Emerald Holding Inc., the parent of Outdoor Retailer, Surf Expo, and numerous other trade shows, faced brutal headwinds over the past year as COVID-driven cancellations sent revenue and profits tumbling.

But the company didn鈥檛 stand pat during the pandemic. Emerald used its lighter-than-usual calendar to pursue a strategic acquisition and then bring to market a tool designed to help the companies that attend its myriad events.

Emerald鈥檚 Elastic Suite division on Tuesday announced the launch of Digital Market, a B2B e-commerce transactional platform that offers year-round access to product sourcing and ordering across a broad range of brands.

Digital Market connects brands鈥攅specially small and mid-sized ones鈥攚ith outdoor retailers, providing a 鈥渕ore streamlined and collaborative buyer-supplier experience at Emerald鈥檚 in-person events, including Outdoor Retailer and Surf Expo,鈥� the company said.

鈥淒igital Market complements your Outdoor Retailer show experience by providing exhibitors, reps, and retailers with technology that takes relationships beyond the show floor and supports the wholesale purchasing process year-round,鈥� said Marisa Nicholson, senior vice president and show director of Outdoor Retailer. 鈥淚t transforms the ways brands and buyers interact. Brands can present curated product collections, and buyers can strategically source and order new products, leading to more efficient appointments and meaningful conversations when at the show. This winning combination makes it easier to stay connected and opens new doors.鈥�

Emerald said Digital Market was built upon its 鈥減roven, industry-leading Elastic Suite enterprise B2B merchandising solution,鈥� and that it was 鈥渄esigned for easy adoption by brands and retailers of all sizes across market segments.鈥澨�

The company added that its Elastic Suite and Digital Market offerings 鈥渁re fully integrated and utilize the same core technology, data systems, and client support resources. The result is a streamlined digital wholesale merchandising and purchasing process for retailers across brands through a single platform.鈥�

Current outdoor clients of the company鈥檚 B2B platforms include The North Face, Patagonia, K2, Rip Curl, Active Brands, Volcom, Shimano, Scott Sports, Boardriders, O鈥橬eill, and Burton.

The new tool is the direct result of Emerald鈥檚 $34 million acquisition of PlumRiver LLC in January. (The company paid $30 million for the business, plus $4.4 million in stock and other considerations of up to $13 million.) PlumRiver provided SaaS technology that 鈥渟treamlines the wholesale buying process for both brands and retail buyers.鈥�

鈥淥ur acquisition of PlumRiver will enhance the meaningful steps that Emerald has taken to expand its digital presence this past year,鈥� Herv茅 Sedky, Emerald鈥檚 president and CEO, said at the time of the acquisition.

Added David Doft, Emerald鈥檚 CFO, 鈥淥ur acquisition of PlumRiver is a key step in our plan to bring buyers and sellers together in a digital environment, year-round, and provide them with a platform where they can transact. PlumRiver is expected to meaningfully enhance our digital initiatives and is just one of the exciting investment opportunities that we have in front of us as we work to expand our business in the year ahead.鈥�

The new service comes at a critical time for Emerald, which posted a significant revenue dip and income loss in Q4 of 2020. Sales fell 72.8 percent to $12.2 million and the company posted a loss of $58.1 million. However, the company entered 2021 on decent financial footing, having ended last year with $295.3 million in cash and full availability of its $150 million revolving credit facility.

Emerald will report its first-quarter earnings on April 30. The company, whose stock has been flat for most of the first quarter, is now ramping up its live event schedule as vaccination rates across the U.S. increase. On August 10, the company will stage its first in-person Outdoor Retailer since June 2019.

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The outdoor industry continues to shine amid the economic ravages of COVID. For this installment of our quarterly earnings recap, we found that most publicly traded outdoor brands are performing well relative to other industries.

A few companies saw softness in certain categories, but on numerous earnings calls, CEOs cited healthy demand for outdoor apparel and gear and also projected continued growth throughout 2021 as the country eyes the end of the pandemic.

Below are Q4 summaries of the outdoor-focused public companies that reported earnings in the last few weeks.

