Last fall, Shred launched a Kickstarter campaign to showcase its new collection of Boost sunglasses. “We not only unveiled new lens and super-lightweight frame technology but also enriched our relationships with existing customers while reaching a wider audience,” said Salmini, referring to Kickstarter’s marketing elements. Shred met its initial $25,000 funding goal within the first 24 hours and ultimately raised more than $116,000.
Shred has moved from Ligety’s attic to new offices in Park City, Ligety’s hometown, and now employs 25 people, among them six engineers and product designers. He and Salmini recently took on a strategic partner and minority shareholder, John Cumming, CEO of Powdr Adventure Lifestyle, also based in Park City, which owns and operates numerous ski resorts across the country, as well as the adventure cable channel Outside TV. They’re still working out details, but exposing Shred products through Powdr’s properties should be a marketing boon. “He really understands our industry,” Ligety said, “so it helps to pick his brain.”
Ligety has his own headful of business know-how. “I’ve always been interested in the product side of the sport,” he said, “and wanted to have my own company in the ski world, an area I love and understand.” The time to start Shred was right just after his win in Torino. “I could use myself as a guinea pig to develop products that would make me better, and my success would aid the company,” he figured. “It was a good circle in that sense.”
Ligety declines to report Shred’s revenues, other than to say the company’s grown annually by 25 percent over the last couple of years. Owler.com estimates annual revenues at $3.5 million. He’s enthusiastic, however, talking about Shred’s deep commitment to social responsibility. “We want to be conscious about protecting our playground,” he said, explaining alliances with nonprofits POW (Protect Our Winters) and 1 percent for the Planet.
“One percent of our revenues goes to help stem climate change,” Ligety said, the effects of which he’s seen firsthand. “Over the course of my career, it’s been stunning to see how much the winters have changed, so it’s something we’re definitely sensitive to.”
Pyeongchang, thankfully, has had plenty of wintry weather and, save for some high winds, ideal skiing conditions thus far. Regardless of Ligety’s achievements in his remaining Olympic races, he’ll be back on the World Cup circuit “for a few more years,” he said. “I still love racing and want to do some more things in the sport.” And along the way, Ted Shred will be the very visible head of his growing company.
— By Bob Woods, special to CNBC.com
