Fuel Belt

[uds-billboard name=”fuel-belt” ]

For some, running, cycling and swimming are ways to enjoy a warm sunny day. For Vinu Malik, they are a way of life. As a 36 time Ironman triathlete, Malik turned his passion into a thriving business.

Malik saw a need to solve the dehydration problems he faced during races and wanted a better way to carry his drinks. The existing products on the market were belts that were uncomfortable and didn’t have any flexibility. Malik came up with a concept of a belt that had comfort in mind, giving it flex and focusing on ergonomics. He started by making it for himself out of necessity. Malik recalls a time when a friend came into his apartment, took one look at the belt and said “Don’t quit your day job.”

With continued determination, Malik started off with 50 belts and gave them to high profile triathletes and just months later the winner of the Ironman World Championships came across the finish line with a FuelBelt on. The exposure from the win, along with the extended media covered helped FuelBelt go from an idea in Malik’s apartment to a recognizable brand overnight. To this day, Malik continues to credit much of his growth to the media, which he maintains very close relationships with. This has resulted in continued widespread coverage which has helped to build brand awareness.

FuelBelt initially sold their products exclusively online but as sales grew, the company built a global distribution channel that now includes over 5,000 stores in 40 countries.  From a revenue standpoint, FuelBelt continues to be one of the fastest growing companies in the endurance sports channel and is the only company in the sporting goods category to make the Inc 5000 list 6 years in a row. “Making  the  Inc.  5000  for  a  sixth  year  in  a  row  is  the  result  of  having  long-­range  goals,  an  exceptional  team,  and  incredible  customers.  It’s  also  a  privilege  to share  this  acknowledgement  with  such  notable  alumni  as  Zappos,  Under  Armour,  and  Patagonia…”  said  Malik.

As a product that started with very little real competition, FuelBelt  has created competitors based on their success. There are now close to 10 direct competitors that are creating similar products, however Fuelbelt is the clear industry leader with over 70% of the overall market share. Now with over 200 products, FuelBelt continues to expand their product line which includes reflective gear, race gear, run gear and other active lifestyle gear.

As FuelBelt continues to expand into new markets, their Rhode Island roots remain strong. Malik chose to start his company in Rhode Island because the FuelBelt brand is lifestyle based. Rhode Island is unique in that it provides access to the beaches for swimming, bike paths for cycling and good roads for running. The other strength to building the brand in Rhode Island is the tight knit community needed to support a startup such as FuelBelt.

When asked about some of the challenges that Rhode Islander’s often hear about when starting a business, Malik said “There are so many surprising companies here in the state and they work hard to get where they are. It’s hard work from day one and you have to be on top of it every day. No hand outs, no gifts. Nothing is really given to you. No matter where you start your business, you really have to work at it.”

As for future growth plans, FuelBelt continues to pursue several opportunities. From further expansion into European markets, to the addition of several new products, FuelBelt looks to continue revolutionizing the industry. In the U.S. market, FuelBelt is looking to big box retailers like Dick’s Sporting Goods and Target as major distribution channels in 2013 to help further increase company exposure and revenue.

FuelBelt continues  to  grow and evolve, serving the needs of athletes, from runners to cyclists, to competitive  triathletes.  FuelBelts have been used to break world records, personal bests, and have even been used at the Olympic world stage,  where   every  effort and every second counts.

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