Acushnet Holdings Corp. (NYSE: GOLF)

Acushnet, the parent of outerwear and ski apparel brand Kjus, reported fourth-quarter sales of $420.5 million, up 14.2 percent year-over-year. Net income grew 20.7 percent to $21.6 million. David Maher, president and CEO, said of the company鈥檚 outdoor brand, 鈥淭here’s a lot of talent within the Kjus organization. We are pleased with how the team is positioning the business for the future and the investments we are making to prepare Kjus for long-term growth.鈥澨�

Adidas AG (XETRA: ADS)

Adidas says persistent currency headwinds in Q4 sank revenue 5 percent to 鈧�5.5 billion (US$6.7 billion) while net income plummeted to 鈧�429 million (US$514.2 million) from 鈧�1.9 billion (US$2.3 billion) in the year-ago period. The company鈥檚 big announcement was its ambitious plan to invest 鈧�1 billion (US$1.2 billion) over the next five years in digital transformation.听

Camping World Holdings Inc. (NYSE: CWH)

RV dealer Camping World benefited from the growth of camping and #vanlife last year as more people looked to social distance in the comfort of their outdoor rigs. Q4 sales of $1.1 billion increased 17.5 percent, and net income of $14.4 million was up from a loss of $28.5 million a year ago.听

Canadian Tire Corp. (TSX: CTC)

The parent of Helly Hansen reported that the outdoor brand鈥檚 revenue was $196.1 million, up 11.4 percent, or 12.1 percent on a constant currency basis, from the same quarter a year ago. Canadian Tire CEO Greg Hicks said he was pleased with Helly Hansen鈥檚 performance in Q4 amid 鈥済lobal restrictions and closures.鈥�

Clarus Corp. (Nasdaq: CLAR)

Clarus reported sales increased 24 percent to $75.9 million in the fourth quarter, but that growth was driven by its Sierra Bullets asset. Sales at Black Diamond Equipment, Clarus鈥� flagship brand, were flat, but the company projects BD鈥檚 sales to increase 17 percent to $200 million in 2021. On the March 8 earnings call, Clarus President John Walbrecht noted that BD鈥檚 apparel sales spiked 19 percent鈥攇rowth that was 鈥渞eflective of our decision to not aggressively promote or discount Black Diamond products at the onset of the pandemic; we believe this has strengthened our long-term competitive position.鈥� He also gave a shout-out to BD for being named one of 鈥渢he best-selling climate equipment brands in a January installment of [国产吃瓜黑料 Business Journal鈥檚] 2020 Retailer Survey.鈥澨�

Compass Diversified (NYSE: CODI)

CODI reported Q4 sales climbed 18.5 percent to $474.8 million, while net income of $8.4 million was more than double the profit from a year ago. During the quarter, CODI completed its acquisition of Boa Technology Inc., and that brand exceeded expectations by posting revenue growth of 2.5 percent and EBITDA growth of 29 percent. Says CODI CEO Elias Sabo: 鈥淲e remain impressed with the Boa team鈥nd we鈥檙e optimistic about the company鈥檚 future.鈥澨�

Conzzeta Group (SWX: CON)

The Swiss-based parent of Mammut Sports Group AG says sales for the outdoor brand were adversely affected by retail closures in Q4 but the brand offset that softness with 鈥渃ontinued progress in digital channels.鈥� Company-wide, sales dropped 18.6 percent in 2020.

Dick鈥檚 Sporting Goods Inc. (NYSE: DKS)

A surge in outdoor and sporting goods helped Dick鈥檚 grow revenue 19.8 percent to $3.1 billion, while its net income tripled to $219.6 million. Recently appointed CEO Lauren Hobart didn鈥檛 discuss DSG鈥檚 new outdoor retail concept, Public Lands, and the company鈥檚 CFO mentioned it only when he noted that Dick鈥檚 still plans to convert two Field & Stream locations into Public Lands stores this year, as executives discussed in late 2020.听

Emerald Holding Inc. (NYSE: EEX)

The parent company of Outdoor Retailer and numerous other trade shows not surprisingly posted a significant revenue dip and income loss in Q4. Sales fell 72.8 percent to $12.2 million and the company posted a loss of $58.1 million. On the earnings call, Emerald CEO Herv茅 Sedky didn鈥檛 discuss OR specifically, and he only briefly mentioned Surf Expo, saying that its in-person January show 鈥渃learly highlights the vital role that face-to-face events play in driving connections, commerce, and growth for customers and communities. This provides real optimism for the future.鈥� Outdoor Retailer was pushed back eight weeks but will happen in person this summer.听

