx? How can Amer Sports avoid the potential risk of cannibalisation?

[[00:26:03]]
I don't see that much risk. First, because today, they're not really playing in the same ballpark a little bit. It's like Arc'teryx footwear is so small comparing to Salomon footwear. Then the other way around, Salomon apparel is so small comparing to Arc'teryx apparel. It's almost like they are well offsetting each other a little bit, but also even if Arc'teryx was to grow to a very high level, I think Amers Sports has been doing a good job and moreover in recent reorganisation, where on the back end, so supply procurement, finance, DCs, transportation, how to say, they use the power of the group. We don't need different transportation methods for different group. At the end, it all go in a container, but then in terms of product development, sales and they did a good job in their last reorganisation a couple of years ago of leaving the power of the brand, the destiny of the brand to themselves. When I was at Salomon, I very hardly, very rarely had like, how to say, conversation or challenges on the sales side or product side with Arc'teryx. We were very separated.

[[00:27:46]]
Do you see a segmented or siloed approach between brands in the Amer Sports portfolio as ideal? Are there synergies that could be unlocked that would be beneficial with a different organisational structure?

[[00:28:02]]
I think that as of now, they are doing the best approach. 18 years at Amer Sports, I've seen a little bit of all the approach. I saw the approach where all the brands are integrated, meaning even on sales side, the sales manager were doing all the brands. Everything was all integrated together and the operation, the sales, the marketing, everything was combined. That's one side of the spectrum. I saw the other side of the spectrum where every brand has their own stuff. Meaning the brand, the sales, the marketing was all of their own, but also a brand could come up and be like, "Oh, I want a new DC here or hey, I want to use this transport method. I want this." The other side of the spectrum. I think the reorg they did, I don't know, maybe 3-5 years ago, something like this, I think it's the best approach of both where everything which is customer, consumer-facing product, so sales, customer service, product, marketing is brand direct. Each brand owns their own destiny, but then everything which is the back office, transportation, planning… Not planning, but transportation, DCs, finance, it use the power of the group and let the brand focus on, I think, the most important. I think the organisation they are doing today is probably the best one as of today. It might change in a couple of years, but today, I think they did a good job on this.

[[00:29:58]]
What is your perspective on Salomon's channel mix between wholesale and D2C? What role does each channel play in the brand's evolution to where it is today? How might the mix evolve, moving forwards?

[[00:30:15]]
It has changed a lot over the last maybe 10 years, something like this. In the past, speciality was probably the biggest. Key account was already pretty big. Then D2C was pretty small. Now speciality has not been as big. It's probably now the third one of the three channels. Speciality and not as big because of some of the things I mentioned before, some competitors took the spot speciality as well and things like this. I think it's been a little bit more focused on key accounts and D2C, which I guess is probably a normal life cycle of a brand as you grow, but now it's much more key account and D2C, so key account has been growing on sport style. In outdoor and running, it has not been growing. In some cases, has been declining, but in sport style has been growing a lot, like Nordstrom in the US, like huge support of Salomon, and I used to service this account in the past. Yes, so huge positive trajectory. On key accounts, it's mostly driven by sport style. In terms of D2C, it's a little bit of a mix. Maybe first, I'll split D2C between e-comm and retail.

On D2C, e-comm, huge growth over several years, and it continues and in all categories. Great success here and great for the brand because it's bigger margin, you can tell your full product stories. Great trajectory here. Then the other arm of D2C, D2C retail has been a little bit hit and miss. Here, the retail is a little bit more sport style product, but it's a little bit hit or miss. For example, there are some stores in New York City, and they just opened another one last week, I believe, but there are some store… The first one, I believe, was in SoHo and amazing trends, we have some days sales that will be bigger than what used to be the D2C 10 years ago over a full year. Amazing trend in some locations, but then in some other locations, it's not yet the recipe for success on retail. I think it's also due to… Salomon is growing. Now it's in the USD 1bn club, but it's not yet known by everyone. It's still a growing brand. In some place like New York, yes, it's doing great. In some other place, the brand is not yet well-known and the store has not yet a recipe for success.

[[00:33:55]]
Could you expand on Salomon's struggles in D2C retail? Are those executional in nature, or are there other underlying factors at its scale?

[[00:34:12]]
On the execution in nature, I would say that in the past, since many years, Salomon has tried retail. In the past, there was a lot of operational challenge and execution. It was just not ready. Today, I feel they really dialled down on their execution, and it is much better execution. I don't think some of the challenge are based on execution today. I think it's more due on and I'm speaking more of the US here because that's where I know more, but it's been a bit more based on… For example, the Chicago store has not been as successful as New York. I think because the demographic is different, the location is different. I think it hasn't yet connected with the consumer where it's located. New York is a bit different because… Yes, it's so progressive. It's so, how to say, it's so ahead on the trends, and it's so Salomon success since many years that was the stores like Keys, Dover Street Market. It's probably one of the most visited city in the world, if not the most. Many people come and want to see the Salomon store. I do the same when I go to New York, not only see Salomon, but I want to see all the other brand store. I want to see the Nike store, the On stores.

