Portfolio focus / Consumer spotlight
NOX
NOX is a premium padel equipment brand and a global player in a fast-growing racket sports market. Acquired in December 2025 in partnership with the founder, NOX combines a strong global brand with exposure to structurally growing participation in padel and offers a platform to expand into adjacent categories and geographies.
NOX
NOX has a strong track record of profitable growth, delivering a 47% revenue CAGR, more than double the market growth rate, while expanding EBITDA margin from 19% to 26%. In the first few months since acquisition, momentum has been strong across several fronts. In the US, NOX appointed a new distributor and redesigned its go-to-market strategy, delivering c.190% year-on-year growth in Q1 2026, and entered the fast-growing pickleball category with a dedicated US collection and a branded presence at the US Open Pickleball Championships. Marketing has been reshaped through an overhauled direct-to-consumer approach and new agency partnerships, driving approximately 196% year-on-year growth in direct-to-consumer sales in Q1 2026, supported by NOX's role as official sponsor of the first London Premier Padel event. Oakley continues to work closely with the founder and management team to build on this early momentum and realise NOX's growth potential.