How good of an investment is the outdoor and recreation industry on Wall Street?

An 国产吃瓜黑料 Business Journal analysis shows the sector has outpaced broader market indices such as the S&P 500 and Dow Jones Industrial Average with healthy gains during the past five years, albeit still lagging behind the soaring tech industry.

OBJ compiled an index of 18 global outdoor recreation companies that trade on global exchanges (see chart), then averaged their performance over the past five years (from June 19, 2013 through June 19, 2018) to come up with our Outdoor Index. The results show a 82 percent gain for the sector, beating the S&P 500’s 65 percent gain and the DJIA’s 61 percent gain, during the same period.

In money terms, if you invested $1,000 in each of our 18 Outdoor Index stocks for a total of $18,000 five years ago, you could cash out those investments for $32,698 today鈥攁 gain of $14,698. This doesn’t include any dividends paid out by the stocks, which would increase those gains by varying degrees.

By the Numbers

Camping World Holdings (Camping World, Uncle Dan’s)

Camping World Holdings Inc. (NYSE: CWH) went public in October 2016 and acquired Uncle Dan’s, Erehwon Mountain, and Rock Creek to boost its outdoor specialty retail business. Still, retail has been a challenge and the stock is up only 2.9 percent since its inception.

Clarus Corp. (Black Diamond)

Clarus Corp. (NASDAQ: CLAR), parent to Black Diamond, has had a rough go of it in the past five years, falling 18.9 percent amid its acquisitions then disposal of Gregory Mountain and Poc Sports, and departure of its CEO and BD founder Peter Metcalf.

VF Corp. (TNF, Timberland, etc.)

VF Corp. (NYSE:VFC) grew its business to largely depend on outdoor sales with brands like The North Face, Timberland, Jansport, and Smartwool in its portfolio. Its stock is up 75.1 percent in the past five years.

Columbia Sportswear Co. (Columbia, Mountain Hardwear, prAna)

Columbia Sportswear Co. (NASDAQ: COLM) saw its stock soar 199.7 percent thanks to its prAna acquisition, boosting its lifestyle business, while simultaneously benefiting from Columbia’s advances in apparel innovation during the past five years. A few bumpy years at its Mountain Hardwear brand was the only thing holding it back from even larger gains.

Newell Brands Inc. (Marmot, Coleman, etc.)

Newell Brands Inc. (NYSE:NWL) merged with Jarden Corp., parent to Marmot and Coleman, to become a $13 billion diversified conglomerate, but so far, that hasn’t helped its stock price, which has lagged behind the rest of the market, falling 2.7 percent in the past five years.

Amer Sports (Salomon, Arc’Teryx, Atomic, Suunto, etc.)

Amer Sports (HEL:AMEAS) has seen steady gains after a few rough winters. Key to its success鈥攖he stock is up 94.8 percent in five years鈥攈as been lifestyle push at Arc’teryx and Salomon, balancing the core side of the business.

Canada Goose Holdings Inc.

Canada Goose Holdings Inc. (NYSE: GOOS) has been riding high on the fashion front. Its iconic look is in style with consumers and the stock is up 274.4 percent since going public in March 2017.

Under Armour Inc.

Under Armour Inc. (NYSE: UAA) has come off its recent highs after previous lofty outlooks on growth didn’t come through, including within the outdoor industry. That’s kept its stock price in check, lagging behind its biggest competitors Nike and Adidas.

Deckers Outdoor Corp. (Teva, Hoka One One, etc.)

Deckers Outdoor Corp. (NYSE: DECK), parent to Teva and Hoka One One, has benefited from the athleisure trend in footwear. Meanwhile, trade deals and technology advances have cut the cost of footwear manufacturing, boosting its bottom lines.

GoPro Inc.

GoPro Inc. (NASDAQ: GPRO) was a high-flying stock when it debuted in June 2014, but since then, more consumers are opting to capture video on their phones versus a separate camera. That’s hurt sales and the stock has plummeted 78.1 percent to date.

Vista Outdoor Inc. (CamelBak, Camp Chef, etc.)

Vista Outdoor Inc. (NYSE: VSTO) went public in February 2015 and then went on an outdoor acquisition spree to try diversify from its firearms business. It now owns CamelBak and Camp Chef, among others, but the diversification hasn’t made up for the drop in firearm sales post years of political gun-control debates. Its stock is down 55.3 percent over the past five years.

Garmin Ltd.

Garmin Ltd. (NASDAQ: GRMN) turned in perhaps the biggest surprise performance over the past five years. Despite the continuing declines of its auto GPS sales, the company saw a big boost from its fitness-and-outdoor tracking technologies, leading to a gain on Wall Street of 70.1 percent.

