Fila is ready to get aggressive – Gene Yoon, Chairman & CEO of FILA Global

Gene Yoon, brand chairman of Fila Group

The Fila Group plans to become the world’s fourth-largest sportswear firm in five years with $3 billion in annual sales, its brand chairman, Gene Yoon, said yesterday.

If the company reaches that goal, it will come in behind Nike, Adidas and Puma. Currently, Fila is not even in the top five sportswear brands, officials said.

“When Fila Korea acquired [the Fila Group] in 2007, the firm was in an unstable [financial] situation,” Yoon said after participating in the Fila 2009 Global Conference held at the Grand Intercontinental hotel in Samseong-dong, southern Seoul. “But for the past three years we have successfully solved the problems by restructuring, which included repaying debts and venturing into overseas licensing. And now we’re ready. It’s time to make money.”

Compared with 2007, Yoon expects the firm’s global sales to increase 20 percent, to $1.2 billion this year.

“We really had various economic crises but have solved them,” the chairman said. “We are now setting up the platform to visualize our future by building up a strong sourcing structure.”

Yoon said that collaboration with international corporations – including Honda and Firestone – help complement the brand’s weaknesses and will aid its expansion.

“At present, the [Fila] brand in China is like a blank sheet of paper; it’s nowhere,” said James Zheng, the executive vice president of Fila China. “In five years, though, we are hoping to become a leading sports brand there, one that contributes to the global Fila.”

Fila China signed a partnership agreement with Anta Sports, China’s leading sports brand, to boost its presence in the country. Meanwhile, Yoon said Fila Korea will go public sometime next year.

By Lee Eun-joo [angie@joongang.co.kr]

Fila’s Chairman Gene Yoon Makes Visit To The Polo Club of Boca Raton

The Polo Club of Boca Raton was selected as one of only three retail locations in the U.S to host Fila Chairman Gene Yoon and investors during their business trip to Miami, FL.

Boca Raton, FL (PRWEB) April 10, 2010

Gene Yoon, Chairman & CEO of FILA Global

Recently voted as ‘The #1 Private Tennis Facility in the World’, The Polo Club of Boca Raton was selected as one of only three retail locations in the U.S to host Fila Chairman Gene Yoon and investors during their business trip to Miami, FL. “The Polo Club’s facilities and operations are second to none,” said Mickey Rivera, Fila Southeast Key Account Manager. “We’ve been working with The Polo Club since 1998, and have always felt that they exude excellence in all levels of Tennis operations.”

“We were extremely honored to have been able to host Fila’s global management team and represent the Private Country Club Industry. We look forward to continue our relationship with Fila,” said Alex Raimondi, General Manager and COO of The Polo Club.

Since 1998, The Polo Club of Boca Raton has carried Fila apparel and accessories and has seen an ever expanding demand for their products.

“Our Members have built strong brand loyalty with Fila. We are seeing a growth, not just in Tennis, but with all their active wear,” said Jean Mills, Director of Tennis Operations at the Polo Club.

During the facility tour, Yoon stopped to recognize The Polo Club of Boca Raton as being an industry leader in Tennis and congratulated them for earning the 2010 #1 Private Tennis Facility in the World by the Professional Tennis Registry.

About The Polo Club of Boca Raton
The Polo Club of Boca Raton is a premier private member-owned residential community in Palm Beach County providing world-class amenities and services to its members. The Club’s desirable location and surroundings promote a healthy lifestyle, which is complimented by a friendly and caring membership.

The Club centers itself around a magnificent 145,000 square foot clubhouse with multiple dining venues, two championship golf courses, 29 tennis courts, a large resort style pool with a children’s activity center and a 35,000 square foot, world-class spa and fitness center.
For more information visit The Polo Club of Boca Raton at http://www.poloclub.net

Fila Chairman Gene Yoon Named Honorary Citizen of Biella, Italy: Yoon Recognized for His Contributions to the Fila Brand

Fila chairman Gene Yoon with Biella Mayor Donato Gentile

New York, NY (Vocus) April 14, 2010

Fila announced today that the company’s Chairman, Gene Yoon, was recognized as an honorary citizen of Biella, Italy, the alpine town where the Fila brand was born. Originally founded by the Fila brothers nearly one hundred years ago, Fila helped Biella to become known throughout the world for the manufacturing of rich textiles and superior craftsmanship. In recognition of Mr. Yoon’s contribution to the Fila brand over the last two decades, Biella’s Mayor, Donato Gentile, presented Yoon with the honorary citizenship during a ceremony this morning attended by prominent community members, government officials and special guests at City Hall.

