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    Amer Sports Inc (AS)

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    Business Description

    Amer Sports (AS) is a global company specializing in the design, manufacture, marketing, and sale of sports equipment, apparel, footwear, and accessories. The company operates through direct-to-consumer and wholesale channels, serving customers in over 34 countries. Its portfolio includes iconic brands such as Arc’teryx, Salomon, Wilson, Atomic, and Peak Performance, catering to a wide range of sports and outdoor activities.

    1. Technical Apparel - Offers premium outdoor apparel, footwear, and accessories, featuring innovative and minimalist designs. Key brands include Arc’teryx, known for high-performance technical outdoor gear, and Peak Performance, which focuses on stylish and functional apparel.
    2. Outdoor Performance - Provides outdoor apparel, footwear, accessories, and winter sports equipment. Key brands include Salomon, a leader in trail running and hiking footwear, and Atomic, specializing in skis and other winter sports gear.
    3. Ball & Racquet Sports - Produces high-performance sports equipment, apparel, and accessories for various sports. Key brands include Wilson, a leading manufacturer of tennis, baseball, and other racquet sports products, and Louisville Slugger, known for baseball bats.

    Executive Team

    NamePositionStart DateShort Bio
    Jie (James) ZhengChief Executive Officer and Director2020Jie (James) Zheng has been CEO of AS since 2020. He has a background in the sports and apparel industry, including senior roles at Adidas and ANTA Sports.
    Andrew E. PageChief Financial Officer2023Andrew E. Page has been CFO of AS since 2023. He previously held CFO roles at Foot Locker and Advance Auto Parts and senior roles at Under Armour.
    Michael Hauge SørensenChief Operating Officer2020Michael Hauge Sørensen has been COO of AS since 2020. He previously held leadership roles at ECCO and served on the boards of companies like Pandora Jewelry and IC Group.
    Wen-Chang (Victor) ChenChief Strategy Officer2020Wen-Chang (Victor) Chen has been CSO of AS since 2020. He was previously a Partner at Boston Consulting Group and held roles at Golin.
    Stuart C. HaseldenChief Executive Officer of Arc'teryx2021Stuart C. Haselden has been CEO of Arc'teryx since 2021. He previously held leadership roles at Away and Lululemon Athletica.
    Franco FogliatoPresident and Chief Executive Officer of Salomon2021Franco Fogliato has been CEO of Salomon since 2021. He previously held roles at Columbia Sportswear Company and Billabong.
    Joseph DudyPresident and Chief Executive Officer of Wilson2019Joseph Dudy has been CEO of Wilson since 2019. He joined Wilson in 1995 and has held various roles, including Finance Director of Wilson Team Sports.

    Questions to Ask Management

    1. Given that your effective tax rate guidance remains elevated at approximately 37% for 2025 , despite efforts to reduce it, what specific measures are you implementing to bring this rate down to more normalized levels over time, and what timeline should investors expect for this improvement?

    2. With plans to continue opening Arc’teryx stores at a net rate of 30 per year , alongside investments in Salomon stores in China and the rest of APAC , how are you managing the risks of overexpansion and ensuring these investments yield sustainable growth, especially given competitive and economic uncertainties in these regions?

    3. The Ball & Racquet segment's adjusted operating profit margin increased to 6.9% in Q3, primarily due to new product launches and lower discounting after last year's inventory clearance ; how do you plan to sustain this margin improvement, and what strategies are in place to drive growth in this segment given your expectation of low to mid-single-digit long-term growth ?

    4. Considering that Winter Sports Equipment represents a third of your Outdoor Performance segment but has shown softer trends, with expectations of low single-digit annual growth due to slower trends in North America and cautious orders in EMEA , what initiatives are you undertaking to revitalize this segment and address market challenges to improve growth prospects?

    5. With Salomon's footwear business in the U.S. still at a preliminary stage and efforts underway to penetrate the market , what gives you confidence in achieving significant market share in the highly competitive U.S. market, and what specific strategies will you employ to overcome previous challenges in gaining traction as you plan to open new stores and build partnerships with key accounts?