Fenix Outdoor International AG (Fjallraven, Brunton, Hanwag, etc.)

Fenix Outdoor International AG (STO: FOI-B) made the right choice expanding its brands, including Fjallraven, Brunton, and Hanwag, to the North American retail scene. They were a big hit and the stock is up 198.9 percent, despite more challenging markets in Europe.

Johnson Outdoors Inc. (Eureka, JetBoil, etc.)

Johnson Outdoors Inc. (NASDAQ: JOUT) has had a solid business plan for its JetBoil acquisition, while maintaining Eureka as a top brand in the mass channels. Plus, the rise of SUPs and other paddlecraft has helped its watersports channels, all propelling the stock up 221.5 percent in the past five years.

Wolverine World Wide, Inc. (Chaco, Merrell, etc.)

Wolverine World Wide, Inc. (NYSE:WWW), parent to Chaco, Merrell, and its namesake brand, hasn’t done much to excite Wall Street in the past five years, and while its stock is up 39.6 percent during the period, that gain has lagged the broader averages.

Thule Group AB

Thule Group AB (STO:THULE), has seen continued success from its vehicle rack business, while expanding into vehicle-top shelters and packs鈥攁 good fit for always-on-the-move millennials. Its stock price is up 174 percent since debuting on the public exchanges in November 2014.

Dicks Sporting Goods Inc.

Dicks Sporting Goods Inc. (NYSE: DKS), like many other big-box retailers, has struggled in the face of increased online sales at Amazon on one end and specialty-retail competition on the other. However, despite its 30.2 percent decline in stock value over the past five years, it remains a survivor after competitors such as Sports Authority and Sport Chalet went out of business.

Adidas AG

Adidas AG (ETR:ADS) regained its mojo after a few rough years and the brand is back in style, firmly behind sportswear leader Nike. Its outdoor business continues to thrive as well and its stock price is up 128.3 percent in the past five years.

Biggest Movers

Like any investment portfolio, there were winners and losers on the Outdoor Index.

Leading the pack on the U.S. markets with triple-digit percentage gains were:

• Canada Goose Holdings Inc. (NYSE: GOOS +274%)

• Johnson Outdoors Inc. (NASDAQ: JOUT +222%)

• Columbia Sportswear Co. (NASDAQ: COLM +200%)

• Deckers Outdoor Corp. (NYSE: DECK +127%)

Meanwhile, the following European companies聽fared best on overseas exchanges:

• Adidas AG (ETR:ADS +128%)

• Fenix Outdoor International AG (STO: FOI-B +199%)

• Thule Group AB (STO: THULE +174%)

The top performers largely shared a common denominator by growing via acquisitions and market expansions. Johnson Outdoors (parent to Eureka Tents and a collection of paddlesports brands) acquired JetBoil; Columbia (parent to its namesake and Mountain Hardwear) bought prAna; and Deckers (parent to Teva and Ugg) added Sanuk and Hoka One One. In Europe, the key for Fenix (parent to Fjallraven, Hanwag, and Brunton) and Thule (which ventured into camping beyond its mainstay car racks) were expanded marketing and sales in United States.

Brands like Canada Goose, Columbia, adidas, Deckers, and Fenix also benefited in a big way from the popular athleisure fashion trends in the broader market during the past half decade, according to Nathan Pund, managing director at investment banking firm Houlihan Lokey.

“The outdoor customer has moved away from a hardcore brand to much more of an aspirational brand that they can wear in the city, too,” said Pund, who has focused on outdoor, active-lifestyle and tactical investments at various firms, including RBC Capital, Silver Steep Partners, D.A. Davidson and Lazard, since 2001. “Brands that provide apparel and footwear have fared better than those just focusing on equipment.”

But acquiring brands and pushing lifestyle gear hasn’t been a surefire bet for the industry.

Clarus Corp. (NASDAQ: CLAR -19%), parent to Black Diamond, had a rough go of it during the past five years, first acquiring a slew of outdoor brands, including Gregory and POC Sports, only to turn around and sell them and then see its iconic CEO Peter Metcalf leave the company.

Vista Outdoor Inc. (NYSE: VSTO -55%)聽also struggled, and its acquisitions of outdoor brands CamelBak and Camp Chef could not offset declines in its mainstay firearms businesses, which saw a boom and bust of business following the political and societal debates over gun control.

