The newly appointed CEO of Brooks Running, owned by Warren Buffett's Berkshire Hathaway regards China and Europe as promising growth markets for the company, which currently generates the majority of its revenue in the U.S.
"China is a top-10 market for running participation," Dan Sheridan was quoted by Reuters. "This is a 30- to 50-year strategy for Brooks. We're in this for the long haul."
He also revealed that Brooks intended to launch its inaugural store in China this autumn in Shanghai, with potential plans for additional locations in the future.
"When you look at the opportunities for this brand, and trends that underpin those opportunities, it's easy to be excited in our growth and our future," he said.
European markets are showing signs of recovery following the impact of the Russia-Ukraine conflict and escalating energy prices, which led to consumer retrenchment and challenges for retailers grappling with surplus inventory and shrinking margins.
Sheridan, 51, also expressed confidence that the global population of runners could double by 2031. He asserts that Brooks established 110 years ago, is strongly positioned to capitalize on sales opportunities, given the 300 million individuals who prioritize running or walking as their primary fitness pursuit.
Dan Sheridan, who became chief executive on April 26, assumed the role after Jim Weber, who helmed Brooks for 23 years, steering it from the brink of bankruptcy to $1.2 billion in revenue. Weber, aged 64, primarily stepped down due to health concerns.
Berkshire invested in Chinese electric car company BYD in 2008, though it began reducing that stake in 2022. Headquartered in Seattle, Washington, Brooks products are available in 60 countries worldwide.
