Rapala as an investment
Strategy
The Group's strategic vision is to be a focused global leader in recreational fishing lures, hooks and tackle based on the Group's brands and innovations, while providing great experiences for anglers around the world.
The updated "Together. One More Turn" strategy for 2024-2026 was launched in the fall of 2023 with the clear objective of improving profitability and working capital management while emphasizing the importance of sales, customers and consumers. In addition, product and category management, operational agility and employee training remain high priorities. To support the implementation and execution of the "Together. One More Turn" strategy, the Group launched the "Restore Success" project, which focuses on six key measures to ensure the successful implementation of the business turnaround. These measures will focus on profitability and working capital management, as well as supporting sustainable top-line growth.
Strategy period 2024-2026
The basic elements of the updated strategy plan 2024-2026 have not changed from the previous One Rapala VMC strategy. The six areas are all interrelated and common to all business units:
Team / Culture – The first strategic area is based on the idea that all the company's business units strive to operate as a single, strong and successful entity. This enables a cohesive, collaborative, dynamic and growth-oriented culture. During the year, new changes were made to the management team to ensure that the team and culture remain at the forefront of our strategy. With a simplified organizational structure and an agile management model, the Group is better prepared for normalized market conditions to continue to deliver on its strong strategy.
Sustainability – Together we will fight to ensure that future generations have the opportunity to enjoy sustainable fishing and outdoor recreation. We want to be a leader in our industry and demand concrete, responsible action from all our team members to ensure that we create sustainable, long-term change. Our sustainability efforts have made steady progress across all major product categories.
Consumer – Focusing on the end-user is an important part of the strategy. Our goal is to lead the market and bring the latest trends to the fishing tackle market by offering innovative and exciting products. The Group will continue to invest in its e-commerce business to provide the best possible customer experience for an ever-growing group of digitally aware consumers. The new e-commerce platform underscores the company's goal of interacting more directly with consumers.
Customer – Key customer relationships and local market leadership are essential, as is a deep understanding of customers and markets and continued investment in all sales channels. The Group has invested in world-class customer service. A new multilingual B2B platform was launched during the year.
Product Development / Innovation - The Research & Development and Product Development & Innovation units continue to strengthen the Group's position as a competitive advantage in a market where anglers around the world are demanding new innovations for better catches. This enables us to meet the needs of our customers and consumers on a global scale.
Operations / Finance – The Group continues to invest in its operations to achieve operational excellence and improve working capital efficiency.