Fashion is also a tougher nut to crack for many outdoor brands, Pund noted. All of a sudden, that means competing within a much larger market with faster-moving trends. “If you’re on-trend, it can lead to great results,” he said, “but if you’re off trend, it’s a big challenge.” And outdoor brands can’t rely completely on fashion, he added鈥攖hey have to maintain their roots. “The North Face [owned by (NYSE:VFC +75%)] is a good example,” he said. “They still put a lot effort into core outdoor product to maintain their authenticity.”

Evolving Retail

To no surprise, for any retailer not named Amazon, the past five years were challenging鈥擠icks Sporting Goods Inc. (NYSE: DKS -30%) and Camping World Holdings Inc. (NYSE: CWH +2.9%) both lagged.

“I think the breakdown of retail has been the biggest challenge,” Pund said, referring to recent bankruptcies and store closures across the retail spectrum from big-box to specialty retail, including Sports Authority, Sport Chalet, and Hudson Trail Outfitters, to name a few in the outdoor recreation space. “The historical way we shop has changed dramatically, and some brands have been better at adapting than others.”

He elaborated that the rise of Amazon and other online outlets such as Backcountry.com allowed consumers to bypass traditional brick-and-mortar retail to find the gear they wanted at more competitive prices. In addition, competition has come from direct-to-consumer channels, both online and through branded stores, where brands have benefited from higher margins and, perhaps more importantly, a deeper relationship with their customers via omni-channel strategies from targeted digital marketing to in-person, local events.

On the big-box front, retailers are looking for the same鈥攁 way to strengthen authentic relationships with shoppers, and that is likely the main driver behind Camping World’s acquisitions of specialty outdoor retailers Erehwon Mountain, Uncle Dan’s, and Rock Creek.

Tech Dominates

While our Outdoor Index kept pace with the broader S&P 500 and DJIA, its competition for investors on Wall Street is a familiar foe on the consumer front鈥攖he tech industry.

During the past five years, the tech-heavy NASDAQ Index聽rose 122 percent, outpacing the gains of the Outdoor Index. Going back to our example of an $18,000 investment, had you invested the same funds to follow the Nasdaq instead, you would have seen the investment rise to $52,560鈥攁 gain of $34,560.

Of course, this is just five years. The markets ebb and flow. Had one invested in the two indexes during, for example, the early 2000s, when the tech market crashed, then it’s likely the Outdoor Index outperformed. Plus, sometimes you want to put your money where your heart is and investing in the outdoors has been a decent deal.

Still, these past five years on the market paint a picture of what’s happening in the real world. People are spending more money on outdoor recreation…just not as much as they are spending on tech.

“I think tech will continue to outperform,” Pund said. “The question for the industry is what parts of tech can be integrated with the outdoors.”

Brands such as Garmin, for example, have benefited from the fitness-tracking angle聽(NASDAQ:aGRMN +70%), while GoPro (NASDAQ:GPRO -78%) has struggled to fully capture the video-capture market.

“Enjoying the outdoors has become much more about the experience and sharing that experience via tech and social media,” Pund said, “versus the idea of going outdoors to seek solitude.”

The Next Five Years

Looking ahead, Pund declined to pick any specific winners and losers on Wall Street鈥攂ut says the industry as a whole will continue to do well.

“Millennials are very excited for the outdoors, just in a different way than their parents were,” he said. “In the past, it was about mastering the one or two sports…today it’s about experiencing a wider scope of recreation.” The companies that will do best, from Pund’s perspective, are those that will remain engaged with the customer through social media and e-commerce, and through live experiential events.

He also sees continued merger and acquisition activity among the larger outdoor brands on Wall Street. “The market has become so competitive that it’s faster to acquire than build on your own.”

The Breakdown

*These companies went public less than five years ago, so their performance was calculated from their opening day on the market.

Outdoor Index – +81.6%

S&P 500 – +69.6%

DJIA – +61.3%

NASDAQ – +121.8%

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For many, Pittsburgh doesn鈥檛 conjure up the image of an outdoor town. But after Christine Iksic and Chris Kaminski moved back to the 鈥楤urgh after separately spending several years of living elsewhere, the two business partners saw an opportunity for an independent gear hub that could connect the city鈥檚 outdoor community. They started with Gear Fest, a pop-up consignment market for people to swap gear and socialize over beer and bluegrass music.

After two successful runs last year, plus a crowdfunding campaign, the concept has blossomed into the 3 Rivers Outdoor Co. store, scheduled to open in Pittsburgh this spring. While opening a new outdoor retail store in today鈥檚 e-commerce environment may seem daunting, Iksic and Kaminski have spent the past three years validating their idea that people, particularly within the outdoor community, still crave an in-person and local shopping experience.

