logo
Colorado's outdoor industry suffering from trade war

Colorado's outdoor industry suffering from trade war

Axios2 days ago

Travis Campbell shelled out an additional $580,000. Mike Mojica raised prices and laid off workers. Trent Bush is worried he may go out of business.
Why it matters: The three Colorado outdoor retail executives say they are casualties of President Trump's trade war.
State of play: The sunny skies and huge crowds at last week's Outside Festival in Denver camouflaged a dire reality: Tariffs on foreign goods are pushing the outdoor industry to the brink.
Campbell, CEO of Eagle Creek in Steamboat Springs, which is celebrating its 50th anniversary in 2025, manufactures most of its products in Indonesia and sells them worldwide.
His costs skyrocketed with the new tariffs forcing him to freeze salaries, leave two positions unfilled and cut other expenses.
Mojica, founder of Outdoor Element, based just outside Denver, finished his best year ever in 2024 but now feels like he's drowning.
Even though he raised prices for his fire starter gadgets, the profit margin remains slim and he's paused some production. He lost an account, laid off workers and brought in family members as volunteer workers.
Trent Bush leads Artilect, a Boulder-based clothing company that specializes in merino wool grown outside the U.S.
He's worried about the uncertainty of his business as well as the anti-American sentiment the tariffs have generated. For now, he's just trying to make ends meet.
What they're saying: "When you add that all up, the [impacts of tariffs] mean lower wages, fewer jobs and less spending in the economy," Campbell said at a congressional hearing Friday in Denver hosted by U.S. Sen. John Hickenlooper. "I don't think that's what we're aiming for."
"What felt like a mood swing for my commander in chief now feels like a knife in the back," added Mojica, who previously served in the U.S. Army and Air Force.
The industry faces an "unprecedented crisis," Bush emphasized at the hearing.
The other side: Other industries could see benefits from tariffs. And Republican lawmakers, including U.S. Rep. Gabe Evans of Thornton, have defended them as necessary to level the playing field for other industries, such as agriculture.
Context: The outdoor industry is especially reliant on the global supply chain for specialized equipment that requires immense skills, particularly waterproof materials and shoes.
All three business owners said they've worked diligently to onshore production in recent years, but it proved impossible.
"These goods require years of skill and specialization to produce, and those capabilities do not exist in the U.S. at any level of scale required to make the goods that we produce," Campbell said.
The bottom line: The conversation continued Sunday on the sidelines of the Outside Festival.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Beauty's Hottest New Trend: The Founder Buyback
Beauty's Hottest New Trend: The Founder Buyback

