Here are 1-3 brief analogies to describe Columbia Sportswear (COLM):

• Gap or Old Navy for outdoor and activewear.
• The North Face for the general consumer.

• Outerwear: Performance jackets and coats designed for protection against various weather conditions, including rain, snow, and cold.
• Sportswear & Apparel: A wide range of clothing items such as shirts, pants, shorts, and fleeces, suitable for outdoor activities and everyday wear.
• Footwear: Boots, shoes, and sandals engineered for comfort, durability, and performance in diverse outdoor environments.
• Accessories: Functional items like hats, gloves, scarves, and bags that complement their apparel and footwear lines.

Columbia Sportswear (symbol: COLM) primarily sells its products to other companies through its wholesale channel, which accounted for approximately 61.6% of its net sales in fiscal year 2023. The remaining sales are through its Direct-to-Consumer (DTC) channel (stores and e-commerce) to individuals.

Its major customers, therefore, are retail companies. Columbia Sportswear's largest single customer, as explicitly stated in its SEC filings, is:

• DICK'S Sporting Goods, Inc. (symbol: NYSE: DKS)

Other major retail customers that carry Columbia Sportswear products and are highly likely to be significant wholesale partners include, but are not limited to:

• Academy Sports and Outdoors, Inc. (symbol: NASDAQ: ASO)
• Macy's, Inc. (symbol: NYSE: M)
• Kohl's Corporation (symbol: NYSE: KSS)
• Amazon.com, Inc. (symbol: NASDAQ: AMZN)

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The emergence of scalable rental and subscription models for outdoor apparel and equipment poses a clear emerging threat. Similar to how Netflix disrupted Blockbuster's ownership model for movies, a compelling and convenient "access over ownership" model for high-quality outdoor gear could attract consumers, particularly those who use specialized equipment occasionally or wish to try various products without the upfront cost and commitment of purchasing. Such models could erode traditional retail sales volumes for companies like Columbia Sportswear.

Columbia Sportswear Company operates in the outdoor and active lifestyle market, with its main products encompassing apparel, footwear, accessories, and equipment across its brands including Columbia, Sorel, Mountain Hardwear, and prAna. The addressable markets for these key product categories are as follows:

• Outdoor Apparel & Accessories: The global outdoor apparel and accessories market was valued at approximately USD 37.1 billion in 2024. In the U.S., this market segment generated a revenue of about USD 11.1 billion in 2024.

• Activewear (Apparel): The global activewear market size was estimated at USD 406.83 billion in 2024. For the U.S. market, the activewear segment was valued at around USD 135.1 billion in 2024.

• Outdoor Footwear: The global outdoor footwear market size was valued at USD 19.44 billion in 2024. A specific market size for all outdoor footwear in the U.S. for 2024 is not readily available as a standalone figure; however, the U.S. hiking footwear market, a key segment of outdoor footwear, is projected to reach US$8.63 billion by 2033.

Columbia Sportswear (COLM) is expected to drive future revenue growth over the next 2-3 years through several key strategies, including a comprehensive brand revitalization initiative, continuous product innovation, strategic international expansion, and enhanced direct-to-consumer capabilities. The company is also implementing strategic price increases to offset cost pressures.

1. ACCELERATE Growth Strategy and Brand Revitalization: Columbia Sportswear has launched its multi-year "ACCELERATE Growth Strategy" aimed at elevating the Columbia brand and attracting a younger, more active consumer base. This strategy involves refining consumer segmentation, refreshing creative and marketing strategies, and making increased, focused demand creation investments. By enhancing the brand's perception and engaging with a broader demographic, Columbia aims to drive profitable growth.
2. Product Innovation: The company continues to prioritize product innovation, leveraging its proprietary technologies to deliver differentiated and functional products. Key examples include advancements in insulation with Omni-Heat Infinity and the introduction of Omni-Heat Arctic, as well as the expansion of premium product lines such as the Titanium collection and Omni-MAX footwear. These innovations are designed to enhance performance, comfort, and durability, appealing to consumers seeking high-quality outdoor and active lifestyle gear.
3. International Expansion: Columbia Sportswear sees significant growth opportunities in international markets. The company has demonstrated sustained momentum in regions such as Europe, the Middle East, and Africa (EMEA) and Latin America, Asia-Pacific (LAAP), including China. Strategic expansion includes strengthening brand presence in both developed and emerging regions, with plans for new store openings in markets like Spain and Brazil to reach a wider consumer base.
4. Direct-to-Consumer (DTC) and Omni-channel Enhancement: To enhance consumer experiences and marketplace excellence, Columbia Sportswear is investing in its direct-to-consumer business. This includes optimizing its e-commerce platforms, such as Columbia.com, for a seamless online shopping journey, and strategically expanding its brick-and-mortar footprint with new branded stores in high-traffic locations. This digitally-led, omni-channel global distribution approach is expected to improve customer engagement and retention.
5. Strategic Price Increases: In response to ongoing tariff-related pressures and to mitigate higher input costs, Columbia Sportswear is implementing high single-digit U.S. price increases for both its spring and fall collections. While this strategy carries the potential risk of impacting consumer demand, it is expected to contribute to revenue growth and gross margin expansion by offsetting rising operational expenses.

Share Repurchases

• Columbia Sportswear repurchased approximately $165.91 million of common stock in 2021, $286.94 million in 2022, $184.03 million in 2023, and $317.76 million in 2024.
• In April 2022, the Board of Directors approved a $500 million increase to the Company's share repurchase authorization.
• On October 24, 2024, the Board approved a further $600 million increase to the share repurchase authorization, bringing the total authorization to $2.2 billion. At December 31, 2024, $627.6 million remained available under this authorization.

Share Issuance

• Columbia Sportswear's number of shares outstanding has consistently decreased over the past few years, indicating net repurchases rather than issuances, from 66.22 million in 2020 to 56.65 million in 2024, and 54.77 million as of November 2025.

Outbound Investments

• No significant acquisitions or strategic investments by Columbia Sportswear in other companies have been reported within the last 3-5 years.

Capital Expenditures

• Capital expenditures were $28.76 million in 2020, $34.74 million in 2021, $58.47 million in 2022, $54.61 million in 2023, and $59.81 million in 2024.
• For fiscal year 2025, capital expenditures are planned to be in the range of $60 million to $80 million.