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+1.85%
Retail: 126
+5.07
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Mon, Aug 28, 2017
Vol 1, Issue No. 33
PRESENTING SPONSORS
Monday, February 12, 2018
Volume 2, Issue No. 06

U.K. Retail Giant Bets Big on Soccer

Photo by Kolforn (Wikimedia) [CC BY-SA 4.0 or Attribution], via Wikimedia Commons

Sports Direct, the British retailer headed by billionaire Mike Ashley, which last year acquired Bob’s Stores and Eastern Mountain Sports, has become the largest shareholder in Goals Soccer Centres with an 18.9 percent stake. Goals Soccer Centres, which filed an IPO in December 2004, operates 46 soccer centers throughout the United Kingdom and three in California after its Saturday opening of a $5 million facility in Rancho Cucamonga.

Goals, which entered the U.S, market in 2010 with a venue south of Los Angeles, struck a 50-50 joint venture with City Football Group, a four-year-old holding company controlled by Abu Dhabi United Group and Chinese partners China Media Capital and CITIC Capital, late last July with a $16 million initial investment. CFG, the owner of  Manchester City FC of the Premier League, New York City FC of Major League Soccer and Melbourne City in Australia, granted a license for the use of its brands to promote the North American JV.

Last week, Goals Chairman Nick Basing resigned to focus his attention on the CFG JV that is expected to “increase strategic emphasis on the development of its North American business and international prospects” in the months ahead. Thus far, none of the California soccer centers feature a retail component, including in Pomona where a 10-pitch facility hosts men’s, women’s, co-ed and children’s soccer leagues. But that could be where Ashley and Sports Direct become involved as the soccer venue concepts expands in the Golden State and beyond.

“We have an ambitious vision in North America to grow the sport (soccer), including our joint venture with Goals, ownership of New York City FC in MLS and many other initiatives,” Ferran Soriano, CEO of CFG said last summer.

U.S. soccer participation could use a spark. Between 2010 and 2015, the number of outdoor soccer players declined 9 percent as the number of indoor participants shrunk 2 percent during the same period, according to U.S. Trends in Team Sports 2016 published by the Sports & Fitness Industry Association.

Back in the U.K., Goals Soccer Centres new Chairman will be Andrew Anson, a former commercial director for Manchester United and senior Walt Disney executive. Also as CEO, he previously led Kitbag Ltd., an e-commerce focused, multi-channel sports retail business that was sold to Fanatics Inc.

In a separate unrelated development in soccer, the U.S. Soccer Federation elected Carlos Cordeiro, the organization’s VP for the last two years, as its new president on the third ballot. Runner-ups in the Feb. 10 vote were former men’s national team player Eric Wynalda and former U.S. women’s goalkeeper Hope Solo.

Puma Plans for More Positive Growth in FY18

The Cat, set to become a public company with an approximate 55-percent free float of shares with two ongoing strong stakeholders in Kering (16%) and Artemis (29%), is projecting 10 percent constant currency sales growth and pre-tax earnings growth of 25-33 percent in FY18.

The outlook comes after another strong year for Puma, which has experienced nearly 40 percent topline growth since implementing a turnaround strategy in 2014. Annual global revenues surpassed the 4 billion euro ($5.07 billion) mark for the first time, fueled by more than 20 percent reported growth in footwear to more than $2.4 billion and 8 percent reported expansion in apparel to $1.77 billion. Including ecommerce, Puma’s own and operated retail sales rose nearly 23 percent last year to $1.18 billion to represent 23.2 percent of overall revenues versus 21.9 percent in FY16.

In the Americas specifically, the company experienced double-digit growth in both North and Latin America. Americas’ revenues jumped 11.6 percent in euros to the equivalent of $1.83 billion.

Footwear Insight
New Balance Declares Independence; Skechers’ New Fuel

Days before more than a dozen Olympians were slated to participate in the New Balance Indoor Grand Prix to start the 2018 USATF Championship Series, the company rolled out its latest global brand platform. The effort taps into both New Balance’s heritage and non-conventional values. NB’s “Fearlessly Independent Since 1906” campaign, created by VML, showcases seven brand ambassadors by showcasing the individual athlete’s independent styles, determination and personas. The group includes baseball player Francisco Lindor, soccer’s Rose Lavelle, lacrosse player Paul Rabil and middle distance runner Brenda Martinez (fotos on server).