“It is an honor to be recognized by the people of Biella, Italy,” said Gene Yoon, Chairman of Fila. “As we near the 100 year anniversary of the Fila brothers’ founding of the company, the contributions of the people of Biella throughout the years speak volumes to what the brand has been able to accomplish worldwide. On behalf of all of us who work with the brand today, I can say that not a day goes by without us all reaching back to the heritage of Fila here in Biella for inspiration.”

As we near the 100 year anniversary of the Fila brothers’ founding of the
company, the contributions of the people of Biella throughout the years speak
volumes to what the brand has been able to accomplish worldwide. On behalf of
all of us who work with the brand today, I can say that not a day goes by
without us all reaching back to the heritage of Fila here in Biella for
inspiration

During his visit to Biella to receive the award and to celebrate this momentous occasion, Mr. Yoon will begin discussions with Mayor Gentile about the potential for opening a museum in Biella to tell the story of the Fila brand and the region’s rich textile history. He hopes to increase tourism to the region and to attract those interested in the city’s storied history in the apparel industry.

About Fila: Established in Italy in 1911, Fila is a leading manufacturer of sport and leisure footwear and apparel distributed worldwide. The internationally respected company, having gained world class recognition in tennis apparel, has developed brand recognition by marketing products with a high design and style content that are endorsed by professional artists and athletes from around the world.

Fila CEO Gene Yoon: Korea branch is the standard

Gene Yoon, Chairman & CEO of Fila Global

Fila will present its Korean branch’s business model as a global standard for Fila operations around the world, said Steve Wynne, 51, president and chief executive of Fila Sports S.p.A., who visited Korea yesterday.
Since it was established in 1991, Fila Korea has grown more than 30 percent every year on average, leading the growth of the entire group, he said.
Mr. Wynne is credited with boosting the revenues of Adidas America as chief executive from $400 million in 1996 to $1.7 billion in 2000. He joined Fila in February.
By locally producing all of its products, Fila Korea can quickly adapt to changes in fashion trends and decrease inventory stock, he said.
Fila Group was taken over by SBI Holdings last June.
At that time, Yoon Yoon-soo, 58, president of Fila Korea, took part in the takeover and assumed the position of the president of Fila Asia as well.
Mr. Wynne said that Fila Group successfully completed a thorough restructuring last year.
In Europe, the company laid off 30 percent of its total staff, or about 550 workers. In the United States, the company shed 10 percent of its total staff, or 100 workers, Mr. Wynne said.
He said that Fila will focus on developing high added value products, such as golf-related products, and will aggressively localize.
Compared to Nike or Adidas, Fila is still a small company, but that means its organization is flexible and effective enough to fast adapt to the local culture, he said.
Mr. Yoon said Fila Korea plans to make a large investment in the local business this year.
For the first time in 14 years, Fila Korea’s business shrank nine percent last year.
“Due to the sluggish economy, customers tend to prefer low-priced products,” Mr. Yoon said. “So we will develop products that meet such demands.”
Fila Korea currently produces all of its products in Korea, but Mr. Yoon said the firm will think about shifting production to China as the costs of production increase.

by Park Hye-min

Fila Korea adds Diadora to lineup – Gene Yoon, Chairman & CEO of FILA Global

Move gives local company access to popular Italian sportswear brand

Diadora Sport President Enrico Moretti Polegato, second from left, and Fila Chairman Gene Yoon, second from right, shake hands after signing an exclusive licensing contract yesterday at the Lotte Hotel, downtown Seoul.[YONHAP]

Fila Korea has obtained the exclusive local licensing rights to the Italian sportswear brand Diadora, enhancing the company’s array of offerings with a well-known name in the world of shoes. It marks the second major attempt to push the Diadora brand in Korea after a failed effort nearly a decade ago.

“By joining forces with another world-class brand, Fila is once again taking charge in the competitive sportswear market,” Fila Korea Chairman Gene Yoon said yesterday during a ceremony to cement the contract. “Diadora is a historical brand specializing in many fields and espousing great core values.”