[[00:36:09]]
Do you see Amer Sports' broader epicentre store strategy as valid? How do you think about the mix of flagship and full-price vs outlet stores and each of those having a role in the brand's positioning?

[[00:36:30]]
I think the epicentre approach is great. I would have liked to see in the epicentre approach. They did a good job Chicago, New York, LA, like I mentioned, we have some challenges, so all these are like sport style epicentre. I think it would have been nice to start to see some epicentre also in terms of performance. It's an outdoor company. It's an outdoor brand. It's the DNA. Well, the epicentre for this in the US is maybe, I don't know, maybe Boulder, Colorado and Tahoe, California. There should be like an epicentre store there to show the next technology to show how we are still relevant to the outdoor and everything. Actually, so I've been in both of these locations in the last three months, I believe. Nike going through their process of rebuilding a bit, they opened like some partnership store over there where they are reinvesting. I think it would have been nice to see this from Salomon as well on the outdoor. They are doing it on the sport style side on the city epicentre. It will be nice on the place of practice as well. I think there was another component to your question.

[[00:38:04]]
Outlet stores.

[[00:38:06]]
Outlet stores, I wouldn't have too much feedback for you on this, to be honest. I think by the time I left, I stopped covering them, there was only, if I remember, Woodbury Common in New York, if I remember at that time. Yes, it's not a focus, not huge numbers as well at this point. I also don't know what the trajectory going in the future. I know the current President for the North America is not the most fan of outlet. I think he has a good approach to it overall. Maybe I'm wrong, but I would be surprised if it's a big focus in the US.

[[00:39:10]]
How would you differentiate the importance of different wholesale channels? You talked about Salomon in run speciality, but I'm also curious about the newer wholesale accounts such as JD Sports and Foot Locker.

[[00:39:31]]
I think there are great accounts to add, but a little bit on the… If I think of the pyramid, so they are a great account to have to address the mass, because not everybody is going to buy the limited edition at higher price point of the collab or keys or everything and stuff. It's great that they are working with them because, how to say, it connects them to more consumers, which is something they need, like I mentioned before, there are still many people who don't know Salomon. I think it's great that they are in this channel, but they have to manage it like carefully in terms of product assortment and distribution and legitimately like can be the same product at Keys vs Foot Locker or then they're going to lose Keys and then the next step, they're going to be no longer relevant. Yes, I think they just have to manage it a little bit similar on the outdoor side, you wouldn't put an REI on Dick's Sporting Goods at the same level. Again, both great accounts, but Dick's is way more mainstream and everyone and more connecting to more people vs REI is a little bit more outdoor speciality core and everything, and this would be a challenge.

I'm just thinking because you asked me on sport style and then I give you an example in outdoor, but then even in this pyramid, I would put well (inaudible 41.30), the top tier would be like the Dover Street Market, Kith, I said at the bottom, JD, Foot Locker, but then in between, for example, Nordstrom would be another level in between, which they have been having great success with.

[[00:41:51]]
Within wholesale, to what extent is Salomon's distribution footprint either a strength or a risk to capturing demand across its network?

[[00:42:07]]
I think in outdoor today, it's maybe a little bit more of a risk because I think they are more losing footprint in outdoor vs winning. In terms of sport style, I think it's a strength because they have been growing, but they still have room to grow in distribution and sport style. They still have a strength… I guess it's both a strength and a weakness. It's a strength because they have way more distribution footprint vs even two years ago, but it's a weakness in the sense that there's still more opportunities.

[[00:43:04]]
How would you characterise Salomon's pricing power in the current environment? Do you see more room for AUR [average unit retail] growth amid a pressured macroeconomic backdrop?

[[00:43:19]]
This question was interesting when I was refreshing myself and preparing for the Interview because actually, when I first came to the US for Salomon in 2010, at that time, Salomon was a very high price point brand, like people were not buying 150 trail running shoes. I remember when we were working on a SWOT analysis, this was one of our biggest challenge that we were not priced for the market. Now things have shifted because first Salomon did a great job expanding its range to have more affordable product, but also like if I compare to some of the competitors we spoke about like and On and Hoka, they are actually even higher price point in most case.

To your question, there is still room to grow even in price. It's not anymore like the prices sneaker out there, okay, the collabs and everything are pricey, but the more mainstream product, I think, are accessible comparing to others. I know I'm saying accessible, it's not Skechers. It's not this price point, but I think I think they did a good job in the previous couple of years in being priced well in the market. Also, I think there was a follow-up when I was reading your question, do you see any risk on this? I was also seeing less risk because, again, it's not the most expensive, but also it's selling product to usually more, how to say, a little bit more on average, wealthy people. It's not Skechers. All the outdoor, it's people doing hobbies, going on vacation, it's sport style, it's people fashion. Yes, I don't see a lot of risk in this.

