Salomon Sportstyle — the division responsible for the outdoor brand’s fashion-forward adaptations of its trail running footwear and apparel — generated over $165 million in sales for the nine months ended September 30, 2023, up from $80 million in 2022, according to parent-company Amer Sports’ US IPO registration published Thursday.
The Sportstyle division is now the fastest growing segment of the Salomon businesses, which began in 1947 as a family-owned manufacturer of ski equipment in the French Alps, the filing said.
Overall, Salomon posted revenue of over $1 billion in 2022, up from $961.2 million the previous year.
Salomon’s booming Sportstyle sales are predicated on the soaring popularity of its XT-6 sneaker line, originally built for trail and ultra-marathon running. Over the last two years, XT-6 sneakers — which carry the same technology as the original trail running shoes, and are enhanced in fashion-forward colourways — have become a hit among the streetwear community and mainstream consumers, whilst also driving sales on the secondary market and landing several celebrity placements. In 2023, Salomon was the second-fastest growing brand on resale platform StockX, with trades up 202 percent year-on-year.
The Sportstyle division has also become one of the fashion industry’s most prolific collaborators in recent years, releasing co-designed products with brands such as Maison Margiela, Sandy Liang and Palace. The company’s evolution from a niche outdoor equipment manufacturer into a fully-fledged fashion brand was crowned when Rihanna wore MM6 Maison Margiela X Salomon Cross Low sneakers during her Super Bowl halftime show performance in February 2022.
In addition to Salomon, Amer Sports holds a roster of sports and outdoor brands, including Arc’teryx and tennis and basketball equipment company Wilson. A successful debut will propel ambitions to increase revenue at each of these three businesses to over €1 billion ($1.1 billion) annually — Arc’teryx recorded sales of $952.6 million in 2022, according to Amer Sports’ IPO registration. The company did not break out annual results for Wilson, but the company saw sales of $866.3 million in the first nine months of 2023, according to the filing. Amer Sports is aiming to grow its total annual revenue to €5 billion. The company generated $3.5 billion in 2022.
The Finnish holding company was acquired in late 2018 for $5.2 billion by a consortium of buyers led by Anta Sports, China’s largest sportswear company. Its owners also include Tencent, private equity firm Fountain Vest Partners and Lululemon founder Chip Wilson. Wilson has been nominated to sit on the company’s board following the IPO, the filing showed.
While Amer Sports’ filing did not disclose the price and size of its upcoming initial public offering, Bloomberg reported in September the group aims to raise up to $3 billion at a $10 billion valuation.