Fila Korea, which owns the global Fila brand, inked the deal through its subsidiary GLBH Korea. Yoon said Diadora will complement the current Fila lineup, particularly in the area of sports shoes.

The head of Diadora Sport, Enrico Moretti Polegato, said he has high hopes for the partnership.

“Korea is the most important sportswear market in Asia because it has both monetary wealth and a large population,” said Polegato, who took the helm of Diadora Sport in January.

Diadora has a troubled history in Korea. The brand was launched here in 2001 but never gained traction, in part because it wasn’t distributed through proven channels such as department stores. Excessive sublicensing also eroded the brand’s image.

“I believe the firms that managed the brand before did not know how to run a branded business,” Yoon said.

The licensing period under the latest deal begins Jan. 1, 2011, and the firms plan to prepare new products until then, Yoon said.

“We believe 100 billion won ($83.2 million) in revenue is possible in five years,” Yoon said.

Fila Korea acquired the global Fila brand and all its subsidiaries in 2007, becoming the largest sportswear company in the country.

By Lee Jung-yoon [joyce@joongang.co.kr]

Fila Korea to split from Fila Global – Gene Yoon, Chairman & CEO of Fila Global

Fila Korea to split from Fila Global

Gene Yoon, Chairman & CEO of Fila Global

Gene Yoon, Chairman & CEO of FILA Global

Fila Korea, a maker of sports apparel and shoes, is to be reborn as a Korean company, the first case of a foreign-invested firm transforming itself into a Korean-owned one.
In a statement issued yesterday, the company said that its chairman, Yoon Yoon-soo, and five other top managers will purchase the Fila Korea shares held by Fila Global, which is managed by Sports Brand International.
Cerberus, a private U.S. investment fund, holds an 85 percent-stake in Sport Brands International of New York. Mr. Yoon has 3.75 percent.
The company said it expects the purchase to cost $127 million, which will come from Mr. Yoon’s personal funds as well as through private equity funds and public issues.
An official with Fila Korea who requested anonymity said of the buyout: “We plan to re-invest profits made in Korea back into the Korean market.” The official added that profits, previously transmitted abroad, would be used to market Fila products in Korea.
Fila Korea, however, will continue to use the same brand name and the logo, and will jointly develop products. The company will pay half the royalty fees, or about 3.5 percent of its sales to the parent.
In November, the company set up a new holding company, “Fashion Flower,” to prepare for the takeover. They plan to list it on the Korea Stock Exchange by 2007.
Fila Korea’s sales in 2003 were 381.1 billion won, with a profit of 16.1 billion won. In domestic sales, Fila Korea ranks second, behind Hwaseung Corp., in the sports apparel and shoes market.
Fila Korea, established in 1991, grew under Mr. Yoon’s leadership. He began to invest in Fila Global when the group’s management changed from Italian ownership to SBI Holdings in June 2003.

by Kwon Hyuk-joo, Kim Ji-soo <tarzan@joongang.co.kr>

Fortune sells Acushnet to group led by Fila Korea – Gene Yoon, Chairman & CEO of Fila Korea

DEERFIELD, Ill. (AP) — Fortune Brands Inc. forged ahead in transforming itself into a standalone liquor company, announcing a deal Friday to sell its unit that makes Titleist golf balls to Korean investors including athletic company Fila Korea Ltd. (CEO Gene Yoon) for $1.2 billion.

Among other things, Acushnet makes Titleist Pro V1 balls, the most popular ball in golf.

Fortune’s Acushnet Co. business is a giant in the golf industry. Titleist is the top-selling golf ball and a leader in golf clubs, while the unit’s FootJoy brand is the leader in golf shoes, the company said.

The Acushnet unit’s revenue exceeded $1.2 billion in 2010, with nearly half of that coming outside the U.S., the company said. Operating income before charges was $80 million last year, it said.

Fila executives predicted strong growth opportunities in Asia for the golf brands.

The deal is a major step in Fortune’s plan to break itself up. It plans to separate its Beam liquor business and its home and security businesses into two companies later this year.

“This transaction is a very important milestone as we execute out proposed plan to separate our three strong businesses for the purpose of maximizing long-term value for our shareholders,” said Fortune Brands’ Chairman and CEO Bruce Carbonari.

