I am a big outdoors/adventure type person and I like Macpac, their stores are smaller than Kathmandu, Anaconda and Mountain designs but the price vs quality is good and they don't carry a lot of the low quality weekend-camper type stuff, it's aimed at the mid-range adventure market. I've bought several things from them before.
Unfortunately for SUL the market in this segment is fairly saturated, there are the three I mentioned above plus several other big names, Paddy Pallin etc. I was a bit leery of the acquisition, particularly as SUL is more used to bigger stores with bulk sales as opposed to a business like Macpac which needs to focus on service as a point of difference. If you want a huge range of cheap stuff you go to Anaconda, you go to Macpac if you want quality gear from someone who can advise you on it.
So it may not be the best cultural fit for SUL. But the result is almost certainly significantly affected by the lockdowns in Vic and NZ (two big markets for cold weather gear) plus the mild winter and the fact that nobody is going overseas - all my Macpac buys have been for overseas trips.
And despite all that it's not losing money, its just not generating as much value as the others.
SUL Price at posting:
$11.59 Sentiment: None Disclosure: Held
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