F&F chairman visits TaylorMade headquarters Kim likely to draw up strategies to create synergy with the golf equipment company
Translated by Kim So-in 공개 2021-09-27 08:01:24
이 기사는 2021년 09월 27일 07:53 thebell 에 표출된 기사입니다.
South Korea’s apparel company F&F Group chairman Kim Chang-soo headed to the U.S. for a meeting with global golf equipment company TaylorMade. Kim is expected to meet with TaylorMade’s management and inspect the company during his visit.“F&F aims to make TaylorMade a global company as a strategic investor, using know-hows it acquired through operating brands like Discovery and Major League Baseball (MLB),” said an industry source on September 17.
Market insiders are paying attention to employees that will accompany Kim during his visit because they are highly likely to be included in the TaylorMade’s management in the future.
F&F’s decision to acquire TaylorMade along with Centroid Investment attracted strong attention from industry insiders. F&F made an unexpected decision in July to invest a combined 500 billion won ($424 million) in the deal to acquire TaylorMade as a strategic investor.
Recently, the clothing company raised its stake in TaylorMade by purchasing an additional stake in a special purpose company (SPC) established to acquire the golf equipment company. It acquired a 9.3% stake from Yuanta Securities for 58 billion won, increasing its stake to 57.82%. F&F’s investment in the acquisition has increased to 558 billion won, including the latest purchase.
F&F plans to create synergies with TaylorMade by participating in the golf equipment company’s management and strengthen its control over the company after that.
Centroid Investment and F&F are reportedly discussing the formation of the TaylorMade’s board of directors to complete the acquisition.
F&F has so far focused on the fashion brand business by launching MLB and outdoor label Discovery Expedition in Korea. It does not specialize in the golf equipment business while TaylorMade generates most of its revenue from the business, and this may have led Kim inspect the San Diego-based company himself.
Considering the prolonged Covid-19 pandemic and Chuseok holiday, it is likely that Kim has been accompained by a minimum number of key members.
"I don't exactly know about Kim's schedule,” said an official at F&F. “Currently, we are negotiating with Centroid to successfully complete the TaylorMade acquisition.” (Reporting by Seon-ho Kim)
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