Fortune expects to reap $1.1 billion after taxes and expenses when the deal closes this summer.

The company, based in Deerfield, Ill., announced late last year that it was splitting into three companies, keeping its liquor business led by Jim Beam bourbon, while shedding units that make Titleist golf balls, Moen faucets and Master Locks.

Fortune is the world’s fourth-largest premium spirits business with brands that also include Canadian Club, Maker’s Mark bourbon and Sauza tequila. The spirits business from its Beam Global Spirits & Wine subsidiary generated 2010 revenue of $2.7 billion in 2010.

“The proceeds from this sale will strengthen Fortune Brands’ balance sheet and support strong capital structures for both Beam and Fortune Brands Home & Security as they look to the prospect of competing as independent companies later this year,” Carbonari said.

Fortune said earlier this month that it had submitted filings with federal regulators as part of its proposed spinoff of its home and security business, which also includes MasterBrand cabinets.

The group buying the golf brands is led by Fila Korea and Mirae Asset Private Equity, Korea’s largest private equity firm.

Gene Yoon, chairman and CEO of Fila Korea, said the acquisition will add “a stable of premiere world-class brands.”

“With our extensive knowledge and reach in Asia, we believe that the Acushnet brands have incredible new opportunity for growth in the emerging markets in Asia,” he said.

Read more: http://www.golf.com/ap-news/fortune-sells-acushnet-group-led-fila-korea#ixzz2Rq0GLo00

Acushnet sold to Fila Korea, private equity firm

Acushnet sold to Fila Korea, private equity firm

Friday, May 20, 2011

After nearly six months of speculation, Fortune Brands has signed an agreement to sell its Acushnet business, comprised of the Titleist, FootJoy and Pinnacle brands, to Fila Korea Ltd. and Mirae Asset Private Equity, the largest private equity firm in Korea. The sale remains subject to closing conditions, including the usual regulatory approvals, and is expected to close this summer. The price, according to a source with knowledge of the situation, is $1.225 billion.

It is expected that after the acquisition, Acushnet will remain as a standalone company with its worldwide headquarters remaining in Fairhaven, Mass. The current management team, including chairman and CEO Wally Uihlein, will remain in place.

“The Fila Korea and Mirae group understands and appreciates our golf industry leadership, passionate associates, and unique and enduring culture,” said Uihlein. “Together, with our new owners, our team is looking forward to strengthening and building upon the global success of the Titleist and FootJoy brands.”

Fila Korea has more than 500 total points of distribution including 300 franchise stores and ranks as one of the top sportswear brands in Korea, while Mirae listed more than $133 billion in assets in 2008.

“The acquisition of Acushnet transforms our platform with a stable of premier world class brands,” said Gene Yoon, Chairman and Chief Executive Officer, Fila Korea, Ltd. “We are equally excited to embrace Acushnet’s exceptional management team led by Wally Uihlein. With our extensive knowledge and reach in Asia, we believe that the Acushnet brands have incredible new opportunities for growth in the emerging markets in Asia.”

–E. Michael Johnson

Follow on Twitter @EMichaelGW

Read More   http://www.golfdigest.com/golf-equipment/blogs/hotlist365/2011/05/acushnet-sold-to-fila-korea-pr.html#ixzz2QXLz2cuv

Titleist golf brand spun off by Fortune to Fila Korea

Fila Korea paid a high price for the golf business line, saying it had big growth plans for it in Asia

Fortune Brands has sold its golf business, including the Titleist equipment brand, to Korean investors led by Fila Korea, for $1.2bn (£740m).

The deal is part of Fortune’s strategy to focus purely on its drinks business, led by its Jim Beam whisky brand.

The price for its Acushnet golf unit, which made $80m operating income last year, is higher than had been expected.

Fila Korea, which bought the eponymous Italian sportswear brand in 2007, plans rapid growth for the golf line in Asia.

“With our extensive knowledge and reach in Asia, we believe that the Acushnet brands have incredible new opportunity for growth in the emerging markets in Asia,” said Gene Yoon, the firm’s chief executive.

Mirae Asset Private Equity – Korea’s largest private equity fund – were also involved in the acquisition.

The Koreans beat a rival bid said to have been mounted by private equity firm Blackstone and Callaway Golf.