Meanwhile, at Skechers, international, both wholesale and retail distribution, is the biggest growth opportunity for the casual footwear behemoth, which ended FY17 with nearly 17 percent topline growth to $4.16 billion. Total international wholesale revenues rose more than 24 percent for the year. In the fourth quarter, distributors in Australia, New Zealand, the Philippines, Russia and Turkey each posted double-digit growth and total joint venture sales grew nearly 59 percent with the highest dollar gains in China, South Korea and the United Kingdom. At year-end, there were more than 19,000 Skechers branded stores owned and operated by distribution partners, joint ventures and an expanding network of franchisees. More than 1,900 third-party stores at year-end are forecast to grow by 500-525 in FY18, the company reported. Skechers already owns and operates ecommerce sites already in China, Germany, the U.K., Spain and Canada.

In China, where FY17 ended with 796 free-standing Skechers’ stores, nearly 2,500 points-of-sale and double-digit ecommerce growth in the fourth quarter, the company shipped 17 million pairs for the full year. The company is in the design-phase for a new distribution center in China scheduled to break ground later this year.

apparel Insight
Columbia Will Invest in All Brands

Armed with a year’s worth of analysis from its Project Connect initiative and new senior executives at three of its brands, Columbia Sportswear intends to redeploy some cost savings from the program across its portfolio this year as it also realizes some gross margin and expense improvements.   “When I look across the landscape of publicly held companies in our business, the ad rate runs from 13%, 10%, 12% of sales,” CEO Tim Boyle told analysts last week. “I don’t think we need to spend that much. But we need to spend more, and we need to spend it more efficiently,” he added. Earlier, he estimated COLM’s demand creation budget before CONNECT contributions at 5 percent of revenues, consistent with the FY17 spend.   In FY17, Columbia’s U.S. sales inched 1 percent higher to $1.52 billion. By brand, Columbia sales grew 4 percent to $1.99 billion; Sorel, up 7 percent to $228.8 million; prAna gained 1 percent to $140.9 million and Mountain Hardwear revenues dipped 2 percent to $101.6 million. The company’s global footwear sales jumped 5 percent to $538.1 million.

Elsewhere,
Canada Goose, during the peak holiday selling season, realized 83 percent growth in DTC sales to C$131.6 million as third quarter wholesale revenues dipped 2 percent to C$134.2 million. The company has named Jonathan Sinclair, currently a senior executive with Jimmy Choo, as its next CFO/EVP following the retirement of John Black later this year.

L.L.Bean updates its return policy, replacing its lifetime product replacement program with a one-year guarantee with proof of purchase. If a product older than a year proves defective, Bean promises to work with a customer to “reach a fair solution.”

Delta Apparel realized 12 percent growth from its Salt Life brand and a 28 percent gain, driven by military sales, from its Soffe brand in its first quarter. Soffe has opened its fourth retail location in Jacksonville, North Carolina.

NPD reports that 29 percent of online apparel buyers purchased outerwear online during the 12 months ended November 29, 2017, up 200 basis points year-over-year, with the average spent rising 3 percent y-o-y to $178. The North Face (8%), Columbia (6%) and Patagonia (3%) were the top ecommerce outerwear brands. Labels with a foundation in catalog also performed favorably with the average annual online spend on outerwear from Lands’ End and L.L.Bean rising 10 and 2 percent, respectively, last year. 

5.11 opened its 29th U.S. store on February 10 in Carle Place, NY.

The Buzz

Gill Marine, whose technical sailing wear dates back to 1975, has acquired its independent North American distributor for an undisclosed sum. The emerging entity is projecting $28.1 million in 2018 revenues with the U.S. accounting for approximately one-third. The emerging entity will offer U.S. consumers extended product lines, an integrated digital platform and an existing regional staff of 15 that will continue to be led by David Pritchard, SVP of Gill North America. Gill, whose 2017 revenues grew 15 percent, intends to strengthen its position in the marine apparel and accessories market worldwide this year under owned YFM Equity Partners, which acquired the Nottingham, England company from Founder Nick Gill in late 2013. Gill remains a non-executive director at the firm, which currently distributes its race, performance and active ranges in more than 40 countries. [fotos on server]

Grassroots Connect, a four-day national buying shoe for independent specialty retailers, hosted by the Grassroots Outdoor Alliance, returns to Knoxville, Tennessee from June 14-17. Show organizers pre-book more than 6,000 retailer-vendor appointments for the event.