What inspired you to open a local outdoor shop in this challenging retail environment?

Christine Iksic: We both spent time living out West and loved the outdoor culture there, but we love it in Pittsburgh, too. So we asked ourselves, 鈥淗ow do we build that same community here?鈥� We found out there is a strong outdoor community in Pittsburgh, but [members] feel disconnected. There are no independent outdoor stores where they can gather. We could have taken this to any outdoor town, but here鈥檚 where the market was right, and the city needs it.

Chris Kaminski: We鈥檝e spent the past three years traveling and researching how we were going to do this. That first year we thought, 鈥淥h, we鈥檒l be open by next year,鈥� but there was a lot to learn.

CI: The word 鈥渧iability鈥� kept coming up, and how we needed that before we really committed to this to see if the community would support us before we dove in.

How did you achieve that viability?

颁碍:听That鈥檚 where the pop-up store concept and Gear Fest came into play. The first two, one in April and the other in October of 2017, went over very well. We attracted 700 to 800 people and 40 to 50 vendors to each one.

颁滨:听And we鈥檙e carrying over the used-gear/consignment idea to the new store, along with a nonprofit angle. When people bring in their used gear to sell, they can choose to donate a percentage of it鈥攗p to 100 percent鈥攖o local outdoor nonprofits. Also, one day a month, we plan to do a community nonprofit day to donate a percentage of our storewide sales to those nonprofits.

You partly crowdfunded the store effort on Indiegogo. How did that experience play out?

CK: We just finished the campaign, and while we fell short of our goal (raising $8,200 of a $50,000 goal), it worked more as a marketing tool that鈥檚 kept the conversation going while we work to open the store.

颁滨:听We had a lot of fun making the video for the campaign, which showed all the great outdoor activities around Pittsburgh. The campaign was worth it. It wasn鈥檛 so much about the money as it was a solution to keep the momentum from Gear Fest going and connect it to the new store.

How else are you marketing the new store?

CK: At any kind of festival that could be construed as outdoor, we are there, getting to know the grassroots, locally owned atmosphere in the city.

颁滨:听We鈥檒l continue to do Gear Fest along with features and events in the store, including an adventure-planning center, beer and pizza nights, and other meet-ups. None of these are about pressure for people to buy gear, but to socialize and find activity partners. Every piece of gear is available online today, but sometimes you want to talk to people in your community.

Sell us on the Pittsburgh/Western Pennsylvania outdoor scene. What do people overlook about this part of the country?

颁滨:听We鈥檙e at the foothills of the Alleghenies, and we have some of the best whitewater kayaking in the United States here, along with great mountain biking and hiking. You don鈥檛 have to live in a high-cost mountain town to live an outdoor life. If Pittsburgh can revitalize itself as a tech town, it also can revitalize itself as an outdoor town.

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Three years ago, the business purchased Poc Sports for nearly $45 million with visions of an outdoor multi-brand company (including Black Diamond Equipment, a BD apparel launch, Pieps, and Gregory) that would grow to $500 million in sales by 2015.

The plan didn鈥檛 work, and as cash reserves dwindled, Black Diamond dealt with staff restructuring, sold off Gregory in 2014, had its new President and slated CEO leave the company in 2015, and put the entire business up for sale.

Even the sales process was a bit bumpy as a potential full sale of the company turned into talk of a partial sale.

Thursday, as predicted by some investors cited by OBJ, Black Diamond announced the sale of only one of its pieces 鈥� Poc Sports 鈥� to investment group Investcorp for $65 million. Company officials say POC sold for 1.9-times its annual sales, which came in at $34.8 million 2014.

The sale brings Black Diamond back to its core of climbing and wintersports goods, although officials said diversification within the company could still occur.

鈥淏lack Diamond plans to maximize shareholder value by focusing its attention on the profitability of both the Black Diamond Equipment and Pieps brands while redeploying the proceeds of the sale to potentially unrelated and diversifying investments. Black Diamond expects to realize net proceeds of approximately $60 million after purchase price adjustments, fees, expenses, and taxes,鈥� officials said. 鈥淧ost-transaction, the company expects to have approximately $100 million in cash, $22.6 million in debt, and around $167 million in net operating loss carry forwards.鈥�

To undiversify and then rediversify could be a branding marketer鈥檚 worst nightmare. Investors, who had previously hoped for an outright sale or bigger dollars from a partial one, were also unhappy, sending Black Diamond’s stock down more than 12 percent to $5.68 per share at midday Thursday.

