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Investment Rating - The report gives a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market index in the next six months [94]. Core Insights - The company has shown impressive revenue growth, with a CAGR of 60% from 2019 to 2023, increasing from 270 million CHF to 1.79 billion CHF [2][14]. - North America is the primary revenue contributor, accounting for 65% of total sales, while the Asia-Pacific region is growing rapidly with a 89% year-on-year increase in 2023 [2][17]. - The company focuses on high-performance running shoes, with over 90% of revenue coming from this category, and is expanding into apparel and accessories [2][20]. Summary by Sections Company Overview - Founded in 2012, the company specializes in high-performance running shoes and has expanded its product line to include various athletic footwear and apparel [5]. - The company has established a strong market presence with over 9,000 sales points globally and has opened 19 direct stores since 2020, with a significant number in China [7]. Revenue Growth - The company achieved a revenue of 510 million CHF in the first half of 2024, reflecting a 21% year-on-year growth, with a net profit of 90 million CHF and a net profit margin of 17.9% [14][23]. - The wholesale channel has seen a significant increase, with a 73.1% growth contributing to overall performance [14]. Market Dynamics - The global athletic footwear market is projected to grow from 133.2 billion USD in 2023 to 197.0 billion USD by 2033, with a CAGR of approximately 4% [33]. - The Asia-Pacific region leads the market, accounting for 36% of the global share, while North America holds 29% [33]. Competitive Landscape - The company positions itself as a premium brand in the running shoe segment, with a focus on high-quality materials and innovative technology, such as the proprietary CloudTec technology [2][72]. - The brand has a competitive edge in terms of customer loyalty and brand recognition, particularly among middle-income consumers [3][66]. Marketing Strategy - The company employs a community-driven marketing approach, leveraging social media and influencer partnerships to enhance brand visibility and consumer engagement [87][90]. - The brand's collaboration with high-profile athletes, including Roger Federer, has helped establish its market presence and credibility [91]. Product Development - The company continuously innovates its product offerings, with recent advancements in technology aimed at enhancing performance and comfort for runners [83][85]. - The introduction of new models, such as the Cloudboom Strike LS, showcases the brand's commitment to innovation and responsiveness to market demands [83]. Financial Performance - The company maintains a stable gross margin of around 60%, which is higher than industry leaders like Nike and Adidas, whose margins range from 40% to 50% [49]. - The net profit margin has shown volatility due to currency fluctuations, particularly between the Swiss franc and the US dollar [23][49]. Inventory Management - The company has seen a reduction in inventory levels from a peak of 4.7 billion CHF in early 2023 to 3.7 billion CHF in 2024, indicating improved inventory turnover [26]. Consumer Insights - Approximately 70% of consumers consider fashion as a key factor in their purchasing decisions, highlighting the importance of style in the brand's appeal [75][81]. - The target demographic is primarily middle to high-income consumers who prioritize brand reputation over price sensitivity [78][81].