Trends & Features

inov-8 posts 10th successive year of record sales

Last year the company, which opened for business in 2003, grew by 42 per cent to £17.5 million ($29 million).

inov-8 saw significant growth across the globe in 2013.

In the USA, which accounts for 45 per cent of its business, the company posted a 25 per cent increase last year.

In its home market of the UK that figure was 41 per cent, while Scandinavia (70 per cent), Germany (39 per cent) and Russia (85 per cent) also posted huge increases.

inov-8 CEO Robert Perkins (pictured), who has just completed five years in the business, says: “These latest figures represent the hard work of our team throughout 2013.

“We have built a distinctive culture at inov-8 and, as a result, continue to grow across the globe.

“Embedded in all our team is a desire to innovate, while we remain focused on the committed athlete and agile to the challenges ahead as we begin our second decade.

“There is no doubt 2013 was an outstanding year for the company and in the Fastlift, F-Lite and X-Talon we delivered three shoes that each generated sales of over a million dollars last year.”

Perkins adds: “We grew our staff significantly in 2013 and will continue to add to the team as we move forward.

“At our Group Research Innovation and Design Centre in Staveley, the heart of the Lake District, we have recruited 21 new employees in the last two years.

“At the beginning of February we will also see our new international distributor manager, Martin Francis, join the business.

“This completes the seven-strong executive team we have built in the last two years.

“We will also expand our Staveley offices further in 2014, hot on the heels of a recent office relocation in Boston, USA, which saw us move into an 8,000 sq ft state of the art facility.”

In total, inov-8 has achieved an average of 60 per cent growth annually in the last five years.

With 77 per cent of its sales outside of the UK, the company has been shortlisted for The 2014 Queen’s Award for Enterprise in International Trade.

In addition, its products have also recently won ISPO awards.

The brand’s Race Ultra Vest was voted best in the performance equipment category by a panel of expert judges and named a 2014/2015 ISPO Award Gold Winner, while its Race Ultra 290 shoe and Race Elite 315 Softshell Pro, both of which are new for autumn/winter this year, were named 2014/2015 ISPO Award Winners in the performance footwear and performance apparel (outer layers) categories respectively.

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