Premium spirits

Illinois-based Fortune Brands announced last year that it would spin off its gold and home security businesses, and focus purely on drinks, in response to pressure from a key shareholder, William Ackmann.

Acushnet made revenues of $1.2bn in 2010 – more than half of it in the US – compared with the $2.7bn made by Fortune’s alcoholic beverages line.

Its Jim Beam business is the fourth largest premium spirits business in the world.

“This transaction is a very important milestone as we execute our proposed plan to separate our three strong businesses for the purpose of maximising long-term value for out shareholders,” said Fortune boss Bruce Carbonari.

The firm will now focus on separating out its home and security business – which includes Master Locks, Simonton windows and Masterbrand cabinets – in preparation for its sale.

Titleist golf brand spun off by Fortune to Fila Korea

Fila Korea paid a high price for the golf business line, saying it had big growth plans for it in Asia

Fortune Brands has sold its golf business, including the Titleist equipment brand, to Korean investors led by Fila Korea, for $1.2bn (£740m).

The deal is part of Fortune’s strategy to focus purely on its drinks business, led by its Jim Beam whisky brand.

The price for its Acushnet golf unit, which made $80m operating income last year, is higher than had been expected.

Fila Korea, which bought the eponymous Italian sportswear brand in 2007, plans rapid growth for the golf line in Asia.

“With our extensive knowledge and reach in Asia, we believe that the Acushnet brands have incredible new opportunity for growth in the emerging markets in Asia,” said Gene Yoon, the firm’s chief executive.

Mirae Asset Private Equity – Korea’s largest private equity fund – were also involved in the acquisition.

The Koreans beat a rival bid said to have been mounted by private equity firm Blackstone and Callaway Golf.

Premium spirits

Illinois-based Fortune Brands announced last year that it would spin off its gold and home security businesses, and focus purely on drinks, in response to pressure from a key shareholder, William Ackmann.

Acushnet made revenues of $1.2bn in 2010 – more than half of it in the US – compared with the $2.7bn made by Fortune’s alcoholic beverages line.

Its Jim Beam business is the fourth largest premium spirits business in the world.

“This transaction is a very important milestone as we execute our proposed plan to separate our three strong businesses for the purpose of maximising long-term value for out shareholders,” said Fortune boss Bruce Carbonari.

The firm will now focus on separating out its home and security business – which includes Master Locks, Simonton windows and Masterbrand cabinets – in preparation for its sale.

Fila Korea buys Titleist golf company for $1.2 billion – Gene Yoon, Chairman & CEO of Fila Global

http://www.gene-yoon.net/page/14/

A variety of products by Fortune Brands are seen in Denver, Colorado January 26, 2007. Left to right are Pinnacle golf balls, Titleist golf balls, Knob Creek bourbon, Markers Mark bourbon, Masterlocks locks and Moen faucets (catalog.)Fortune Brands agreed to sell its golf equipment business for $1.23 billion, to a group led by South Korean sports apparel and footwear maker Fila Korea Ltd, as part of Fortune’s goal to become a pure-play alcoholic drinks company. Credit: Reuters/Rick Wilking

By Denny Thomas and Robert MacMillan

HONG KONG/NEW YORK | Fri May 20, 2011 6:04pm EDT

(Reuters) – Titleist, one of world’s best-known golf equipment names, is getting a new owner after alcoholic drinks maker Fortune Brands Inc struck a deal to sell the brand to Fila Korea Ltd for $1.23 billion.

Fortune FO.N now will spend more time in the clubhouse than on the fairway. The maker of Jim Beam bourbon will focus on liquor after dropping its Acushnet subsidiary that makes Titleist golf balls, clubs and other equipment.

Fila Korea (CEO Gene Yoon) owns the Fila brand name, recognizable by many sports aficionados for its flowing, streamlined logo. It bought the brand in 2007 from Sports Brands International, a unit of hedge fund Cerberus Capital Management LP CBS.UL management.

The deal gave Fila Korea (081660.KS), which beat out private equity firm Blackstone Group LP (BX.N) and others, the rights to the worldwide use of footwear and clothing brands. Fila was established in Italy in 1911.

Buying Acushnet — based in Fairhaven, Massachusetts and named for the Massachusetts town where it was founded in 1932 — makes sense for Fila and its partners, which include Mirae Asset Private Equity, National Pension Service of Korea and Korea Development Bank, experts said.

