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GoPro Enhances Shopping Experience with Innovative Best Buy Displays

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Benjamin Hughes

May 13, 2024 - 13:15 pm

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GoPro Amplifies Retail Presence through Extensive Merchandising Launch at Best Buy

SAN MATEO, Calif., May 13, 2024 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) heralds a new chapter in its retail strategy with the announcement of an extensive merchandising rollout at Best Buy, one of the preeminent consumer electronics retailers. This collaboration marks a significant enhancement in the shopping experience for GoPro enthusiasts, featuring newly-designed, cutting-edge product displays, a comprehensive assisted sales program, and a robust integration of in-store and digital advertising efforts.

GoPro's new in-store display at Best Buy GoPro cameras and accessories will be featured in new world-class products displays in nearly 900 Best Buy stores across North America, including more than 250 specialty Camera Experience Shops.

This strategic expansion promises to transform nearly 900 Best Buy outlets across North America into havens for GoPro aficionados. The overhaul isn't limited to the addition of sleek product stands. More than 250 Best Buy Camera Experience Shops (CES) will specifically benefit from an expanded dedication to GoPro products, doubling the shelf space for accessories and providing consumers with an extensive array to interact with and choose from.

"We're thrilled to merge our enhanced store presence with the expert knowledge of Best Buy's sales staff, ensuring an unmatched shopping experience for GoPro customers," explained Dean Jahnke, GoPro's Senior Vice President of Global Sales and Channel Marketing. "This initiative is poised to deliver the full GoPro experience to shoppers throughout North America."

Best Buy's have trained their store associates in the specifics of GoPro's complete range of products. Now, each customer can receive personalized guidance from a knowledgable team member, making shopping for GoPro's latest cameras and accessories even more user-friendly and informative. These enriched product displays rolled out to Best Buy's CES locations and will grace other Best Buy stores beginning in July.

About GoPro, Inc. (NASDAQ: GPRO)

An innovator and trailblazer in the world of digital imagery, GoPro has cemented its status as a global leader in empowering people to capture and share their lives in immersive, thrilling visuals.

Renowned publications like Outside Magazine and U.S. News & World Report have recognized GoPro as a top employer. The company continues seeking out fresh talent through its careers page. For more information on the company and to explore its products, visit GoPro.com.

Stay connected with GoPro on social platforms like Facebook, Instagram, LinkedIn, TikTok, and YouTube. Followers can immerse themselves in GoPro's captivating content on its blog, The Current. The community is also encouraged to participate in the GoPro Awards, a program inviting users to submit their creations for the chance to gain recognition across GoPro's channels and win exciting prizes.

Press and media representatives looking to access official GoPro logos and imagery can visit the brand's press portal. Furthermore, GoPro, HERO, and associated logos are either trademarks or registered trademarks of GoPro, Inc., protecting the brand and its digital empire across the United States and internationally.

Forward-looking Statements

This news release incorporates projections and other forward-looking statements, which are aligned with Section 27A of the Private Securities Litigation Reform Act. Words like "anticipate," "believe," "expect," and "estimate" capture the spirit of these statements and highlight potential future scenarios.

These statements paint a picture of what the future might hold for GoPro's expanded product displays, staff training, and overall market demand. Despite the inherent risks and uncertainties of predicting future events or outcomes, these statements are a testament to GoPro's strategic vision.

GoPro's forward-looking statements also outline an array of factors that could impact the business significantly. These include potential difficulties in achieving sustained profitability and revenue growth, delays in product launches, macroeconomic conditions like downturns, economic uncertainty, fluctuating interest rates, and currency exchange rates—all of which may influence consumer spending and the demand for GoPro products.

Key to the company's revenue and profitability goals are the sales from the direct-to-consumer business, retail partnerships, distributor relations, and subscription services. Any disruptions caused by sole-source suppliers, long lead times, or supply shortages could increase costs and affect GoPro's ability to maintain a competitive market foothold.

Moreover, maintaining GoPro's brand value, intellectual property rights, and the integrity of its trademark in the face of marketplace challenges is imperative. The risk of sales not meeting forecasts, particularly during critical periods like the holiday season, managing operating expenses, and product marketing and pricing are highlighted as further areas of focus for the company.

GoPro also underscores the importance of penetrating its total addressable market to ensure ongoing success. Retail dynamics such as the influence of a limited number of retailers and distributors that drive substantial revenues, the appeal and recruitment of qualified personnel, and the potential consequences of trade policy changes or import/export regulation shifts are cited as significant points of consideration.

With competitors vying for market share, GoPro faces the critical task of sustaining and expanding its revenue and profitability margins. The company acknowledges that internal variables such as revenue fluctuation, inventory management, and asset longevity are as important to navigate as external factors like global conflicts and the associated effects on the U.S. and international markets.

Specific geopolitical conflicts, notably those in the Middle East, Ukraine, and the strained relations between China and Taiwan, are highlighted for their potential to influence U.S. and global economic landscapes, and by extension, GoPro's operation within them.

It's emphasized that the forward-looking statements included in the press release are intended to provide information as of the specific release date or an alternative stated date. GoPro holds that it is under no obligation to update these statements based on new information or future events.

The core message is that while these statements reflect GoPro's ambitions and expectations, they are not definitive and are subject to change. The company's Annual Report on Form 10-K for the year ending December 31, 2023, along with subsequent SEC filings, provide a deeper dive into the risks that GoPro navigates as it moves forward.

In conclusion, GoPro's substantial expansion within Best Buy stores signifies a bullish approach to consumer engagement and serves as a blueprint for how innovative product merchandising can intertwine with educational marketing. By enhancing visibility and accessibility to their products in one of the largest consumer electronics retail spaces, GoPro is not only reinforcing its brand presence but is also fine-tuning the customer experience through in-depth product knowledge and an immersive shopping environment.

As customers look forward to interacting with GoPro's offerings in the updated Best Buy layouts, the company reinforces its commitment to delivering state-of-the-art technology and a customer-focused approach that makes its cameras and accessories more tangible and attractive to a broader audience. This strategic initiative by GoPro is an indicative step towards securing its foothold in the competitive market of consumer electronics by adapting to the evolving retail landscape and consumer behavior.

Given the ambitious scale of this retail enhancement, it's clear that GoPro is setting a precedent for immersive brand experiences within the physical retail sector. Their dedication to not only developing advanced technology but also to ensuring their customers have equally advanced resources to make informed decisions reflects their holistic approach towards market leadership.

The integration of GoPro's cutting-edge product displays within Best Buy stores sends a powerful message about the magnetism and technological prowess of GoPro's brand. As the world increasingly looks to capture life's moments in high quality, GoPro is positioning itself to meet this demand head-on, ensuring that customers not only have the best products available but also the knowledge and support to utilize them to their fullest potential.

With the red-letter day set for the completion of this rollout in July, GoPro fans and photography enthusiasts alike can brace themselves for a revamped shopping journey that reflects the energy and innovation synonymous with the GoPro brand.

Final Note

The partnership between GoPro and Best Buy is a testament to the agility and foresight of a company that is steadfast in connecting with its customers through an interactive and enlightened retail approach. As GoPro continues to adapt and thrive amidst the shifting dynamics of global economics and consumer interests, it stands as a beacon for brands aiming to harness the power of experiential retail strategies.

(SOURCE GoPro, Inc.)

The information here lays the foundation for what may become a successful and sustainable retail partnership between GoPro and Best Buy. Representing a move that not only builds upon GoPro's marketing endeavors but also showcases the retailer's commitment to offering top-tier products and experiences, this focus on the customer experience could very well set a new standard for consumer electronics retailing.