Garmin Ltd. (Nasdaq: GRMN)

Watch and fitness tracker brand Garmin reported Q4 revenue of $1.4 billion, up 23 percent from the prior-year quarter, led by growth in its marine, fitness, and outdoor segments. Net income slipped 7.6 percent to $333.5 million.听

Vail Resorts Inc. (NYSE: MTN)

Stymied by a 鈥渃hallenging operating environment as a result of COVID-19,鈥� according to CEO Rob Katz, Vail reported sales for its fiscal second quarter ended January 31 of $597.1 million, a 20.8 percent decline from the year-ago period. Net income fell 28.4 percent to $147.8 million. But the company is much better situated than it was a year ago when it had to shut down its resorts, and Katz said 鈥渙ur growth in pass holders this past year also positions us well as we head into the 2021/2022 season.鈥澨�

Wolverine World Wide Inc. (NYSE: WWW)

The parent of Merrell, Chaco, and other footwear brands reported Q4 revenue slipped 16.1 percent to $509.6 million. The company also reported a loss of $170.7 million in the period. One bright spot was the digital channel. Wolverine CEO Blake Krueger said the company鈥檚 鈥渆commerce revenue grew 50 percent in 2020, and we have planned further investment in this area to enable growth of 40 percent in 2021.鈥�

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How do I apply for a paycheck protection loan? What if I have to furlough employees? How do I pivot my manufacturing to make PPEs? What听if I have to close my business? These are the types of questions the Outdoor Industry Association fielded when its 1,300 member businesses began calculating the economic impacts of the months-long coronavirus quarantine. OIA immediately changed course and established a COVID-19 resource hub, and redirected everyone on staff to work on coronavirus response.

It would have been a challenging pivot in the best of times, but the pandemic came at a crux moment for OIA. The crisis threatens the 31-year-old organization鈥檚 funding model鈥攚hich was already under pressure鈥攁nd OIA鈥檚 new executive director, Lise Aangeenbrug, took office听just a week before stay-at-home orders started shuttering outdoor businesses around the country.

鈥淭here鈥檚 no roadmap for this,鈥� Aangeenbrug said. 鈥淥ur singular goal right now is to help our members survive.鈥�

But by prioritizing its members, OIA is putting off a question of its own, one that it must answer from within: How will OIA survive this? Is OIA itself healthy and strong enough to be the beacon of leadership that the industry needs right now, and in the future?

OIA鈥檚 Complex Relationship with Outdoor Retailer

Even before the crisis, OIA faced a potentially unreliable long-term funding model, with most of its eggs in the basket of Outdoor Retailer. OIA鈥檚 $8.9 million annual revenue comes, in large part, from Outdoor Retailer royalties (58 percent). The remaining revenue comes from Outdoor Foundation donations (18 percent), membership dues (16 percent), and other sponsorships (8 percent).

In many ways, it鈥檚 a smart model because OIA doesn鈥檛 have to constantly ask its members for more money, says Phyllis Grove, OIA board member and VP of marketing and ecommerce at Hydro Flask. (Annual membership fees range from $250 to $30,000 depending on the size and type of the organization.)

However, it also puts OIA at risk. Even with healthy reserves, Aangeenbrug says, OIA needs the national trade show, otherwise it would be in trouble. Now OIA is in that troubling situation. In response to the pandemic, Outdoor Retailer canceled the 2020 Summer Market. A few weeks later, VF Corporation chipped in 15 percent ($55,000) of its Summer Market refund to OIA, recognizing that the cancellation creates 鈥渁 critical funding gap in OIA鈥檚 traditional revenue stream,鈥� Smartwool (part of VF) Brand President Jen McLaren said in a news release. A few other brands鈥擯atagonia, W.L. Gore, Hydro Flask, and NEMO among them鈥攆ollowed suit. And on June 1, OIA made听the tough ask to the broader industry. Nora Stowell, board chair, in a letter urged members to make a donation that replaces the royalty fee brands would have paid through exhibiting costs. 鈥淭he health of OIA is tied to the health of the industry,鈥� she wrote.