Investcorp will add Poc Sports to its $10.6 billion portfolio, which also includes Dainese, a motorsports safety brand, among other real estate and hedge fund investments.

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Vista Outdoor (NYSE: VSTO) will add the iconic hydration bottle, pack, and filter company to a collection of more than 30 outdoor and sporting goods brands, including Bushnell, Bolle and, also recently acquired, Jimmy Styks SUPs. CamelBak is expected to bring in $160 million in net sales in 2015 and the purchase price included an estimated $35 million in future tax benefits, officials said. Pending regulatory procedures, the deal is expected to close within the next month.

“The acquisition of CamelBak greatly advances Vista Outdoor’s strategy to grow and strengthen our leading position in the outdoor recreation industry,” said Mark DeYoung, Vista Outdoor chairman and chief executive officer. “CamelBak fortifies our presence in the mainstream individual outdoor recreation market, creating an opportunity to increase the scale, reach, and growth of several current offerings through an expanded global sourcing capability and a broadened retail distribution network. With limited overlap between our key customers, this acquisition creates significant cross-selling opportunities, increased channel presence, and access into expanded domestic and international markets. As a market leader and preferred partner, Vista Outdoor can leverage the technical expertise of CamelBak to deliver innovative solutions and quality product offerings that will create value for our shareholders and customers.”

CamelBak has approximately 300 employees and will be integrated into the Outdoor Products segment of Vista Outdoor. CamelBak CEO Sally McCoy will continue to lead the brand, now under its third ownership group in four years since Compass acquired its controlling interest for $257.5 million in 2011. The brand was founded in 1989 and helped jumpstart the hands-free hydration pack market.

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San Francisco-based TSG Consumer Partners acquired the Salt Lake City-based retailer from Liberty Interactive Corp., the latter which owns QVC and other consumer media outlets.

Backcountry founder Jim Holland will continue to own a stake in the company, while president and CEO Jill Layfield will continue to serve in those roles.

鈥淏ackcountry鈥檚 proven, execution-oriented management team, robust ecommerce platform and deep merchandising and marketing expertise fit right into TSG鈥檚 wheelhouse,鈥� said TSG managing director Jennifer Baxter Moser. 鈥淎s the outdoor market continues to expand, TSG is looking forward to working with the Backcountry team to harness the company鈥檚 untapped potential to grow and expand its reach to more outdoor enthusiasts worldwide.鈥�

Partnering with TSG, Backcountry will expand into adjacent categories and international markets, as well as enhance marketing and brand building efforts, officials said.

鈥淲e believe TSG represents the ideal partner for Backcountry, and we will work with them to continue to improve our offerings and merchandising, optimize our technology platform, and enhance our distribution efforts, Layfield said. 鈥淏y combining TSG鈥檚 expertise with Backcountry鈥檚 leadership position in the outdoor market, the Company will be well-positioned to build on our current platform and drive significant growth.鈥�

Founded in Park City, Utah in 1996, the Backcountry business has grown to include online sites Backcountry.com, CompetitiveCyclist.com, MotoSport.com, Bergfreunde.de, SteepandCheap.com, and WhiskeyMilitia.com.

TSG Consumer Partners LLC is a leading investment firm with approximately $3 billion in equity capital under management, focused exclusively on the branded consumer sector. Since its founding in 1987, TSG has been an active investor in the food, beverage, restaurant, beauty, personal care, household, and apparel & accessories, and ecommerce sectors. Representative past and present partner companies include vitaminwater, Smart Balance, popchips, Muscle Milk, Yard House, Revolve Clothing, Smashbox Cosmetics, Pureology, e.l.f. cosmetics and Paige Denim.

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鈥淚n 2011, we quite frankly discovered modern slavery in our supply chain,鈥� said Adam Fetcher, the company鈥檚 director of global communications. 鈥淭he results startled us.鈥�

Among other things, Patagonia learned that some of its suppliers in Taiwan were using labor brokers to bring in cheap鈥攁nd potentially forced鈥攎igrant workers. To make matters worse, the brokers would charge the workers exorbitant 鈥渇ees鈥� for their services, which took the workers as many as two years to pay off. With most labor contracts lasting only three years, workers would then return home, having to start the process all over again with the same fees.

鈥淧aying that kind of money for a factory job is an almost impossible burden for workers already struggling to make a living,鈥� Patagonia officials said. 鈥淚t creates a form of indentured servitude that could also qualify, less politely, as modern-day slavery.鈥�

To put it simply, the cheap overseas foreign labor that so many outdoor brands rely on for manufacturing is now itself seeking even cheaper foreign migrant labor from poorer surrounding nations. And it isn鈥檛 a pretty picture.