Tubes of the Week

Shawn McBride
Ketchum Sports & Entertainment EVP talks Olympics—impact of three consecutive Games in Asia, social media, corporate guerilla marketing and drawing in younger consumers.

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Numbers In Play
The Sports Insight Index is our opinion of what we think are the 30 most important public companies in the industry, 15 vendors and 15 retailers. Space considerations prevent us from tracking more, but we will make changes over time.
Index base of 100 is key to the closing prices of 12/31/14
Retail
The segment survived a topsy-turvy week on Wall Street where the Dow declined 5.6 percent over four days ending February 8 despite being within eight points of its Monday opening only a day earlier. Four of 15 entrants, surprisingly, were able to post gains for the period. Sports Direct became the largest shareholder in publicly traded Goals Soccer Centres, which now has three locations in Southern California. Foot Locker sees Wedbush opine that it should benefit this year from Nike’s more favorable outlook, including the February 22 launch of React in running. Meanwhile, Kohl’s, according to some circles, should benefit from Bon-Ton’s bankruptcy and door closures. Macy’s is introducing in-store pop-ups called “The Market@Macy’s” to give added exposure to some brands and an element of customer discovery to its doors. Concept begin in 10 markets, including New York and Boston. Tilly’s lands a “Buy” rating and $17 target price from B. Riley. Walmart will reportedly be pushing higher-margin, higher-priced goods online.
Brands
Only three stocks are able to stay positive during the tumultuous week on Wall Street as the Segment Index slides back more than 3 percent for the period. Adidas prepares the rollout of the second signature basketball collection from James Harden (Harden Vol. 2) with three $140 retail styles debuting February 16 on NBA All-Star Weekend. Amer Sports reported a 12 percent increase in outdoor apparel sales in 2017, driven by Arc’teryx, to the equivalent of $588.0 million. Finnish company’s outdoor footwear sales rose 3 percent in local currencies to the equivalent of $614.5 million. Callaway, whose annual revenues topped $1 billion in FY17 for the first time since 2008, realized a 27 percent increase in annual U.S. sales to $566.4 million that included contributions from OGIO and TravisMathew. Lululemon’s next CEO, following the abrupt departure of Laurent Potdevin last week, may be former Ralph Lauren CEO Stefan Larsson, according to Canaccord Genuity. Gone from RL since last February, Larsson is locked into a non-compete until May. For now, LULU is being led by a trio of senior executives. Skechers sees international as the brand’s biggest growth opportunity. International revenues rose 24 percent in FY17 to $338.7 million. Company shipped 17 million pairs in China last year. Market ended 2017 with 796 Skechers’ stores. Wolverine Worldwide, which has pledged a reported $40 million to assist with the clean-up of contaminated water wells in West Michigan, is forecasting underlying mid-single-digit revenue growth in FY18 and a 12 percent adjusted operating margin. Revenue estimate includes ecommerce growth of at least 20 percent a low-single-digit increase in U.S. wholesale. Also, will make $40-45 million in product innovation, speed and demand creation investments this year.