[[00:45:34]]
How would you characterise Salomon's approach to promotions? How does it balance discounting and outlet stores without sacrificing the brand's positioning or degrading its AUR?

[[00:45:49]]
The new President, and I say n but it might have been like three or five years, something like this for the North America. I have personally liked his approach. In the past, we were doing a lot of discontinued closeout. You would go to salomon.com website, and it was right away you were… Here is the promo and everything, and I think it devalues the brand, and it's not great for our partner as well, wholesale and everything. He has taken a very different approach to this, where he is way more pushing full price. There's many things he did in this, but for example, even if a product, the colour is out of date, but the product is still current, we are maintaining the full price. The channels to get rid of all products in the past, we were going a little bit shotgun approach where we were flooding the market with everything available and everything we had left. Now he selected very specific key partners, which are less disturbing for the market and that where we get rid of the closeout. When the brand is hot, it's also easier to do some nice strategy on this because, well, you don't have a closeout. It's nice. It might change if the wind turn, but today, I think their approach is good, and I really like it, and it actually follows the same playbook in the brand where I joined today.

[[00:47:43]]
What factors do you think have led Salomon to contribute to Amer Sports' industry-leading gross margin profile?

[[00:48:05]]
I think the two biggest one is the D2C because obviously, much bigger margin on D2C. I think the D2C and then the other one is sport style because, I'm sorry, I'm coming back a lot to it, but because 10 years ago, we were only saying hiking shoes. There's not as many people that do hiking than people wearing sneaker every day. I think these are probably the two biggest contribution. When these two went on fire, that when Salomon break first the USD 1bn and then the next steps.

[[00:48:46]]
What would you estimate to be Salomon's revenue mix of footwear vs its other soft goods categories, such as apparel, bags and socks? Is the company's recent strength in those non-footwear categories meaningful relative to the size of footwear?

[[00:49:03]]
Not really. Not really. Yes, not meaningful at all. It's probably less than 5%. Even I mean you see it in everything, like you see it working all the focus is on footwear, which I understand, but you see it as well in all their communication, like it's a lot about footwear.

[[00:49:48]]
What are your impressions of Guillaume Meyzenq as the new CEO of Salomon, as of January 2025? Do you expect any strategic shifts from his leadership?

[[00:50:06]]
I know him very well. He's the one who got me the opportunity to come to the US like 16 years ago, very happy for the team. They have been, I think, in two previous CEO that were very different culture, very challenging, a lot of departure and things like this. Guillaume, if I remember, he started as an intern with Salomon. He has been in so many roles, I think a lot of people at the headquarter were happy to see this nomination. He has been part of the Salomon success over many years. In regard to expecting strategic shift, I don't expect any. I think also a reason for this is, how to say, a lot of the strategy come from Amer Sports and the ownership as well. I don't expect change. If anything, I would expect probably better execution and better maybe team motivation than the previous two CEOs. I think that's what I would say. I wouldn't see too much of a shift of strategy, but maybe a better execution and yes.

[[00:51:57]]
What role do you think winter sports equipment – through its brands Salomon, Atomic and Armada – plays in Amer Sports' broader portfolio?

[[00:52:08]]
It's also very tiny. Every time there's a call presentations or things like this, it's all about soft goods and understandably because the margin is better, the market is growing. We have more opportunity. Winter sports, if I remember, like targets were like, oh, we need to grow 3%, is it okay? Basically, the inflation. I think the role they play is from my perspective, it's not really a number role or not really a profitability role and everything, but it's more a legitimacy. When we say Salomon is an outdoor company, well, there's many companies that say outdoor company out there, but not many of them are actually building like the tools to go play in the outdoor, like the ski, snowboard, the boots. For me, it's a little bit more legitimacy and visibility as well because I remember when the Olympic Games, you could see Salomon everywhere.

[[00:53:25]]
What is your near-term outlook for Salomon? What would you highlight as the biggest opportunities and risks for the company over the next 1-3 years?

[[00:53:36]]
I think near-term outlook, personally, I will think positive because I don't see the trend of outdoor being sport style changing in the next three years. That's where they have been delivering well and successful these last couple of years, and they still have room to grow. I would be pretty positive on the short-to-mid-term. Yes, I do hope, they need to think like we spoke quite a bit is I think they need on the performance to reinvest to establish to regain the core, but overall, positive for the next couple… Yes, short- to-mid-term.

[[00:54:36]]
Is there anything else you'd like to highlight about Salomon or Amer Sports more broadly?

[[00:54:42]]
No, I think that's it.

[[00:54:46]]
Great. Thank you very much. In that case, I will end this Interview by saying thank you very much for your time and for the insights that you've shared with us today. I do hope you have a great week ahead of you.

[[00:54:56]]
Thank you very much. I hope that was useful, and thank you for your time.

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