鈥淲hen they canceled this year鈥檚 show, I thought, 鈥業 don鈥檛 know how OIA is going to survive,鈥欌€� said Carolyn Brodsky, co-founder of Sterling Rope Company. She has been among those in the industry to question Outdoor Retailer鈥檚 relevance and cost structure, as well as protest OIA鈥檚 dependency on the trade show, but she believes the association has an important leadership role to play.

Peter Sachs is of a similar mindset. As the general manager of LOWA and a member of OIA, he relies on the trade show for business. But, 鈥淭o me, [OIA] sold their soul when they agreed to endorse Outdoor Retailer exclusively,鈥� Sachs said. 鈥淚 wish they had owned it and then gotten an organization like Emerald Expositions to run it for them. OIA鈥檚 future is controlled by a corporation that鈥檚 not in the outdoor, ski, or bike industry. They鈥檙e in the trade show industry.鈥�

Wrestling with Revenue

Revenue diversification has been on OIA鈥檚 slate for the entire 11 years Travis Campbell, VF president of emerging brands and Americas platforms, has served on the board. Because the partnership with Emerald Expositions, Outdoor Retailer鈥檚 owner, remains strong, he says, nothing signaled to the board that they needed to make a sudden, drastic change. Change has always been incremental. For example, new programs like the Skip Yowell Future Leadership Academy and the Futurist Project brought in $100,000 in (combined) sponsorship funds.

In January, OIA gathered a task force to discuss funding alternatives鈥攑art of its ongoing efforts to tackle the problem. By March, when it became clear that its members were focused on trying to meet their own basic financial needs, OIA听decided to table the discussion about its own funding model. 鈥淚t鈥檚 hard to talk to people about money when they鈥檙e hurting,鈥� Aangeenbrug said.

Another new, revenue-producing program, the Outdoor Industry Business Certificate, was due to launch in early 2020. OIA now expects it to go live later in 2020, with university partners like Utah State University and Western Colorado University. Still, the annual revenue it would generate is small potatoes compared to the more than $5 million from Outdoor Retailer.

鈥淚t鈥檚 time to have a more transparent conversation with our members about funding,鈥� Hydro Flask鈥檚 Grove said. 鈥淚t鈥檚 very clear that with the cancellation of the summer show, we have to accelerate the way that we request more money from members.鈥�

Shifting to a direct dues model鈥攁 much higher cost for members鈥攊s the only real solution for relieving OIA entirely of its dependency on Outdoor Retailer, says Campbell. But to do that, he said OIA has to be clear on its value proposition: 鈥淵ou have to deliver a lot of value if you鈥檙e going to ask for more money and that鈥檚 the part we continue to wrestle with.鈥�

Shelley Dunbar, co-owner of Neptune Mountaineering and former co-owner of Sea to Summit, says she would much听rather pay a higher OIA membership rate and see OIA put on its own smaller show than pay gobs of money to the for-profit trade show that鈥檚 often unattainable for the smaller brands who make the industry competitive. 鈥淚t鈥檚 the single biggest expense in our marketing budget,鈥� she said.

As Campbell sees it, though, it鈥檚 not an either/or conversation. He believes that while trade shows overall are struggling, OIA鈥檚 cut from Outdoor Retailer will never drop to zero because he has faith in OR. 鈥淲ho knows, they may not even be called trade shows in the future,鈥� Campbell said. 鈥淏ut OR will figure out an economic model that works for them that supports this industry.鈥�

Time to Shine

During crisis, a trade association has the opportunity to be an invaluable resource. OIA was quick to establish a COVID-19 hub, which Grove found invaluable.

Dunbar, however, wishes OIA used this time to refocus on the trade membership. Yes, fighting for public lands is important, she says, but there are other groups that can and should take the lead, like The Conservation Alliance and The Access Fund. Retailers are a subset of the industry that has been underserved, Brodsky and Dunbar say. 鈥淚t would be beneficial for me if OIA enabled retail members to share information like best practices, best software, and point of sale systems, or if they brought back the Retail Benchmarking Report,鈥� Dunbar said.