鈥淚t turns out, this is an issue plaguing manufacturers of all kinds in many industries, and for Patagonia, it became an urgent priority to fix it,鈥� Fetcher said.

On Wednesday,聽Patagonia released the findings from its audit聽along with a 46-page Migrant Worker Employment Standards and Implementation Guidance report that it encourages the rest of the industry to adopt.

鈥淲orkers shall not be subject to any form of forced, compulsory, bonded, or indentured labor,鈥� the guidelines stated. 鈥淎ll work must be voluntary and workers must be free to terminate their employment at any time, without penalty. Prison labor shall not be used. Migrant workers (or their family members) shall not be threatened with denunciation to authorities to coerce them into taking up employment or preventing them from voluntarily terminating their employment, at any time, without penalty.鈥�

The new policies mandate that the factory itself must pay any labor broker fees (which cannot be passed onto a worker), or hire directly without the use of labor brokers. Patagonia began employing its new standards for its Taiwanese suppliers on June 1 and will require that the factories pay back previously affected workers.

鈥淭his applies to all Patagonia suppliers that employ migrant contract workers, their sub-contractors, and their next-tier suppliers producing goods for Patagonia or for use in Patagonia products. It also applies to service providers including third party labor brokers,” the guidelines stated.

Fetcher says Patagonia officials plan to conduct audits for compliance with the standards, but acknowledges that the mission is 鈥渁 work in progress, no question.鈥�

Patagonia partnered with聽Verit茅 鈥� an NGO dedicated to ensuring people around the world work under safe, fair and legal conditions 鈥� to conduct its migrant worker assessments with four of its suppliers in Taiwan.

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In the new era of retail, consumers are not buyers of products, they鈥檙e also being asked to help develop, fund, and produce them.

The theory 鈥� so well illustrated by the success of crowdfunding sites like Kickstarter 鈥� is that if consumers are involved from the start, they not only get what they want, but they feel a greater connection and devotion to the brands that are willing to listen. They become part of the team.

REI has been growing its team this fall, sending emails to thousands of its most loyal customers with requests to join the brand as 鈥淩EI Advisors.鈥� So far, it鈥檚 amassed 5,000 members, officials told 国产吃瓜黑料 Business Journal, with a goal to engage in a meaningful conversation about the store and its products.

鈥淚t鈥檚 best practice in retail is to have an understanding and intimacy with the best members, and we just hadn鈥檛 done it yet. But we鈥檙e thrilled with the response that we got in just a matter of days,鈥� said REI senior vice president of marketing Annie Zipfel.

The responses came from the invitation that REI sent out to its existing email address list, which Zipfel described as a nice mix of ages, activity levels, and tenure with REI. The membership only extends to customers in the U.S. at this point to keep things easy language-wise. To join in the discussion, email recipients simply had to respond to the email invitation.

Once REI established a sizable membership for the program, they began engaging the members in a variety of topics, including everything from products and services to community offerings and digital experiences.

In an exceedingly competitive outdoor retail market, Zipfel hopes this program will allow REI to 鈥済o deeper in feedback and really understand more about how members play outside and what role REI can play in that space.鈥� It鈥檚 valuable information that is intended to not only improve customer relations, but also help direct future decisions for the brand.

For example, Zipfel said that REI might show the brand鈥檚 new products to the advisers first to get a sense of how they like it and what improvements could potentially be made. 鈥淭his program will give us a sense of whether or not something is a good idea,鈥� Zipfel explained. 鈥淚t can also give us a heads up that we forgot to put that zipper in, or something else like that right in front of us that we鈥檝e overlooked.鈥�

Alongside these planned consequences of the REI Advisors Program, the discussions have spurred another benefit: a community within the panel. Zipfel said that the members have started to ask how they can communicate with each other.

国产吃瓜黑料 of the conversational perks, members of the panel can engage in question-and- answer sessions with product designers, buyers, and other REI leaders to ask questions and offer their input. And, from time to time, REI plans to choose panelists to receive gear, gift cards, or even trips.

The program is likely part of a larger effort by REI to continue growing, but at the same time maintain a smaller and more local feel to the brand. Along those same lines, new REI CEO Jerry Stritzke previously has hinted at plans to make each of the retailer鈥檚 135 stores feel more local and individual.