RETAIL: 59

39.36%

BRANDS: 119

18.55%

Retail Name (Ticker Symbol)
Close on 01/25/17
Close on 02/01/18
% change over week
Big 5 Sporting Goods (BGFV)
BGFV
$5.75
$5.65
-1.74%
Sports Direct (LON: SPD)
SPD
$531.96
$501.77
-5.68%
Camping World (CWH)
CWH
$44.79
$40.77
-8.98%
Dick's Sporting Goods (DKS)
DKS
$31.38
$31.50
+0.38%
Finish Line (FINL)
FINL
$11.17
$10.39
-6.98%
Foot Locker (FL)
FL
$49.21
$45.88
-6.77%
Genesco (GCO)
GCO
$34.30
$34.15
-0.44%
Hibbett Sports (HIBB)
HIBB
$22.80
$24.40
+7.02%
Kohl’s (KSS)
KSS
$65.11
$60.34
-7.33%
Macy’s (M)
M
$25.62
$24.00
-6.32%
Sportsman’s Warehouse (SPWH)
SPWH
$4.91
$5.00
+1.83%
Shoe Carnival (SCVL)
SCVL
$22.46
$22.80
+1.51%
Tilly’s (TLYS)
TLYS
$14.51
$13.39
-7.72%
Walmart (WMT)
WMT
$105.52
$100.02
-5.21%
Zumiez (ZUMZ)
ZUMZ
$20.85
$20.05
-3.84%
TOTAL
ZUMZ
$990.34
$940.11
-5.07%
Brand Name (Ticker Symbol)
Close on 01/25/17
Close on 02/01/18
% change over week
Acushnet Holdings (GOLF)
GOLF
$21.35
$20.36
-4.64%
adidas (ADDYY)
ADDYY
$114.73
$109.24
-4.79%
Amer Sports (AGPDY)
AGPDY
$28.25
$27.66
-2.09%
Callaway (ELY)
ELY
$14.90
$15.12
+1.48%
Columbia Sportwear (COLM)
COLM
$75.88
$73.30
-3.40%
Deckers Brands (DECK)
DECK
$87.22
$90.68
+3.97%
Fitbit (FIT)
FIT
$5.20
$5.10
-1.92%
GoPro (GPRO)
GPRO
$5.50
$5.58
+1.45%
lululemon (LULU)
LULU
$78.81
$76.67
-2.72%
Nautilus (NLS)
NLS
$12.82
$12.00
-6.40%
Nike (NKE)
NKE
$67.65
$62.49
-7.63%
Skechers (SKX)
SKX
$40.95
$38.18
-6.76%
Under Armour (UA)
UA
$12.70
$11.95
-5.91%
VF Corp. (VFC)
VFC
$80.62
$78.75
-2.32%
Wolverine Worldwide (WWW)
WWW
$33.13
$30.64
-7.52%
TOTAL
ZUMZ
$679.71
$657.72
-3.24%

Sports Insight Extra Podcast Series

Nikki Barua

The old way of retail is dead, and there is a massive opportunity to re-invent, proclaims the CEO of Beyond Curious in Los Angeles.

Matt O’Toole

President of Reebok dishes on the brand’s mission and objectives from its headquarters in Boston.

Gabriella Santaniello

Retail expert dishes on what’s going right and wrong in industry today and weighs in on the Walmart vs. Amazon tussle.

Guy Yehiav

The CEO of Profitect addresses the right medicine for changing the paradigm of accountability—prescriptive analytics.

Pat Ryan

Batter Up! The global product director for baseball/softball at Wilson Sports details the new USA Baseball standard that took effect January 1 and what it means when you hit the store this spring looking for a new stick for junior.

Patrick Clark

President of Nextwave, a Buford, GA system integrator, discusses benefits of an on-demand apparel microfactory, a bridge to Just In Time manufacturing, from Sourcing at MAGIC in Las Vegas.

Shawn McBride

Ketchum Sports & Entertainment EVP talks Olympics—impact of three consecutive Games in Asia, social media, corporate guerilla marketing and drawing in younger consumers.

Tyson McGuffin

Tennis pro Tyson McGuffin, 28, talks about the rising popularity of pickleball and how he became a champion in the sport.

Bob Mullaney

The 20-year shoe and retail industry veteran, recently named president and CEO of RG Brands, dishes on the comfort footwear business and Barry’s iconic Dearfoams brand.

Bob Smith

The design consultant who began his 20-year career as a graphic artist for Nike dishes on the blur between lifestyle and performance and the importance of Struktur, the creative conference for active, outdoor and urban design.

Rob & Mike Barnes

The co-founders of Selkirk Sports, a Hayden, ID maker of Pickleball paddles and accessories, dish on the rise of the sport that counted 2.5 million participants in 2015.

Brendan Candon

CEO of SidelineSwap, an online marketplace for used sports gear and equipment, dishes on the market and whether it steps on the toes of traditional, full-line retailers.

Dave McGillivray

The long-time race director and long-distance runner weighs in on marathon participation, the future of event marketing and his latest venture that may bring a marathon to a MLB ballpark near you.

Paul Froio

Reebok’s VP of U.S. Retail and Direct-to-Consumer channels talks about the company’s new South Boston headquarters and adjacent global flagship store.

Aquiles M. Bermùdez P.

The former president of the Dominican Association of Free Zone Companies and current member of the National Commission of Footwear addresses the industry, Dominican Republic’s infrastructure and Footwear Technology Institute.

