Fila Explained

Fila Holdings Corp.
Native Name Lang:it
Type:Public
Area Served:Worldwide
Key People:Gene Yoon (chairman)
Products:Athletic shoes and clothing, sports equipment
Parent:Fila Korea Ltd.[1]
Subsid:Acushnet Company
Foundation: in Biella, Italy
Hq Location City:Seoul, South Korea (since 2007)

Fila (Italian: Fee-lah;) is a South Korean-owned athleisure brand headquartered in Seoul. The company was originally founded by Ettore and Giansevero Fila in 1911 in Coggiola, near Biella, Italy.[2] Fila Korea acquired the brand in 2007 and launched its initial public offering (IPO) on the Korea Exchange in September 2010.

Fila Holdings owns golf equipment maker Acushnet Company. Fila Holdings' largest shareholders include Piemonte Co., Ltd at around 20%, Fila Holdings at 20%, and South Korea's National Pension Service at around 13%.[3] Gene Yoon (Yoon Yoon-su), who owns a 75% stake in Piemonte,[4] serves as the chairman of Fila Holdings. The chief executive officer is Yoon Keun-chang.[5]

History

In 1906, brothers Ettore and Giansevero Fila joined the Giuseppe Regis and Figli di Coggiola wool mill in Biella, Piedmont, Italy. In 1911, the Regis brothers withdrew from the company and the wool mill took the name Fratelli Fila S.p.A.[6] Fila was officially established in 1923. It originally made clothing for the people of the Italian Alps, primarily underwear. In the 1970s it moved into sportswear, with an endorsement deal with tennis player Björn Borg, and the brand became more popular after the transition.[7]

In 1988, Fila changed ownership from Italian chemical company SNIA S.p.A. to Fiat-controlled holding company Gemina, later restructured as Holding di Partecipazioni. In 1991, Fila shifted focus from clothing in Europe to footwear in the US, and completed a buyout of its US license. High-profile sponsorships, including basketball players Grant Hill and Jerry Stackhouse, helped make Fila America's fastest-growing footwear brand by 1995.

In 2003, Holding di Partecipazioni sold the company to Cerberus Capital Management, a US-based hedge fund, after the company over-committed itself to expensive athletic endorsements at a time when margins were under pressure. Cerberus owned Fila through holding company Sports Brands International, which owned and operated all Fila businesses around the world with the exception of Fila Korea, which was a separate company operating the brand under license. In January 2007, the brand and all its international subsidiaries were acquired by Fila Korea.[8] [9] In 2009, Anta Sports acquired the rights to the brand in China, Hong Kong, and Macao from then Fila company's Chinese joint venture partner Belle International. Fila Korea still owned 15% shares of the joint venture company "Full Prospect".[10]

In September 2010, Fila Korea Ltd. launched its initial public offering on the Korea Exchange.[11] [12] [13] In May 2011, it acquired global golf equipment maker Acushnet Company, becoming the new owner of golf brands such as Titleist and FootJoy, for $1.23 billion.[14] [15]

Sourcing concerns

In March 2021, Fila China stated that it would continue to source cotton from Xinjiang despite public criticism that such cotton had been produced with forced Uyghur labor in the region.[16]

Notes and References

  1. http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20180814000704 "휠라코리아/반기보고서/ 2018.08.14"
  2. Web site: Void . Tyrone . 2022-07-31 . The Story Behind the 100-Year History of Fila, Its Future & More You Didn't Know . 2022-12-28 . Footwear News.
  3. Web site: Do Directors Own Fila Korea LTD. (KRX:081660) Shares? . 7 January 2020 . 2020-02-25 . 2020-02-25 . https://web.archive.org/web/20200225202232/https://simplywall.st/news/do-directors-own-fila-korea-ltd-krx081660-shares/ . live .
  4. Web site: NPS to vote for Fila Korea's split-off plan . 2020-02-25 . 2021-04-01 . https://web.archive.org/web/20210401190057/https://d31qbv1cthcecs.cloudfront.net/atrk.js . live .
  5. Web site: Fila Korea appoints new CEO, executives . 2018-03-25 . The Korea Times . . South Korea . en . 2019-09-24 . 2019-09-24 . https://web.archive.org/web/20190924154840/http://www.koreatimes.co.kr/www/tech/2019/09/693_246183.html . live .
  6. Web site: Fila Foundation Museum . 2022-08-31 . CulturalHeritageOnline.
  7. Book: Pederson, Jay P. . International Directory of Company Histories. Vol. 52. . February 21, 2003 . . 978-1-55862-482-5 . Detroit, Michigan . OL8607107M . https://web.archive.org/web/20210420012245/http://www.fundinguniverse.com/company-histories/fila-holding-s-p-a-history/ . 2021-04-20 . live . Funding Universe.
  8. Web site: Beckett . Whitney . Young . Vicki M. . 18 January 2007 . Fila Sold to Fila Korea . live . https://web.archive.org/web/20200225201054/https://wwd.com/business-news/financial/fila-sold-to-fila-korea-510547/ . 25 February 2020 . 25 February 2020 . Women's Wear Daily.
  9. News: Hartford . Teresa . 22 January 2007 . SBI Sells Fila Business to Fila Korea… . SGB Media Online . live . 2020-07-07 . https://web.archive.org/web/20200709003553/https://sgbonline.com/sbi-sells-fila-business-to-fila-korea/ . 2020-07-09.
  10. News: Discloseable Transactions Proposed Acquisition of Full Prospect Limited and Fila Marketing (Hong Kong) Limited. 12 August 2009. 29 March 2011. ANTA. Hong Kong Stock Exchange.
  11. News: 2010-09-28 . Fila Korea Doubles From IPO Price on Seoul Debut . Bloomberg. 2021-04-01. 2020-02-25. https://web.archive.org/web/20200225181823/https://www.bloomberg.com/news/articles/2010-09-28/fila-korea-doubles-on-seoul-debut-after-oversubscribed-initial-share-sale. live.
  12. News: How FILA's Gene Yoon plans to build a strong brand presence in India . Chamikutty . Preethi . 2012-10-03 . . India . 2019-09-24 . 2021-04-01 . https://web.archive.org/web/20210401190053/https://economictimes.indiatimes.com/how-filas-gene-yoon-plans-to-build-a-strong-brand-presence-in-india/articleshow/16644661.cms?from=mdr . live .
  13. Web site: Fila reboots in India . . India . en . 2019-09-24 . 2019-09-24 . https://web.archive.org/web/20190924154843/http://www.forbesindia.com/article/special/fila-reboots-in-india/50097/1 . live .
  14. News: 2011-05-21 . Fila Korea buys Titleist for global expansion . . dead . 2011-09-20 . https://web.archive.org/web/20120513081623/http://english.yonhapnews.co.kr/news/2011/05/21/0200000000AEN20110521001200320.HTML . 2012-05-13.
  15. News: Thomas . Denny . MacMillan . Robert . 2011-05-20 . Fila Korea buys Titleist golf company for $1.2 billion . . live . 2011-09-20 . https://web.archive.org/web/20110903164606/http://www.reuters.com/article/2011/05/20/us-fila-fortunebrands-idUSTRE74J2O520110520 . 2011-09-03.
  16. News: Hyun-su. Yim. March 30, 2021. Fila stays silent after Chinese unit vows to continue using Xinjiang cotton. The Korea Herald. live. April 1, 2021. March 31, 2021. https://web.archive.org/web/20210331095046/http://www.koreaherald.com/view.php?ud=20210330000885.

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