鈥淲e take this really seriously. REI is not some big mass retailer who doesn鈥檛 know or understand their consumer,鈥� Zipfel said. 鈥淲hen our customers talk, we listen. And this REI Advisors Program is a whole new way for us to get close.鈥�

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A month after Outdoor Industry Association鈥檚 change of leadership 鈥� parting ways with Frank Hugelmeyer 鈥� its trade show partner, Emerald Expositions (separate and privately held), announced a similar move to part ways with show director Kenji Haroutunian, who will depart in late November.

Both were instrumental leaders throughout the past decade in expanding the industry’s reach. Haroutunian spent 15 years 鈥� seven as Outdoor Retailer show director 鈥� with Emerald and its predecessor Nielsen Expositions, which was purchased by private equity firm Onex a year and a half ago.

Emerald has tapped Marisa Nicholson to replace Haroutunian. Nicholson has been with the company for 11 years, most recently as group sales director for Emerald鈥檚 Sport Group.

鈥淢arisa was an obvious choice to take the reins of Outdoor Retailer,鈥� said Darrell Denny, executive vice president of sports, apparel, e-commerce, licensing, and business development at Emerald Expositions. 鈥淪he has been a key driver of growth and development of OR, and has an intimate understanding of the successes, the challenges, and the future goals. She understands the needs of the exhibitors and brings an informed attention and focus on the needs of the industry鈥檚 retail community.鈥�

In her new role Nicholson will lead Outdoor Retailer Summer and Winter Market, 鈥渨hich have become the 29th and 36th largest shows, respectively, in the United States,鈥� officials said.

鈥淚鈥檓 grateful for the opportunity to further the growth of Outdoor Retailer and honor the traditions that Kenji so successfully shepherded,鈥� Nicholson said. 鈥淚 will call on the many outstanding leaders and mentors in the industry I know and those I will come to know better going forward.鈥�

It likely won’t take long for Haroutunian to find a new role in the outdoor industry.

“I’ve enjoyed the challenge of managing the shows for seven years, and with the Outdoor Retailer team poised for future greatness, the time is right for me to move on,鈥� he said. 鈥淚鈥檓 proud of my tenure with the team, and I’m excited to move into my next role, in service to the industry I am so passionate about.”

Retailers expressed surprise at the latest news.

鈥淜enji worked hard to build a consensus between retailers and vendors,鈥� said Dawson Wheeler, owner of Rock/Creek Outfitters in Tennessee. 鈥淐ertainly the show has had some growing pains, but I always felt he was doing an excellent job.鈥�

鈥淗e brought everyone to the table to find that middle ground,鈥� said Mike Massey, owner of Masseys Outfitters in Louisiana. 鈥淲hen you talk about size and the number of stakeholders at Outdoor Retailer, that鈥檚 not an easy thing to do.鈥�

Others echoed those sentiments to OBJ, saying Hourtunian was a hands-on leader who never shied from taking on the issues or taking a phone call at any hour.

鈥淥utdoor Retailer will continue to focus on the backcountry core of Winter Market and will continue to support and grow the paddle, camping, hiking, and climbing segments at Summer Market,鈥� Emerald officials said. It also remains on track in its negotiations with show host Salt Lake City, with an expected decision on the show鈥檚 future location (beyond 2016) coming in early 2015.

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Officials will unveil Toad & Co. at Outdoor Retailer Summer Market 2014, reflecting a more modern mark and expanded scope in both product and mission.

鈥淚t was time to do a full evaluation of the brand,鈥� owner and CEO Gordon Seabury told 国产吃瓜黑料 Business Journal in an exclusive first interview. 鈥淭hat included the name, which, for some [the word 鈥榟orny鈥橾 represented an undertoe in reaching the next level that we wanted achieve. Many of our core retailers indicated a name change would serve us well.鈥�

Horny Toad derived its name from the pet horned toad lizard of founder Jessica Nordhaus in the early 1990s. But flash ahead to the 21st century and the name increasingly was having to deal with digital world hurdles, including getting caught up in spam filters, said Seabury, who bought the company in 1995 and has led it since.

While the name change might grab the most attention on the Summer Market show floor, Seabury noted the evolution more importantly represents an expansion for the brand 鈥� both with an entry into the adventure travel market (see more below) and an increased focus on Toad & Co.鈥檚 non-profit missions.

鈥淭he 鈥�& Co.鈥� signals that the brand is more than just about selling products,鈥� he said.

Horny Toad always had a non-profit push, in particular with its independent partner Planet Access Co., but the plan now is to up the awareness.

