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Fila

From Wikipedia - Reading time: 11 min
Not to be confused with F.I.L.A. (company).
For other uses, see Fila (disambiguation).
Fila Holdings Corp.
Company typePublic
KRX: 081660
Founded1911; 113 years ago (1911) in Biella, Italy
Founder
  • Ettore Fila
  • Giansevero Fila
Headquarters
Seoul, South Korea (since 2007)
Area served
Worldwide
Key people
Gene Yoon (chairman)
ProductsAthletic shoes and clothing, sports equipment
ParentFila Korea Ltd.[1]
SubsidiariesAcushnet Company
Websitefila.com

Fila (Italian: Fee-lah; Korean: 휠라; RR: hwilla) 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

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Björn Borg in 1981

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 It originally made clothing for the people of the Italian Alps, primarily underwear.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.[7]

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]

Fila brand inline skates

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

[edit]
Further information: Xinjiang cotton industry

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]

References

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  1. ^ "휠라코리아/반기보고서/ 2018.08.14". 전자공시시스템. Retrieved October 4 2018.
  2. ^ Void, Tyrone (2022-07-31). "The Story Behind the 100-Year History of Fila, Its Future & More You Didn't Know". Footwear News. Retrieved 2022-12-28.
  3. ^ "Do Directors Own Fila Korea LTD. (KRX:081660) Shares?". 7 January 2020. Archived from the original on 2020-02-25. Retrieved 2020-02-25.
  4. ^ "NPS to vote for Fila Korea's split-off plan". Archived from the original on 2021-04-01. Retrieved 2020-02-25.
  5. ^ "Fila Korea appoints new CEO, executives". The Korea Times. South Korea: The Korea Times. 2018-03-25. Archived from the original on 2019-09-24. Retrieved 2019-09-24.
  6. ^ "Fila Foundation Museum". CulturalHeritageOnline. Retrieved 2022-08-31.
  7. ^ a b Pederson, Jay P. (February 21, 2003). International Directory of Company Histories. Vol. 52. Detroit, Michigan: St. James Press. ISBN 978-1-55862-482-5. OL 8607107M. Archived from the original on 2021-04-20 – via Funding Universe.
  8. ^ Beckett, Whitney; Young, Vicki M. (18 January 2007). "Fila Sold to Fila Korea". Women's Wear Daily. Archived from the original on 25 February 2020. Retrieved 25 February 2020.
  9. ^ Hartford, Teresa (22 January 2007). "SBI Sells Fila Business to Fila Korea…". SGB Media Online. Archived from the original on 2020-07-09. Retrieved 2020-07-07.
  10. ^ "Discloseable Transactions Proposed Acquisition of Full Prospect Limited and Fila Marketing (Hong Kong) Limited" (PDF). ANTA. Hong Kong Stock Exchange. 12 August 2009. Retrieved 29 March 2011.
  11. ^ "Fila Korea Doubles From IPO Price on Seoul Debut". Bloomberg. 2010-09-28. Archived from the original on 2020-02-25. Retrieved 2021-04-01.
  12. ^ Chamikutty, Preethi (2012-10-03). "How FILA's Gene Yoon plans to build a strong brand presence in India". The Economic Times. India. Archived from the original on 2021-04-01. Retrieved 2019-09-24.
  13. ^ "Fila reboots in India". Forbes India. India. Archived from the original on 2019-09-24. Retrieved 2019-09-24.
  14. ^ "Fila Korea buys Titleist for global expansion". Yonhap News Agency. 2011-05-21. Archived from the original on 2012-05-13. Retrieved 2011-09-20.
  15. ^ Thomas, Denny; MacMillan, Robert (2011-05-20). "Fila Korea buys Titleist golf company for $1.2 billion". Reuters. Archived from the original on 2011-09-03. Retrieved 2011-09-20.
  16. ^ Hyun-su, Yim (March 30, 2021). "Fila stays silent after Chinese unit vows to continue using Xinjiang cotton". The Korea Herald. Archived from the original on March 31, 2021. Retrieved April 1, 2021.
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