That is because its line of athletic clothes and shoes fits in better with golf equipment than Courvoisier cognac or Maker’s Mark bourbon, they added.

“This is one of those corporate separations that is good for both companies because it puts Titleist under the ownership of a more sports-oriented company,” said Craig Johnson, president of retail consulting firm Customer Growth Partners.

“Fortune can focus more on their true long suit, which is the adult beverages area,” said Johnson, who was reached by phone while in the golf section of a Wal-Mart near New Haven, Connecticut.

Fortune was under some pressure to change its business last year because of investor William Ackman. At the time, it said it would sell Acushnet, which also makes FootJoy gloves and shoes, and spin off its home products business, which makes Moen faucets.

Nearly half of the golf unit’s 2010 sales of $1.24 billion came from markets outside the United States. The unit had an operating income of about $80.2 million last year.

“We think the valuation of the business is fair,” said Jefferies analyst Douglas Lane, who added that the purchase price implies a valuation of 1 times its estimated 2011 sales and just below 10.5 times 2011 estimated EBITDA, or earnings before interest, taxes, depreciation and amortization.

Fortune expects net proceeds of about $1.1 billion from the sale.

Those statistics of course appeal mostly to investors as well as the banks that worked on the deal, which included Morgan Stanley (MS.N) and Centerview Partners for Fortune and Nomura Holdings Inc (8604.T) and KDB for Fila.

Selling Acushnet and the Titleist brand will have few implications for people who buy Titleist equipment, according to retail experts.

“These … kinds of things certainly are interesting to investors and so forth, but the guy that has to walk into the sporting goods place and pick out a box of golf balls for himself, he’s not thinking about who’s managing the company,” said Robert Passikoff, president of consultancy Brand Keys Inc. “He’s thinking about if he can cut three strokes off his game.”

Fortune’s shares closed down 1.6 percent at $63.88 on the New York Stock Exchange on Friday.

(Additional reporting by Stephen Aldred in Hong Kong, and Mihir Dalal and Nivedita Bhattacharjee in Bangalore. Editing by Dan Lalor, Sriraj Kalluvila)

Fila Korea buys Titleist for global expansion – Gene Yoon, Chairman & CEO of FILA Global

“The acquisition of Acushnet transforms our platform with a stable of premiere world class brands,” said Fila Korea Chairman and CEO Gene Yoon.

Gene Yoon, Chairman & CEO of Fila Global

Fila Korea Ltd., a South Korean sportswear maker, said Saturday it signed a deal to acquire global golf equipment maker Acushnet Company, becoming the new owner of leading golf brands such as Titleist as it moves to boost its global presence.

Under the deal, Fila Korea and Mirae Asset Private Equity Fund agreed with U.S.-based Fortune Brands Inc. to buy Acushnet Company for $1.23 billion, the companies said in a statement. Acushnet Company is the world’s leading golf equipment maker with brands such as Titleist and FootJoy under its wing.

The transaction, which is expected to close this summer, also includes South Korea’s National Pension Service and state-run Korea Development Bank, according to the statement.

The move is widely expected to drive Fila Korea’s global expansion and strengthen its golf business.

“The acquisition of Acushnet transforms our platform with a stable of premiere world class brands,” said Fila Korea Chairman and CEO Gene Yoon. “With our extensive knowledge and reach in Asia, we believe that the Acushnet brands have incredible new opportunity for growth in the emerging markets in Asia.”

Established in 1991, Fila Korea listed its shares on the Seoul main bourse in September. In 2010, the sportswear maker posted operating profit of 53.4 billion won ($49 million) and net profit of 44.2 billion won. (Yonhap)

Bogey player’s albatross shot

Gene Yoon, Chairman & CEO of Fila Global

Fila CEO buying global golf product makers Titleist, FootJoy

By Oh Young-jin

What does Gene Yoon, chairman and CEO of sportswear maker, Fila have in mind?

One thing that is certain is that Yoon, an amateur golfer with a handicap of 18 for an 18-hole round, has as good as hit an albatross by snaring one of the biggest deals in the global golf industry.

It is hard to catch a glimpse into the business mind of one of the most celebrated self-made businessmen in Korea but, by some indications, he has set his mind on making his sportswear making firm into a golf conglomerate such as Tailor-Made or Nike Golf.
Last week, Yoon made it into headlines, as he, with the help of Mirae Asset, took over Acushnet, the U.S. golf firm that has Titelist golf ball maker and FootJoy golf shoemaker, at a cost of $1.2 billion.

