Returning CEO: Angling needs an improved business model to manage inventory

A new Westin fishing rod series and a product that could open up an opportunity in the US. Those are among the highlights of 2024 revealed by Hans Maasbøl, CEO of Fairpoint Outdoors, the owner of the Westin and Kinetic brands. In his first major interview since his return to the industry earlier this year, he also outlines how tackle suppliers and retailers could strike up a closer relationship to overcome the challenges of a changing market.

How have you enjoyed the first few months of your return to the fishing industry? What have been the highlights?
It has been an absolute pleasure meeting the fishing industry again after a two-year break. There has been a lot ‘hello agains’ to well-known faces and hellos for the first time to many new colleagues at Fairpoint Outdoors. It has been a very smooth transition, reconnecting with partners and colleagues from other companies in the industry. It has been like meeting family relatives who you haven’t seen for a while and clicking with from the first minute of meeting again. The highlight was our big sales meeting in late August, having all colleagues from Europe and US together for four fantastic days in our Denmark headquarters. All in all, it was a gathering of more than 80 passionate Fairpoint Outdoors colleagues. What an experience! At the same time there was the grand opening of our new cool, enlarged and refurbished 700sqm showroom, showcasing and presenting the two Westin and Kinetic brands in the best way. During September and October the showroom has been full of passionate partners from up to six different nationalities per day.

Has the industry changed? If so, how?
The industry has not changed dramatically – however the world has and change management has been a vital part of the overall agenda since 2020 for everybody in the industry. The big topic has been increased interest rates, which has taught us all that it costs money to borrow money, and money tied up in too much inventory is not healthy, neither on the brand or the retail side. Reflecting on this, I think finding the right business model here is key to future success for both retailers and brand owners. This opens up the possibility of closer cooperation between the brand owner and retailer, a new move we at Fairpoint Outdoors welcome.

What attracted you to Fairpoint?
I was attracted by the portfolio of Westin and Kinetic, two brands that I always have respected for the way they have been positioned. Furthermore I like its strong management with a highly skilled organisation to execute the strong momentum of the brands. I was also attracted by the fact that an updated strategy was needed, as both brands have developed fast over the last two to three years during which new markets have been established. Finally, I was attracted by the opportunity to work once again with passionate end consumers, partners and colleagues as this industry has the highest degree of passion I have experienced.

What have been your immediate priorities at the company?
To establish and develop a strong strategy for the company, together with the Executive Management Group and the Board of Directors, a strategy that reflects a good proportion of passion and healthy business, taking the pivot point in brands and their engagement with end consumers.

What are your long term aims for Fairpoint and its brands?
Fairpoint’s aim is to become a Home of Passion. Fairpoint loves a good plan as much as we love a new and innovative product. Furthermore,we strive to become the one company anglers and partners talk about. This is not about being the biggest company in revenue. It’s about delivering a Home of Passion. Together with this we will strive to drive healthy results via data driven facts with a hint of ‘gut’ feelings.

How have Westin and Kinetic performed this year so far? What have been the highlights?
Both Westin and Kinetic have performed very positively with good growth rates across many markets. We see especially the Westin brand take up more and more categories as a preferred brand in many markets, a sign of strong relevance to our partners as well as anglers. We are excited about the launch of the new W8 series of rods which are due for launch next month. The groundbreaking Westin Explore Cam has been a great success and has opened up the opportunity to take the category into the US – we started selling them over there last month. The camera has surprised a lot of our customers at just how small it is, opening up a wider range of fishing disciplines where the fit is perfect.

What are the particular challenges facing the tackle industry currently?
As mentioned earlier the ability to handle the ever-changing period we are in, is key to success. Furthermore, the constant challenge to make it more exciting to engage and motivate passionate anglers both on the brand side as well in the retail/e-commerce space. Lastly the need to attract more new anglers across all fishing disciplines.

Are you optimistic about the future?
I am in general optimistic in my approach to the future, and here at Fairpoint Outdoors I am very positive. Fairpoint has a solid foundation and is built for future growth. We are currently finishing the strategy for the coming years, built on a very strong culture and the know-how of highly skilled colleagues. We believe in teamwork, supported by facts and figures to ensure we take the right decisions.