Clarus is a designer and distributor of branded outdoor equipment and accessories, operating through two segments. The Outdoor segment (~73% of FY24 revenue) is anchored by Black Diamond, a technical gear brand founded in 1957 and sold in over 50 countries. Black Diamond makes climbing, skiing, mountaineering, and trail running equipment — carabiners, harnesses, helmets, ice axes, headlamps, trekking poles, avalanche safety gear, and apparel — targeting serious outdoor athletes. Black Diamond sells primarily through specialty outdoor retailers and national chains like REI, with wholesale accounting for roughly 80% of revenue and a smaller D2C digital channel. The Adventure segment (~27% of FY24 revenue) comprises four brands — Rhino-Rack, MAXTRAX, TRED, and RockyMounts — that make vehicle accessories for overlanders, off-road enthusiasts, campers, and cyclists. Rhino-Rack is the market leader in Australia and New Zealand for automotive roof racks and carriers. Adventure revenue is heavily weighted toward Australia and New Zealand, with ongoing efforts to expand in North America and Europe. Clarus earns premium pricing across both segments based on brand reputation and technical performance. Key margin drivers include product mix, tariff costs on imported goods, and FX rates. Clarus has no third-party debt and is pursuing growth through a revamped Black Diamond apparel line, supply chain restructuring away from China, expanded vehicle fitments in Adventure, and North American market expansion via the recently acquired RockyMounts brand.