N+ Reading connects not only with books but also authors and publishers, bringing to light the ideas and wisdom they impart. We aim to leverage top-tier resources to share this knowledge with our clients, enabling them to understand the latest economic trends, social sciences, cultural information, and theories, and to benefit from these learnings.

Noah believes exploration, communication, and listening breathe life into reading. We began to consider whether we could, through the Enoch Bookstore, connect with like-minded individuals who share the same pursuit of and passion for reading.

Following the appearances of "Internet Godfather" Kevin Kelly,

renowned economist Richard Koo,

and top global AI technology investor Lars Tvede

we are pleased to invite Jim Weber,

the former CEO of the famous running shoe brand Brooks Running

as a guest to the Enoch Bookstore

Mr. Jim Weber posing with his book

Since 2013, the Berkshire Hathaway annual meeting has featured a tradition established by Warren Buffett called the "Invest in Yourself 5K" run, which has become one of the meeting’s most popular events. Buffett personally awards prizes to the top three finishers in both the men's and women's divisions. Thousands of shareholders register to compete each year, often wearing limited edition Brooks running shoes. Buffett himself has swapped out his old running shoes, which he wore for 15 years, for a pair of Brooks.

What magic does Brooks possess that captivates investment giants like Buffett and Munger? What business challenges has the brand overcome during its remarkable journey?

In this session of the Enoch Bookstore N+ Reading Club, I am excited to invite Jim Weber, the author of Running with Purpose and former Brooks CEO, for a face-to-face discussion with you.

The Brand Building Journey of Brooks

Jim opened his presentation with a warm introduction, noting that Brooks is not just a running shoe brand, but one filled with challenges and a spirit of innovation. When he took over Brooks, the company faced severe market competition and internal difficulties. As the fourth CEO, he inherited a struggling business operating at a loss, but was not intimidated by the challenges that lay ahead.

Jim emphasized that the key to brand building lies in focus and innovation. He led the team in redefining Brooks' brand image, highlighting its expertise and uniqueness in the running sector. This niche market strategy allowed Brooks to stand out among competitors, gradually earning recognition in the market.

Jim stressed the importance of brand differentiation. In a market dominated by giants, Brooks, as a challenger brand, had to possess its own unique attributes—whether in product performance, design, or brand storytelling—to create a stark contrast with competitors. To achieve this, Brooks has consistently focused its R&D efforts on the needs of runners, striving to create high-quality running gear.

In terms of brand positioning, Brooks clearly defined its target customer group—consumers passionate about running who seek professional performance. This clear positioning enables Brooks to more accurately reach its target market through targeted marketing and promotional efforts, thereby enhancing brand influence and increasing market share.

2

Strategies for Market Challenges

Jim also shared how Brooks responded during economic crises. The 2001 collapse of the U.S. e-commerce sector led to a recession, reduced consumer purchasing power, and significantly impacted the sporting goods market. However, Brooks proactively realigned its product line, boosted R&D for high-quality running shoes, and optimized its supply chain to reduce inventory costs. These actions helped Brooks both weather the storm and lay a solid foundation for its subsequent growth.

Amidst the COVID-19 pandemic, Brooks once again demonstrated strong adaptability. With people forced to stay home, a rare opportunity emerged for outdoor activities, especially running. Brooks keenly captured this market shift, quickly adjusting its marketing strategy to increase online sales and consumer engagement via social media. Additionally, they launched a range of products suitable for home workouts to meet the diverse needs of consumers during the pandemic.

3

Leadership Principles and Team Culture

During his speech, Jim discussed the importance of leadership in driving business development. He believes excellent leaders must possess three key qualities: focus, curiosity, and trust. Focus is a core trait leaders must have; only by maintaining a steadfast commitment to their goals can they guide their teams through challenges and achieve set objectives. Curiosity is a crucial factor in stimulating a team's spirit of innovation and desire for exploration. A leader who embodies curiosity can inspire their team to continually push beyond their self-imposed limits and achieve outstanding results. Trust, on the other hand, is the foundation for building strong team relationships. By fostering an atmosphere of mutual trust, leaders can unlock the potential and creativity of each team member.

Jim also emphasized the importance of team culture for business development. He pointed out that Brooks' ability to thrive in a competitive market is largely due to its unique team culture that emphasizes collaboration, the pursuit of excellence, and a willingness to innovate. This allows each team member to fully leverage their strengths and contribute to the company's growth. Additionally, Brooks prioritizes employee training and development through programs and career development pathways to continuously enhance employees’ professional skills and competencies.

4

Outlook and Future Plans for the Chinese Market

In the final part of his speech, Jim discussed Brooks' outlook and future plans for the Chinese market, one of the largest markets for running gear in the world, with immense potential and room for growth. As health awareness increases and running continues to gain popularity, the demand for high-quality running equipment among Chinese consumers is growing. Consequently, Brooks places great importance on development opportunities in the Chinese market and plans to increase its investment in this region.

Jim revealed that Brooks will continue expanding sales channels in China through a combination of online and offline strategies. Additionally, they will strengthen collaboration and communication with local Chinese companies and running communities to promote the development of running in China. Brooks will also continuously innovate to create new products and optimize service experiences to meet the diverse needs of Chinese consumers. Jim expressed confidence that, in the near future, Brooks will achieve even more remarkable success in the Chinese market.

After the reading session, Jim held a book signing and discussion at Enoch Bookstore for his work, Running with Purpose, where he engaged with readers and shared insights from the book.