The non-profit push will make its own news at Outdoor Retailer as Toad & Co. partners with 1% For the Planet to expand that organization鈥檚 push into social giving, beyond just its environmental efforts. It鈥檚 all part of a recent broader push 鈥� from the likes of Outdoor Nation and Big City Mountaineers 鈥� to raise awareness that that the future of the outdoors not only depends on safeguarding natural lands, but also widening its reach among an increasingly urban population.

On the product side of things, Toad & Co. enters travel market with a collection of new shirts, pants, and shorts at Summer Market. The objective is to be subtle and stylish, but technical, officials said. That means performance fabrics but no zip-off pants or baggy pockets, plus a lot more influence in fashion from Europe and Central America.

鈥淧eople don鈥檛 want to look like adventure travelers,鈥� Seabury said. 鈥淭hey want to blend in.鈥�

Fabrics in the new collection include recycled polyester, Tencel, nylon, and organic cotton blends that are easy to wash and dry on the road.

To wrap everything up, Toad & Co. plans to up its marketing efforts supporting the name change, new products, and expanded mission.

鈥淲e鈥檝e always been a product-driven brand 鈥� build it and they will come,鈥� Seabury said, 鈥渂ut we鈥檙e realizing now we have to be much more effective on the marketing side, too.鈥�

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The deal to buy Prana from its management team and private equity firm Steelpoint Capital Partners (which have owned the company since buying it from Liz Claiborne Inc. in 2008) is expected to close sometime during the second quarter 2014. It would represent the largest acquisition in Columbia’s history.

Columbia, which also owns Mountain Hardwear, Montrail, and Sorel, will keep Prana headquartered in Carlsbad, California, operating as a wholly owned subsidiary, and Prana’s Scott Kerslake will remain as CEO, reporting directly to Columbia Sportwear CEO Tim Boyle.

鈥淲e are very excited to welcome Prana to Columbia鈥檚 brand portfolio,鈥� Columbia CEO Tim Boyle said in a statement. 鈥淧rana is a rapidly growing lifestyle apparel brand positioned at the intersection of today鈥檚 healthy, active lifestyles and socially conscious consumerism. A growing number of women and men are embracing Prana鈥檚 versatile products that are designed and manufactured with sustainability as a core value.”

Boyle says the deal “fits Columbia鈥檚 strategic priorities to expand into categories that appeal to complementary consumer segments, reduce our dependence on cold-weather products, and leverage Columbia鈥檚 global operational platforms to expand across key geographic markets.”

For Prana, Boyle adds, the opportunity exists to unlock the brand’s global potential. Prana’s sales outside North America consist of less than 5 percent of annual sales, officials say.

“We are thrilled at the prospect of joining Columbia鈥檚 portfolio of distinct outdoors brands,鈥� Kerslake said in a statement. 鈥淧rana is a brand founded on designing stylish, functional, active apparel made in an environmentally sustainable way. With Columbia鈥檚 financial strength, operational expertise, and global market platform, we now will be able to reach a much broader audience of socially conscious consumers worldwide.鈥�

Founded in 1993, Prana focuses on yoga and rock-climbing consumers. It sells its lifestyle and performance apparel at 1,400 specialty retail stores and has a direct-to-consumer channels online and through five physical brand stores in San Francisco, Portland, Oregon (home of Columbia), Denver, Boulder, Colorado and Minneapolis. Sales grew at a compound annual growth rate of more than 30 percent between 2010 and 2013, officials say. The company employs 163 people.

The sale price of $190 million is roughly 13 times Prana’s estimated 2014 EBITDA earnings and nearly double the brand’s annual sales, which are expected to surpass $100 million in 2014.聽Columbia intends to fund the purchase from available cash, and projects about $55 million in extra revenue to its books for the remainder of the year.聽In 2015, Columbia expects Prana’s annual sales to increase at a double-digit rate over 2014, operating margin to be in the low-teens, excluding purchase accounting amortization and other integration costs of approximately $5 million, resulting in accretion to Columbia鈥檚 consolidated earnings in 2015.

Columbia made the announcement in conjunction with its first-quarter 2014 earnings report, which beat expectations. Quarterly sales jumped 22 percent to $424.1 million, compared to a year ago, and net profit more than doubled to $22.3 versus $10.1 million during the first quarter 2013. The Columbia brand led the way, rising 25 percent in sales, Sorel rose 4 percent and Mountain Hardwear inched up 1 percent. The overall rise was thanks to higher wholesale and direct-to-consumer sales worldwide, Boyle said, including the company’s new joint venture in China. The company raised its 2014 revenue-rise projections to the 16-18 percent range, excluding the Prana acquisition.

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