W. Andrew Martin

The managing director for Baird in Charlotte, NC discusses the M&A climate, consumer loyalty to brands today and the impact of private label.

Mark Sullivan

The president of Formula4Media, LLC previews The Running Event conference and trade show set for November 28-December 1 in Austin, Texas.

Bryan Smeltzer

The general manager of Zamst Americas talks sports protectives, dispelling some of the consumer and athlete misconceptions about the category.

Emily Walzer

Formula4Media colleagues Emily Walzer, Textile Insight editor, Jennifer Beaudry-Ernst, footwear specialist, and contributor Kurt Gray, owner of SimplyGrayDesign, dish on key trends from the final Outdoor Retailer trade show in Salt Lake City.

Judith A. Russell

Shifting consumer purchasing patterns are vital to understanding today’s marketplace. Russell, a marketing and strategic planning professional, offered up her thoughts at TexWorld in New York on a panel with Sports Insight Extra’s Bob McGee.

Will Decker

Family-owned Silicon Valley firm Plug and Play, which dubs itself the “Ultimate Startup Ecosystem,” has raised over $6 billion in venture funding during its 11 years while bringing corporations, venture capitalists and start-ups together.

Matthew Lyon

In the fragmented hydration market, where price points for performance products are on the rise, HydraPak is an OE supplier to numerous brands and has its own lightweight, flexible products.

Eric Hayes

Superfeet Celebrates 40th Anniversary. The employee-owned company introduces footwear and rolls out a 3D printed insole program.

Shawn Neville

BOA introduces New Tech and Names New CEO. Nothing will constrict Boa Technology CEO Shawn Neville from helping the Denver company improve its customized fit solution.

Waingarten and Frydlewski

No strings attached. The married Argentinean couple has raised nearly $20 million for Hickies, a Brooklyn company addressing how athletic shoes are closed around the foot two eyelets at a time.

Michelle Carmichael

The Co-founder and Managing Partner of Partners Growth, which brings premium brands into the U.S. market, talks Finnish children’s wear brand Reima. 

Brian Beckstead

Six-year old Altra is teaming with Utah State University to develop outdoor design talent.

Declan Condron

Let's Go Hyperwear: Former Equinox personal trainer merges the innovative, functional fitness gear from Austin, TX company with programming for schools, camps and institutions.

Hugues Gontier

Sly and Simple. BlueFox.io and its technology enable a retailer to interact with customers in store and track traffic. No beacon required. The CMO explains the benefits of the platform.

Reza Raji

The CEO of Xenio Systems talks about the company’s new platform that tracks where shoppers spend time in physical stores and its patented hyper-positioning technology.

Jacob Torres Espino

The director of export promotion for Mexico’s Guanajuato State government agency addresses the proposed impact of the Border Adjustment Tax by the U.S. and the possibility of a renegotiated NAFTA free trade agreement.

Isabelle Ohnemus

The founder and CEO of EyeFitU, a former investment banker, talks ‘glocal’ assortments, shoppers’ personal sizing and global web payment options.

Tom Cove #2

The president and CEO of the SFIA addresses the most serious threat the industry has faced in the past half-century and the expected re-introduction of the PHIT Act by Congress.

Matteo Scarparo

The Italian global trade expert in footwear talks about the present and future of TheMicam trade show and the potential impact of a Border Adjustment Tax in the U.S. on imported shoes.

Dr. James Eakin

Dr. James Eakin, chief marketing officer and director of U.S. operations for Xenoma, discusses the Japan company’s e-skin shirt and entire wearable category.

Rusty Saunders

Industry senior statesman Rusty Saunders dishes on industry leadership, pressing issues and the inactivity pandemic.

Barbara Barclay

Expert Barbara Barclay, president of RightEye, talks eye-tracking technology and her company’s recent alliance with Major League Baseball and USA Baseball.

Julie Sylvester

Julie Sylvester, Executive Producer at Living in Digital Times, talks trends likely to emerge at Sports and FitnessTech Summit at CES in Las Vegas.

Chris Palmer

Chris Palmer, Founder and CEO of BoxFox, talks excess inventory and solutions for vendors, retailers and distributors.

