Gene Yoon, Chairman & CEO of Fila Global
FILA Korea, FILA USA and Cerberus Capital Management LP will acquire the sport brand’s parent firm, FILA Sport SpA.
FILA Korea said yesterday it signed an agreement on March 8 to acquire the Italian firm for $351 million in partnership with the two foreign companies.
Gene Yoon, the chief executive of FILA Korea, attended the signing ceremony.
“Cerberus Capital Management will pay most of the acquisition costs and FILA Korea and FILA USA will contribute small portions of the investment,” a FILA Korea official said. “FILA Korea will be in charge of management of the FILA brand in Asia.”
The official said the workers’ union at FILA Sport SpA opposed the sale of the firm to the U.S. investors, saying the brand represented Italian culture.
The acquisition is expected to go ahead in June after legal procedures.
The FILA brand was established in 1926 and remains the world’s fourth-largest selling sports brand. The brand, however, has suffered from poor sales in Europe and the United States since 1999.
The Italian holding company, Holding di Partecipazioni Industriali SpA, owns the brand. It has attempted to sell FILA Sport SpA since last year.
FILA Sport SpA set up FILA Korea as its subsidiary in 1991. The Korean subsidiary has been growing at 30 percent annually, recording 207.4 billion won ($167 million) in sales and 26.5 billion won in operating profits last year.
FILA Korea said yesterday it signed an agreement on March 8 to acquire the Italian firm for $351 million in partnership with the two foreign companies.
Gene Yoon, the chief executive of FILA Korea, attended the signing ceremony.
“Cerberus Capital Management will pay most of the acquisition costs and FILA Korea and FILA USA will contribute small portions of the investment,” a FILA Korea official said. “FILA Korea will be in charge of management of the FILA brand in Asia.”
The official said the workers’ union at FILA Sport SpA opposed the sale of the firm to the U.S. investors, saying the brand represented Italian culture.
The acquisition is expected to go ahead in June after legal procedures.
The FILA brand was established in 1926 and remains the world’s fourth-largest selling sports brand. The brand, however, has suffered from poor sales in Europe and the United States since 1999.
The Italian holding company, Holding di Partecipazioni Industriali SpA, owns the brand. It has attempted to sell FILA Sport SpA since last year.
FILA Sport SpA set up FILA Korea as its subsidiary in 1991. The Korean subsidiary has been growing at 30 percent annually, recording 207.4 billion won ($167 million) in sales and 26.5 billion won in operating profits last year.
by Park Hye-min <jbiz91@joongang.co.kr>
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