There鈥檚 also work to do on the diversity front, both internally and externally. OIA knows it has a responsibility to better integrate more BIPOC voices and make JEDI progress across all programs. And to help members do the same, OIA says it will host facilitated sessions this summer with people from diverse backgrounds educating industry leaders.

Once the pandemic crisis settles down, Aangeenbrug says she looks forward听to getting back to moving the outdoor industry forward. She cites the Climate Action Corps, a program launched in January to help companies reduce their greenhouse gas emissions, as one such initiative. And of course, OIA鈥檚 future funding model will be top of mind as the industry moves into an uncertain trade show future.

Whatever the fix, Brodsky wants to see OIA lead and innovate: 鈥淭his is a time when retailers and organizations and members need their association the most.鈥�

This story originally ran in the Summer 2020 issue of The Voice.

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Outdoor Retailer, the largest听outdoor trade show in the country and a cardinal event on the industry’s annual calendar, cancelled its annual Summer Market Thursday as a precautionary measure against the spread of coronavirus. Outdoor Retailer released the following statement:

“Recent developments have made it impossible to effectively execute a June show that delivers the level of connection, discovery, and value our community expects,” reads a letter from Marisa Nicholson on Outdoor Retailer’s home page. “Despite cancelling our in-person summer show, we are committed to keeping us all connected because it鈥檚 with the help of each other that we move forward. As the largest network of outdoor businesses, we are doing everything we can to leverage that for the health of our industry.”

Many in the outdoor industry had anticipated this announcement as cancellations and postponements of other major events piled up over the past month. On March 20, Mountain Hardwear dropped out of the show preemptively, signaling a turn in the community’s view of the event’s potential risks. All together, Emerald, the publicly traded parent company of Outdoor Retailer, has cancelled ten events and postponed 20 since the coronavirus crisis began. The company’s stock has seen a steep decline in the last month and is hovering around two dollars per share today.

Outdoor Retailer says that, despite the cancellation, it is still committed to supporting go-to-market strategy for Spring/Summer 2021; reinforcing buyer/seller networks; offering an ability to discover new brands, products, and retailers; and providing media and marketing opportunities for companies across the outdoor industry to tell stories and drive awareness. No other details are available at this time.

Reactions from Outdoor Industry Association

A statement from Outdoor Industry Association in response to the cancellation reads: “OIA supports the decision made by Emerald Expositions to cancel the Outdoor Retailer show this summer. While we will greatly miss the gathering of our outdoor community, it is the right thing to do for our industry, our partners and our larger community across the world. It is critical that we do our part to slow the spread of the virus and keep everyone as healthy as possible. The outdoor industry is best when we are working together for the greater good, and this moment in time no different. From production of personal protective equipment for health care workers to advocacy of safe and responsible outdoor access, the industry is finding important ways to support the pandemic response.”

国产吃瓜黑料 Business Journal spoke to Lise Aangeengbrug, executive director of Outdoor Industry Association this week in anticipation of this inevitable news. While 70 percent of OIA’s revenue comes from Outdoor Retailer, she said, “The cancellation of one show will not dramatically impact what we鈥檙e able to do as an organization.” Look for a deeper interview with Aangeenbrug next week on OBJ.

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Emerald Holding, Inc., the parent company of Outdoor Retailer and one of the outdoor industry’s largest event organizers, has released some dismaying numbers as the coronavirus crisis continues to rattle the economy and disrupt plans.

Among the group’s most consequential recent announcements was a decision to hold off all events between now and early June. (Outdoor Retailer is scheduled to stage June 23-25.) Twenty events have been postponed so far, the equivalent of an estimated $45 million of revenue, and 10 events have been cancelled altogether, costing the group an estimated $50 million. Emerald holds insurance to protect against event interruptions and is currently pursuing claims to recoup some of the money, the company reports. The stock is currently trading at less than three dollars per share.

鈥淓merald鈥檚 primary focus is on the health and safety of our employees, exhibitors, attendees, and the communities that our events are built to serve,” Brian Field, Emerald’s interim president and CEO, said in a statement. Field noted that “recommendations and mandates provided by various local, state, and federal government agencies” had necessitated the changes, but that the company looks forward to getting back on track.