Susie McCabe

Susie McCabe, SVP of global retail for Under Armour who previously spent 16 years at The Ralph Lauren Corp., dishes on UA’s retail strategy and new Brand House in Boston.

Tom Cove

On the eve of Election Day, we talk to three leading industry lobbyists on how the results may impact trade in the sporting goods, outdoor and apparel and footwear industries.

Rich Harper

On the eve of Election Day, we talk to three leading industry lobbyists on how the results may impact trade in the sporting goods, outdoor and apparel and footwear industries.

Stephen Lamar

On the eve of Election Day, we talk to three leading industry lobbyists on how the results may impact trade in the sporting goods, outdoor and apparel and footwear industries.

Bill McInnis

The president of Reebok Future discusses the intent of the unit and the brand’s plans to develop footwear in a new way.

Tom Fowler

Polar USA CEO Tom Fowler talks technology and the future of smart wearables.

Paul Schille

TREW CEO Paul Schille dishes on the eight-year old company in the process of completing its Series A round of funding and his dual career.

Jason Kaplan

Milestone Sports CEO Jason Kaplan dishes on the company’s low-cost, wearable pod and how it will help specialty retailers connect.

Duncan Finigan

OOFOS marketing executive talks about the recovery footwear brand and candidly about her courageous personal health journey.

Matt Priest

Footwear Distributors and Retailers of America President Matt Priest the likelihood of the Trans-Pacific Partnership being passed soon.

David and Josh Higgins

ING Source executives dish about compression technology and the Hickory, NC company’s breakthrough OS1st Brace Layer System.

Charles Liberge

Jones & Vining’s Charles Liberge addresses strategies and directions for the iconic brand.

Jim Baugh

PHIT America’s Jim Baugh dishes on the inactivity pandemic.

Sue Dooley and John Daher

Rockport Group senior executives talk about the brand’s fresh start under new ownership that has a major emphasis on versatility.

Josh Shaw

Mission Athletecare CEO Josh Shaw says thermoregulation is the New York company’s singular focus.

Tim Porth

Tim Porth of Octane Fitness talks trends, Zero Runner and the company’s January acquisition by Nautilus Inc.

David Costello

The principal and founder of Rising Tide Associates talks about industry advocate lobbying for the domestic textile and footwear industries.

Steven D’Angelo

The ‘47 brand executive dishes on the Boston company and long-time MLB licensee founded by his father Arthur and his late Uncle Henry.

Pam Gelsomini and CB Tuite

Pam Gelsomini, president, and CB Tuite, VP–sales, discuss the company’s products, partnerships and what’s new for the season ahead.

Kenneth G. Andres

The tradeshowdirector for the American Sportfishing Association casts comments on the activity’s popularity, and trends in fishing.

Dick Sullivan

The principal and founder of Rising Tide Associates talks about industry advocate lobbying for the domestic textile.

Dave Coradini

The VP of sales and sponsorships for Spalding, Dave Coradini talks Shot Tracker and basketball.

Scott McGuire

The executive brand and product innovation leader dishes to F4M’s Emily Walzer on an array of topics.

Kelly Davis

Snow Sports Industries of America’s Kelly Davis talks weather, participation trends and how to handle the psyche.

Kevin Davis

The CEO of Performance Sports Group dishes on new bat standards and Own the Moment.

Gene McCarthy, Pt 2

Gene McCarthy, president of Asics America, speaks to Jen Ernst Beaudry on specialty run and more in the second part of the podcast.

Gene McCarthy, Pt 1

Gene McCarthy, new president of Asics Americas, dishes to F4M’s Jen Ernst Beaudry in the first of a two-part podcast.

Richie Woodworth

Saucony’s Richie Woodworth offers his views on brand’s running business and what it takes to manage through change.

Bruce Cazenave

Bruce Cazenave, CEO of Nautilus Inc., recently ranked 23rd on Fortune’s “Fastest Growing Companies” list.

Tony Armand

Armand is leading USB, created after the April merger of Shock Doctor and McDavid.

Gary Smith

Gary Smith has been at the helm of the Lawrence, MA firm for three years, and his 2016 strategies will broaden Polartec’s scope.

Marty Hanaka

City Sports CEO Marty Hanaka has 42 years in retail, starting at Sears in 1973.

Mike Dowse

Wilson Sporting Goods, one year removed from its 100th anniversary and a major restructuring, has a renewed focus and strategy.