Dorel’s Latest Innovations Featured at Major European Trade Shows
Montreal, Quebec - 9/21/2010
Growth in the European market has been a key focus of Dorel Industries Inc.’s (TSX: DII.B, DII.A) Juvenile and Recreational/Leisure segments. The Company had a significant presence at the just concluded “Kind & Jugend” juvenile products fair and at Eurobike, held earlier this month. All indications are that Dorel’s customers liked the numerous new introductions they saw.
With 800 exhibitors from 40 countries, "Kind & Jugend” is the world’s largest international professional juvenile trade show. Dorel Europe unveiled strong innovations across all brands and product categories to further respond to European consumer needs.
Some of the eye-catching introductions from Maxi-Cosi and Bébé Confort included the new Elea stroller, which features a unique two-step ‘compact to super compact’ folding technology; the FeroFix, an easy in and out car seat for children aged 3 to 12; the Opal, the first car seat that can be either rear or front facing, yet does not require a change in belt routing; as well as the innovative Keyo that enables to lie and seat a child from 0-4 years, consistently at the right height. The Elea is in stores currently, the Opal is now being rolled out across Europe, while the FeroFix and Keyo will be available early in 2011.
Maxi-Cosi, now solid in over 80 countries, is the leader in children’s car seats and has achieved material growth due to its innovation and rapid global expansion.
Safety 1st, Dorel’s leading US brand, recently introduced to the European market to compete in the mid-price point category, also had a strong presence. New innovations in several product categories were unveiled, including PrimeoFix, the first Safety 1st car seat with IsoFix.
Quinny expects its growth in the market to continue in 2011, thanks to a number of special introductions. The new Quinny Zapp Xtra and an all-new line of trendy Quinny bags were also launched.
“Even in these economically challenging times, Dorel Europe has succeeded in staying ahead of the competition with its well-established brands. Dorel’s leading position is primarily due to continuous investments in product development, innovation and a market-oriented approach, but also to the fact that with our diversified brand portfolio we are able to cover a wide range of price points in order to better address consumer needs across Europe,” commented Hani Basile, Group President & CEO, Juvenile Segment.
Eurobike, the world’s leading bicycle trade show was held earlier in the month and attracted a record number of visitors from over 100 countries. ￼Dorel’s emphasis on product development was most evident with numerous new bikes launched. For the first time, the four key Dorel Cycling Sports Group (CSG) brands, Cannondale, GT, Schwinn and Mongoose were brought together to represent the strength of CSG’s global branding and innovative technology.
The new Cannondale line includes innovations in road, mountain and urban products. In 2011 Cannondale will continue to lead the industry with product features that benefit riders from the elite athlete to the everyday urban commuter.
Among the new products revealed was the new Cannondale electric bike. Cannondale and Bosch have strategically partnered to develop a high performance electric bike known as the E-Series which sets new standards with a number of technical firsts. The model includes drive unit, control unit, sensor, battery pack and control computer, all integrated into a frame specifically designed to enhance the riding experience. Reaction was highly positive.
Schwinn wins Gold
Schwinn scored quite a hit at Eurobike as well. Not only did it offer a comprehensive line-up for riders of all ages and abilities, but the new Schwinn Vestige, a functional commuter bike with an eco-twist, won the prestigious 2010 Eurobike Gold Award for innovative design. The Vestige is built from natural, biodegradable flax fibres and is coated with water soluble paint, a first in the bicycle industry.
The Vestige propels the industry to the forefront of eco-friendly and sustainable design and production practices and is yet another example of the excellence in product development now common at Dorel.
A second Eurobike design award went to Cannondale for its popular Bad Boy model.
GT unveiled its new line up, as well as a new brand campaign. In 2011 GT will help riders of all abilities push their limits with three new rock solid mountain bikes.
“The European market is critical to the success of the global cycling industry and is a growing part of CSG’s business. Our powerful exhibit attracted record traffic and showcased CSG’s unmatched choice and cutting-edge, innovative brands and products,” said Robert Baird, Group President and CEO, Recreational/Leisure Segment. “Customer support at the show was amazing this year. Most importantly, that translated into increased orders. We continue to accelerate our customer momentum by partnering with them to gain share in the industry, various categories and various regions. The growing importance cities worldwide are devoting to bicycle infrastructures is clear evidence that bicycles will play an increasingly important role in the mobility of the future. We intend to maximize all opportunities that this growth is certain to present.“
Dorel Industries Inc. (TSX: DII.B, DII.A) is a world class juvenile products and bicycle company. Established in 1962, Dorel creates style and excitement in equal measure to safety, quality and value. The Company’s lifestyle leadership position is pronounced in both its Juvenile and Bicycle categories with an array of trend-setting products. Dorel’s powerfully branded products include Safety 1st, Quinny, Cosco, Maxi-Cosi and Bébé Confort in Juvenile, as well as Cannondale, Schwinn, GT, Mongoose, IronHorse and SUGOI in Recreational/Leisure. Dorel’s Home Furnishings segment markets a wide assortment of furniture products, both domestically produced and imported. Dorel is a US$2 billion company with 4500 employees, facilities in nineteen countries, and sales worldwide.
Caution Regarding Forward Looking Statements
Certain statements included in this press release may constitute “forward-looking statements” within the meaning of applicable Canadian securities legislation. Except as may be required by Canadian securities laws, Dorel does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements, by their very nature, are subject to numerous risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results could differ materially from Dorel’s expectations expressed in or implied by such forward-looking statements and that the objectives, plans, strategic priorities and business outlook may not be achieved. As a result, Dorel cannot guarantee that any forward-looking statement will materialize. Forward-looking statements are provided in this press release for the purpose of giving information about Management’s current expectations and plans and allowing investors and others to get a better understanding of Dorel’s operating environment. However, readers are cautioned that it may not be appropriate to use such forward- looking statements for any other purpose.
Forward-looking statements made in this press release are based on a number of assumptions that Dorel believed were reasonable on the day it made the forward-looking statements. Factors that could cause actual results to differ materially from the Company’s expectations expressed in or implied by the forward-looking statements include: general economic conditions; changes in product costs and supply channel; foreign currency fluctuations; customer and credit risk including the concentration of revenues with few customers; costs associated with product liability; changes in income tax legislation or the interpretation or application of those rules; the continued ability to develop products and support brand names; changes in the regulatory environment; continued access to capital resources and the related costs of borrowing; changes in assumptions in the valuation of goodwill and other intangible assets and subject to dividends being declared by the Board of Directors, there can be no certainty that Dorel’s Dividend Policy will be maintained. These and other risk factors that could cause actual results to differ materially from expectations expressed in or implied by the forward-looking statements are discussed in Dorel’s annual MD&A and Annual Information Form filed with the applicable Canadian securities regulatory authorities. The risk factors outlined in the previously mentioned documents are specifically incorporated herein by reference.
Dorel cautions readers that the risks described above are not the only ones that could impact it. Additional risks and uncertainties not currently known to Dorel or that Dorel currently deems to be immaterial may also have a material adverse effect on our business, financial condition or results of operations. Given these risks and uncertainties, investors should not place undue reliance on forward- looking statements as a prediction of actual results.
Except as otherwise indicated, forward-looking statements do not reflect the potential impact of any non-recurring or other unusual items or of any dispositions, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. The financial impact of these transactions and non-recurring and other unusual items can be complex and depends on the facts particular to each of them. Dorel therefore cannot describe the expected impact in a meaningful way or in the same way Dorel presents known risks affecting the business.