The big question, of course, is whether the Outdoor Retailer Summer Market, one of the industry’s most influential and well-attended trade shows, will run as scheduled in June in Denver. With event interruptions pushing further into the spring and summer, it seems unlikely that the show will go on. At the moment, however, Emerald maintains that Outdoor Retailer will proceed as planned.

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Outdoor Retailer brings together some of my favorite people in the world, people I am so grateful to call friends and colleagues. I thoroughly enjoy getting together with these fine people of the outdoor and snowsports industry. But the reality is that the thrice-annual OR shows create an enormous carbon footprint and is woefully behind in bringing an industry clamoring for change into the future. It is wasteful of our money, time, and resources, and if there is not a complete overhaul in the format, it will eventually die, and could stunt the growth of struggling brands in the process.

My experience with OR began nine years ago, when I was a marketing department of one. The heritage French outdoor and ski apparel brands I worked for, Millet and Eider, were known and respected within the industry, but failed to break through at the consumer level, largely due to the fact that 70 percent of my marketing budget and time was allocated to attending three national trade shows, leaving insufficient resources to support sell-through. It was incredibly frustrating.

Last week, as news spread of the massive layoffs at Ten鈥攍eaving many of our media friends without jobs and some beloved titles, like Powder, Transworld Snow, and 国产吃瓜黑料 Sports Network in dire straits鈥攖hat frustration with the hyper-inflated cost of OR evolved into anger. We鈥檙e spending thousands of dollars to rent a piece of cheap carpet for our booths, but don鈥檛 have enough budget to support our struggling endemic publications鈥攚ho, it should be noted, still have loyal readers (a.k.a. our customers) but no longer have our advertising dollars.

We are giving millions of dollars to an exhibit corporation that has in mind the best interests of its profits, not the outdoors, while our grassroots organizations, like POW and Conservation Alliance, work tirelessly to preserve our environment and only receive a tiny piece of our budgets. And as my pal, Andrew Gardner of Press Forward PR, pointed out, brands, organizations like the ones mentioned above, and our industry leaders are telling grandiose stories of our sustainability efforts and achievements, while shipping massive, heavy crates and printing large-scale graphics that are trashed three days later. By continuing in this manner, we are being grossly hypocritical.

There was a time where orders were written at OR and the Snow Show. That is rarely the case these days. Regional shows, buying groups, and Grassroots Outdoor Alliance have proven to be more efficient forums for the sell-in. Sure, press coverage received from OR generates welcome buzz and awareness for brands, but any PR professional will tell you that that can easily be achieved through email, press trips, and just about any setting other than the 20-minute meetings we rush through with dazed journalists at our booths. A place to showcase our marketing stories for next season? Marketers can (and ahem鈥o) create more impactful activations at a lower cost outside the confines of the convention center walls.

That leaves the argument that we 鈥渘eed a national show to gather and stay connected,鈥� and I whole-heartedly agree. The bond the people of the outdoor and snowsports industry share is special. That bond is a love and passion for outdoor sports and good times. So why are we traveling long distances and spending a ton of time and money and carbon to crowd inside a convention center? Why don鈥檛 we converge and showcase our new products in the venue they鈥檙e intended for鈥攐utside. Why don鈥檛 we utilize indoor spaces for meeting rooms, seminars, or small-scale displays and then hit the ski resorts, Nordic centers, town parks, bike paths, hiking trails, waterways, and mountains for our bonding rituals and to check out the latest gear?

This, however, will require boldness. To be true to our values and to see progress, we have to move past an antiquated model that doesn鈥檛 serve our needs or a way forward.

Many in the industry have felt hostage to Emerald Expositions events, but with attitudes shifting, it鈥檚 time for OIA and SIA to make some drastic changes and to mine for a more relevant, affordable, and sustainable format. The alternative looks a lot like Interbike.

The views expressed here are solely the author’s, and not a reflection of 国产吃瓜黑料 Business Journal or Campfire-Collective clients or affiliates.听

Maro LaBlance, of Campfire-Collective, is a marketing and PR professional in the outdoor and snowsports industries. She values accountability and good times, in that order, and seeing blatant waste gives her a category-five panic attack.

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