“I want to create big synergy between Fila, and Titelist and FootJoy,” Yoon told The Korea Times during a phone interview Sunday. “I believe that these firms, the world leading firms in their given areas of business, will encourage the development of the golf-related industry in Korea where there is no infrastructure to name.”

In the process, Yoon beat out Adidas, which owns Tailor-Made, and U.S. golf giant Callaway that bid in a consortium with the world’s largest private equity, Blackstone.”

“We needed this deal more than the others,” Yoon said. The deal immediately puts Fila on the map of golf-related item makers, setting the stage for its foray into China, the biggest emerging market where golf is fast gaining popularity.

He said, for now, that he would make no new purchases anytime soon.

Showing his commitment to his latest buys, the 66-year-old Korean industrialist said that their current management will be kept for a considerable period of time. “Any change will be made at a time when his firms achieve synergy to the hilt.”

The history of Yoon and Mirae goes back some time when Mirae helped him buy Fila, the Italian firm, in 2007. Two years prior, Yoon bought Fila Korea, the Korean branch, from its Italian owner.

“I have not seen Mirae Chairman Park Hyun-joo,” he said without clarifying whether he meant he had not seen him while the deal was being made or he doesn’t know Park.

When he answered the call, Yoon said that he was playing a round of golf.

However much he loves the sport, he said that he is an average player, his handicaps being one over par or 18 for a 72 par 18-hole round.

“I love to play but I can’t because of my tight business schedule,” he said, adding that he plays about three times a month.

Acushnet to be sold to Korean

Fila Korea to buy Acushnet

Titleist balls on display during the 2010 PGA Merchandise Show.

By Gene Yasuda

As of Monday, May 23, 2011

Acushnet Co., owners of the Titleist and FootJoy brands, has reached an agreement to be acquired by an Asian group led by Fila Korea Ltd. and Mirae Asset Private Equity, the largest private equity firm in Korea.

The May 20 announcement of the pending sale ends months of intense industry speculation about the future of Acushnet, whose parent Fortune Brands decided in December to split its company, including possibly selling its golf division. Acushnet did not release terms of the sale, but the Associated Press reported Fortune anticipates reaping $1.1 billion after taxes and expenses following the deal’s expected close this summer.

Though premature to assess the full impact of the ownership change, it clarifies key issues for Acushnet: The company will operate as a standalone entity and remain based in Fairhaven, Mass. Wally Uihlein and Acushnet’s current management team, who have built Titleist and FootJoy into dominant product category leaders, will remain intact.

“The Fila Korea and Mirae group understands and appreciates our golf industry leadership, passionate associates, and unique and enduring culture,” said Wally Uihlein, Acushnet’s chairman and CEO. “Together, with our new owners, our team is looking forward to strengthening and building upon the global success of the Titleist and FootJoy brands.”

The acquisition also underscores not only Asia-Pacific’s interest in golf, but its growing influence in shaping the sport and its industry. Ownership of Acushnet – one of the largest golf equipment companies in the world with annual sales exceeding $1.2 billion in 2010 – reflects the region’s clout and holds the promise of boosting Acushnet’s sales overseas.

“The fact that Asia Pacific represents over 30 percent of the world’s total golf equipment spending, and that South Korean golfers are among the most passionate and organized in the game, is testament to the significant investment in the Acushnet Company by the Fila Korea and Mirae group,” Uihlein said.

Fila Korea is the entity that owns the Fila brand globally. Established in Italy in 1911, Fila is a leading sport and leisure footwear and apparel brand. The acquisition group led by Fila Korea and Mirae, also includes the National Pension Service of Korea, the fourth-largest pension fund in the world, and Korea Development Bank, Korea’s largest government-owned bank.

“With our extensive knowledge and reach in Asia, we believe that the Acushnet brands have incredible new opportunities for growth in the emerging markets in Asia,” said Gene Yoon, Fila Korea’s chairman and CEO.

Said JH Ryu, chief executive of Mirae Asset Private Equity: “We will fully support the company (Acushnet) to remain focused on its core golf expertise and continue driving the growth of the industry.”