Business of Fashion

time26 minutes ago

  • Business of Fashion

Beauty's Hottest New Trend: The Founder Buyback

On Tuesday, influencer-turned-mogul Huda Kattan announced that she had regained majority ownership of her eponymous makeup brand, Huda Beauty, after buying back the minority stake private equity firm TSG Consumer Partners took in 2017, The Business of Beauty reported. The news arrived months after Kattan's sister Mona Kattan purchased Kayali, the fragrance brand she co-founded, alongside PE firm General Atlantic; that transaction set up funding for Huda Beauty's buyback. It was a sister act of multimillion dollar proportions. After last week's billion dollar acquisition of Rhode by E.l.f. Beauty and Church & Dwight's $700 million purchase of hand sanitiser label Touchland, the 2025 M&A beauty market appears to be looking up. But the arc of Huda Beauty traces along a bigger shift in the beauty industry. When the brand launched in 2013, it did so in the heat of the celebrity makeup moment; Kylie Jenner's pigmented lip kits and Rihanna's 40-shades of foundation came next. Billion dollar valuations followed for an elite set that included Kattan, Jenner and makeup artists like Anastasia Soare, Charlotte Tilbury and Pat McGrath. In the years since, some have seen their businesses flourish (see: Puig's majority acquisition of Charlotte Tilbury, valued at $1.2 billion) while others have lost their grip. In the decade since Huda Beauty's debut, a shiny new class of celebrity founders, like Bieber's Rhode and Selena Gomez's Rare Beauty, have risen to the vanguard, succeeding with direct customer relationships and outsize sales, strong operational teams and a simple but refined focus on exactly what they do well. A following is no longer enough in the cut-throat beauty business, unless you can continuously convert them to shoppers. The Social Network What does Kattan have? In addition to an estimated $450 million in annual sales as of 2024, the brand benefits from a wide international distribution and a wide array of best-sellers. But its most impressive feat may be that, despite 12 years in business — 120 years in beauty — Kattan hasn't lost her relevance online. Huda Beauty's best asset is Huda herself. As a vlogger, the US-born and Dubai-based Kattan was perhaps something of the original beauty influencer. Her own line, which she founded with her sisters Mona and Alya, was an instant hit, as her high-definition makeup looks (fluffy lashes, sleek contours) and a critic's eye toward formulas translated seamlessly into a cosmetic range that still mints regular hits, like last year's Easy Blur airbrush foundation. In 2014, four years after Instagram launched, Kattan hit 1 million followers; three years later, she had 18 million, and has 57 million today, according to the app. RivalIQ calculated that @hudabeauty's engagement rate is eight times the going average for beauty brands. If Kattan's public support of Palestinians in the Gaza war has polarised some of her audience, the tens of thousands of comments her posts draw seem only to strengthen her reach. Trends like the clean girl aesthetic and 'Euphoria' makeup may have come and gone, but Kattan's influence still powers Huda Beauty the brand; it consistently outranks others when it comes to social media performance. It was the #4 top ranked makeup brand in 2024, beating out LVMH's Dior and Fenty, said Launchmetrics. In the first quarter 2025, it was the top of CreatorIQ's list, narrowly besting Selena Gomez' Rare Beauty. Spate analyst Mathilde Riba reported that Huda Beauty charts nearly a 7 out of 10 on the firm's 'sentiment index.' Buyback to Bounce Back As a Revlon makeup artist living in opulent Dubai, Kattan's ultra-glam look hooked a generation of beauty obsessives on her cosmetics almost immediately. But two subsequent skincare forays, Wishful (launched in 2020) and Glowish (in 2021) were less successful, and ultimately didn't satisfy customers who had fallen for Kattan's contours and cut creases. The lines were eventually phased out of Sephora, and now linger on the line's e-commerce website. Kattan heads into the next phase 'hyper-focused' on Huda Beauty, she told Women's Wear Daily — an easier task without the distractions of the fragrance and skincare businesses. But the founder-led buyback can be tricky: French conglomerate Coty took a $71 million loss when it sold its stake in skincare brand Skkn back to founder Kim Kardashian three years after its purchase. And the clean label Beautycounter, which founder Gregg Renfrew bought out of bankruptcy last year, has taken time to reposition itself ahead of a relaunch scheduled for this summer. Huda Beauty and TSG may not have had the fairytale exit that Charlotte Tilbury scored with Puig, but given the glut of colour cosmetics brands currently in market, maybe it was the best outcome. The San Francisco-based TSG Consumer Partners, is known to be more of a short-term investor; the firm took a minority stake in It Cosmetics in 2012, cashing out in 2016 when the brand sold to L'Oréal for $1.2 billion. It made a similar manoeuvre with E.l.f., in which it bought a minority stake in 2011 that grew to a majority stake by 2014, two years before the line's IPO. More recently, it announced a 'strategic growth investment' in Marianna Hewitt and Lauren Ireland''s Summer Fridays, implying that influencer-fronted brands still have bright futures ahead. And what of the fierce competition? As more and more beauty brands come to market and also languish in the M&A waiting room, they'd be wise to stay close to their core. That's the thing about a once-in-a-lifetime founder: There's only one person who can see the vision through. Otherwise, they have to let it go. With additional reporting by Priya Rao. Sign up to The Business of Beauty newsletter, your complimentary, must-read source for the day's most important beauty and wellness news and analysis.

Trump Signs Order Doubling US Steel, Aluminum Tariffs to 50%
Trump Signs Order Doubling US Steel, Aluminum Tariffs to 50%

Yahoo

time27 minutes ago

  • Yahoo

Trump Signs Order Doubling US Steel, Aluminum Tariffs to 50%

(Bloomberg) -- Supply Lines is a daily newsletter that tracks global trade. Sign up here. Where the Wild Children's Museums Are Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry The Global Struggle to Build Safer Cars At London's New Design Museum, Visitors Get Hands-On Access LA City Council Passes Budget That Trims Police, Fire Spending President Donald Trump has raised steel and aluminum tariffs to 50% from 25%, following through on a pledge to boost US import taxes to help domestic manufacturers. Trump cast the move, which took effect at 12:01 a.m. Washington time on Wednesday, as necessary to protect national security. An order signed on Tuesday said the previous charge had 'not yet enabled' domestic industries 'to develop and maintain the rates of capacity production utilization that are necessary for the industries' sustained health and for projected national defense needs.' 'Increasing the previously imposed tariffs will provide greater support to these industries and reduce or eliminate the national security threat posed by imports of steel and aluminum articles and their derivative articles,' according to the directive, which the White House posted on X. Trump's latest levy is fanning trade tensions at a time when the US is locked in negotiations with numerous trading partners over his so-called 'reciprocal' duties ahead of a July 9 deadline. The president's ability to unilaterally impose tariffs also stands on shakier legal ground after a federal court last week knocked down many of his other duties put in place under an emergency law. His levies on metals were not subject to that ruling, however, and the president has sought to show he's undeterred from pressing countries to make offers at the negotiating table. Metals charges on imports from the UK will remain at the previous 25% rate to allow the two nations to work on new levies or quotas by a July 9 deadline, according to the order. A key component of the nations' framework reached last month was an effort to lower trade barriers on steel, though the two sides did not agree on the extent of relief for British steel and the deal has yet to take effect. Mexico has said it will ask the US administration for its own exemption from what Economy Minister Marcelo Ebrard has called an 'unsustainable' increase. Trump announced his decision to hike steel tariffs during a speech at a United States Steel Corp. plant in Pennsylvania last Friday, where he endorsed the sale of the company to Japan's Nippon Steel Corp. while pledging that it would remain under some form of American control. 'That means that nobody's going to be able to steal your industry,' he told steelworkers. 'It's at 25%, they can sort of get over that fence; at 50% they can no longer get over the fence.' He later announced in a social media post that the aluminum tariff would also rise to the same level. --With assistance from Derek Wallbank. (Updates with order taking effect, Mexico seeking exemption in paragraph nine.) YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Will crypto replace banking? The Trump administration can't decide
Will crypto replace banking? The Trump administration can't decide

