Jim Weber speaks in CBS Money Watch

Jim Weber, the CEO of Brooks spoke to Rebecca Jarvis in CBS Money Watch recently.

Brooks was essentially bankrupt at one point of time. It was a failing business, with 4 CEOs in 2 years, and we were carrying all kinds of shoes ranging from basketball to court to family footwear. Brooks was once a traditional athletic footwear company, until we had a strong conviction to change. That conviction drove Brooks to play a different game – a game in which we could win.

The decision was made to move to running shoes. The new competitive strategy focused on technical performance footwear, which is something Brooks was good at. The company put in lots of research and development focus on developing running shoes. We built labs, hired engineers, and poured in investments in material research and biomechanical research. By selling function first, we are now into the “fit business”, not shoe business.

While most brands link themselves with superstar athletes for marketing purposes, Brooks partners with key athletes on how to improve the shoes, rather than on endorsement. Hence, you can notice the difference in approach, on how Brooks partners with athletes. We leverage on the input of key athletes from the ground up, to get better and better at product creation.

Berkshire Hathaway has bought over Brooks, and Warren Buffet has set up Brooks as a stand alone entity. Even Warren Buffet himself has caught the running bug! Nike has led the way in the 80s, Asics in the 90s, and Brooks has overtaken them last year. We are running very fast, and we hope you will too!

jim weber

Click on the picture above to watch the video. Jim Weber says it best.

Explore posts in the same categories: Announcements, Brooks videos

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