The new chief executive of Brooks Running said the running shoe maker owned by Warren Buffett's Berkshire Hathaway views China and Europe as growth areas for...
OMAHA, Neb. - The new chief executive of Brooks Running said the running shoe maker owned by Warren Buffett 's Berkshire Hathaway views China and Europe as growth areas for a business that generates most revenue in the U.S.
Sheridan, 51, said the number of runners globally could double by 2031. He believes 110-year-old Brooks is well-positioned to capture sales with 300 million people running or walking as their main fitness activity. The Seattle-based company commands an industry-leading 21% U.S. market share in adult performance running shoes, according to Circana/Retail Tracking Service, with its Ghost and Adrenaline GTS the top sellers.Brooks, which derives 85% of revenue from the U.S., focuses on the top of the market. "The right way for us to win the runner is through a science-based approach matched with great design," Sheridan said.Pandemic-fueled growth in running has helped support pricing, he said.
The latest innovation: nitrogen-infused cushioning in the $160 Glycerin 21, which Sheridan says dampens impact but returns energy to the runner.Berkshire's profit plunges 64% on portfolio holdings as Buffett sells Apple
Brooks Running China Warren Buffett Running Shoe Berkshire Hathaway Chief Executive Growth Areas Jim Weber
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