Yahoo

time31 minutes ago

  • Yahoo

Will crypto replace banking? The Trump administration can't decide

Last year, Donald Trump took the stage of the Las Vegas Bitcoin Conference to worship at the altar of cryptocurrency. He said he would fire Gary Gensler, the former chair of the Securities and Exchange Commission who led a yearslong crackdown on crypto fraud. The audience roared. He ended on a rousing note: 'We will make America and Bitcoin bigger, better, stronger, richer, freer, and greater than ever before.' This company asked most corporate employees to relocate to Chicago. The majority declined Trump administration orders Pennsylvania power plant to run through the summer Redfin: These 31 major housing markets have shifted to buyer's markets Some crypto activists were perturbed. Sure, Trump rallied behind Bitcoin as a source of industrial growth, but why wouldn't he commit to outright replacing banking with digital currencies? Trump failed to comment on the traditional banks, which crypto advocates thought were discriminating against them by shutting down their accounts, or fiat currency, which some crypto boosters hope to replace entirely. One year later, President Trump skipped out on the Bitcoin Conference, but he sent his envoys. The administration's crypto message has become even more muddled. While Vice President JD Vance emphasized that stablecoins regulated by the administration's new crypto proposal (the GENIUS Act) don't 'threaten the integrity of the U.S. dollar,' Eric Trump said that he'd like to see some major banks 'go extinct.' It seems no one will decide whether crypto is a strength to—or a replacement for—the U.S. financial system. Vice President Vance headlined the conference, where he struck a similar tone to Trump's 2024 speech. He emphasized that Bitcoin is part of the 'mainstream economy,' calling it a digital asset—but not a currency. Vance also promoted the GENIUS Act, which would set regulations for currency or commodity-backed stablecoins (crypto currencies pegged to fiat currency or other reference asset) so they could flow more freely. The bill has already passed through the Senate, and is waiting for a House vote. Vance promised that these coins wouldn't threaten the dollar. 'Dollar-pegged stablecoins, particularly once GENIUS is enacted, are only going to help the American economy and [are] only going to help the American dollar,' he claimed. Central to Trump's crypto strategy was the establishment of a Bitcoin reserve, allowing the government to collect and hold cryptocurrency from criminal or civil asset seizures. But whether this stockpile operates alongside, or in competition with dollar spending remains blurry. Bo Hines, the executive director of Trump's digital assets advisory, spoke of Bitcoin as something the government could grow endlessly. 'We want as much of it as we can possibly get,' he said at the conference. 'We're not going to sell any Bitcoin that we have in the U.S. government, period.' On the other hand, Trump's crypto czar David Sacks was more measured in his words. He said that he 'can't promise anything,' but that he hoped the government would be able to buy more Bitcoin. 'If either the Commerce Department or the Treasury Department can figure out how to fund it without adding to the debt, then they are allowed to create those programs,' he claimed. 'Maybe find the money from some other program that's not using it.' While they struck different tones, Vance, Hines, and Sacks all spoke of Bitcoin as an asset class. Whether it could constitute a new financial system—the currency's original mission—was outside the question. But Eric Trump—while not an administration official, is certainly influential on Trump policy—claimed that crypto could replace banking entirely: 'It makes everything cheaper, it makes it faster, it makes it safer, it makes it more transparent.' He said that he'd 'love to see some of the big banks go extinct.' Trump has backed crypto expansion forcefully, but his rationale remains slippery. At the recent Blockworks Digital Asset Summit, Trump told the audience that they will 'unleash an explosion of international growth,' but didn't explain how, other than a brief reference to stablecoins supporting the dollar. 'It is exciting to watch as you invent the future of finance,' Trump said, while not venturing to explain whether that future included traditional banks. Why is Trump so into crypto? Much of it is likely for personal gain. Trump has raked in millions on his memecoins and NFTs, sending cash directly to his wallet. Crypto advocates also helped Trump reach the White House in the first place. Their lobby has political heft: According to a New Yorker report, they tanked Katie Porter's California Senate bid after she expressed mere glimmers of anti-crypto rhetoric. But there's a political tension underlying Trump's crypto push. If he says that crypto will replace banking—or even fiat currency—traditional financiers could riot. But, if he claims that Bitcoin is merely an asset class and not the future of finance, he could anger the crypto community. For now, Trump and his administration will try to sit on both sides of the fence. This post originally appeared at to get the Fast Company newsletter: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store