Revelyst Outlines Progress on GEAR Up Transformation Plan
02 Fevereiro 2024 - 9:00AM
Business Wire
The leading house of outdoor brands provides an update on the
program designed to drive profitability and growth.
Revelyst, a collective of world-class maker brands that design
and manufacture performance gear and precision technologies, today
announced an update on its GEAR Up transformation initiative.
Revelyst, a segment of Vista Outdoor Inc. (NYSE: VSTO), is in the
process of separating into a standalone public company, with an
expected execution date later this year. As part of this process,
Revelyst is working to unlock its potential by directing resources
to better meet consumer demand, synergizing and prioritizing
strength in supply chain, and doubling down on the equity and
innovation of the company’s industry-leading brands.
Revelyst launched GEAR Up in the fiscal third quarter, quickly
actioning the plan to simplify the company’s business model,
deliver increased efficiency and profitability from that simplified
structure, and reinvest in its highest potential brands to
accelerate growth and transformation. These actions are in motion
and will have an estimated $100 million of realized annual cost
savings by fiscal year 2027. This is in addition to the previously
announced $50 million cost restructuring program, of which $25
million in savings was specifically related to Revelyst, for a
total of $125 million in expected run-rate cost savings.
The company continues to make progress on GEAR Up and is
executing against the previously outlined goals. GEAR Up actions
announced today include:
- Expanding select roles to take on cross-brand scope as the
company identifies synergies across each platform.
- Bringing together teams at dedicated platform locations to
drive the culture necessary to achieve brand goals.
- Eliminating duplicative roles as the platforms
consolidate.
As part of these measures, the company will close offices in
Petaluma, California; Overland Park, Kansas; Eagle, Colorado; and
Madison, Mississippi. Revelyst is consolidating teams across core
locations, including:
- The Adventure Sports platform, led by Jeff McGuane, will
consolidate in Irvine, California.
- The Outdoor Performance platform, led by Jordan Judd, will
consolidate in Bozeman, Montana.
- And the Precision Sports and Technology platform, led by Jon
Watters and Scott Werbelow, will consolidate in San Diego.
“While our business is stable, headwinds exist, and we need to
make changes to grow and meet the financial plans we’ve established
and believe in,” said Eric Nyman, CEO of Revelyst. “Our bold and
decisive actions to unlock the potential for Revelyst have us on
the right path. Previous ways of working need to be challenged and
adjusted to position us to where we aspire to be.
“The decisions to close offices and reduce headcount aren’t
taken lightly, and though they are intended to position us for the
future, we understand that they are difficult in the immediate,”
Nyman continued. “I have incredible confidence in our ability to
transition through this and gain strength because of it. GEAR Up is
an integral component for transforming Revelyst into the world’s
No. 1 house of brands.”
Platform Overview
- Precision Sports and Technology: Foresight Sports and
Bushnell Golf
- Adventure Sports: Fox Racing, Bell Helmets, Giro Sport
Design, CamelBak, QuietKat Electric Bikes, Blackburn and more.
- Outdoor Performance: Simms Fishing Products, Bushnell,
Blackhawk, Stone Glacier, Camp Chef, Primos and more.
About Revelyst
Revelyst, a segment of Vista Outdoor Inc. (NYSE: VSTO), is a
collective of world-class maker brands that design and manufacture
performance gear and precision technologies. Our category-defining
brands leverage meticulous craftsmanship and cross-collaboration to
pursue new innovations that redefine what is humanly possible in
the outdoors. Portfolio brands include Foresight Sports, Bushnell
Golf, Fox, Bell, Giro, CamelBak, Bushnell, Simms Fishing and more.
For more information, visit our website at www.revelyst.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240202722698/en/
Media Contact: Eric Smith Phone: 720-772-0877 Email:
media.relations@vistaoutdoor.com
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