PARIS & SHANGHAI - Logitech (NASDAQ:LOGI) G, a brand of Logitech (SIX: LOGN) (NASDAQ: LOGI), has announced a multi-year partnership with the Italian motorsports brand MOMO to introduce two new premium sim racing wheels, the SIM GT 320 and SIM GT-Racer 290. These wheels are designed to integrate with the Logitech G RS Wheel Hub and are expected to be available in January 2025, with an expected MSRP of $199 each.
MOMO, known for its six-decade legacy of hand-crafted racing equipment used by brands like Ferrari (NYSE:RACE) and racing legends such as Ayrton Senna, will now design, develop, and manufacture steering wheels compatible with Logitech G's racing series. The partnership, announced today, marks a continuation of the collaboration between the two companies that began in 2002.
The new wheels are crafted in Italy using the same 100% hand-crafted production methods applied to MOMO's entire range of steering wheels. They feature a 3mm thick black anodized aluminum plate and a hand-wrapped microfiber rim grip. The SIM GT-Racer 290 Wheel is designed to match the 290mm diameter of the Logitech RS Wheels, while the GT Wheel offers a larger 320mm option.
In addition to the two wheels, the Racing Series QR Adapter by Logitech G now makes MOMO's full range of over 100 steering wheel designs compatible with the PRO Racing Wheel, offering a broad selection of styles for sim racers.
Massimo Ciocca, CEO of MOMO S.r.l., expressed pride in the collaboration, stating that the union of MOMO's motorsports legacy and Logitech G's innovation is set to establish a new standard for sim racers. Peter Kingsley, CMO at Logitech G, echoed this sentiment, highlighting the partnership's commitment to high-performance racing wheels that enhance precision and realism in sim racing.
The partnership between Logitech G and MOMO aims to provide sim racers with a wide range of high-quality, authentic racing wheels that cater to individual preferences and styles. This news is based on a press release statement from Logitech G.
"In other recent news, Logitech International reported a strong start to fiscal year 2025 with a 13% increase in sales and a 430 basis point margin expansion, mainly attributed to robust performance across key product categories and steady pricing. This positive performance led Logitech to raise its full-year outlook for net sales and non-GAAP operating income. Additionally, Logitech G, a brand of Logitech, unveiled the G915 X Gaming Keyboard, a low-profile wireless gaming keyboard designed for advanced gaming experiences.
In terms of analyst notes, Loop Capital made a slight adjustment to the price target for Logitech, increasing it while recommending a hold on the stock. This adjustment comes in the wake of increased demand across several of Logitech's key product categories, contributing to the company's revenue growth.
In other company developments, despite the founder's bid to replace the chairperson, shareholders re-elected Wendy Becker to continue in her role. This decision was made despite founder Daniel Borel's concerns over the current leadership's lack of technology experience and his belief that Logitech has not adequately adapted to emerging trends. These are some of the recent developments that have shaped Logitech's current business landscape."
InvestingPro Insights
As Logitech (NASDAQ: LOGI) gears up to enhance sim racers' experiences with its new line of premium racing wheels, the company's financial health and market performance paint a promising picture. With a market capitalization of $13.25 billion and a price-to-earnings (P/E) ratio of 19.47, Logitech stands as a robust player in the peripherals market. Notably, the company's P/E ratio has adjusted slightly to 19.07 over the last twelve months as of Q1 2025, indicating a stable valuation relative to its earnings.
InvestingPro Tips highlight that Logitech's management has been actively buying back shares, signaling confidence in the company's value and future prospects. Additionally, Logitech holds more cash than debt on its balance sheet, providing financial flexibility and stability. These strategic financial decisions may provide reassurance to investors as the company invests in new product partnerships like the one with MOMO.
On the growth front, Logitech has demonstrated a consistent revenue increase, with a 1.35% growth over the last twelve months as of Q1 2025 and an impressive quarterly revenue growth of 11.67% in Q1 2025. Such growth trajectories are crucial as the company expands its product offerings and taps into the sim racing market.
For investors and enthusiasts looking to delve deeper into the company's performance and strategic moves, there are additional InvestingPro Tips available on https://www.investing.com/pro/LOGI, providing a comprehensive analysis of Logitech's market position and future outlook.
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