Centroid may terminate licensing deal between Hansung F.I and TaylorMade Hansung may have to withdraw TaylorMade's apparel business in just one year
Translated by Kim So-in 공개 2021-08-23 08:13:13
이 기사는 2021년 08월 23일 08:04 thebell 에 표출된 기사입니다.
Hansung F.I, a South Korean clothing company with expertise in golf apparel, seems to be in trouble as Centroid Investment Partners, which recently acquired TaylorMade, reportedly plans to terminate the licensing partnership between TaylorMade and Hansung.A special purpose company of Centroid recently acquired 100% of 19th Holdings Cooperatief U.A, which owns TaylorMade, for around 2.07 trillion won ($1.75 billion), of which South Korea’s mid-sized fashion company F&F injected 500 billion won as a strategic investor.
Last year, Hansung was chosen by TaylorMade as its apparel business partner and the contract was supposed to be effective for the next 10 years. As Hansung’s licensing contract with Callaway expired in June, the company had to find other brands to replace Callaway.
But the new owner of TaylorMade, Centroid, had reportedly expressed its intention to terminate the licensing partnership between TaylorMade and Hansung during a process to attract investors. Hansung has been put in a position where its licensing contract is expected to be terminated not long after it started its new brand business.
F&F said the company is already aware of the deal between TaylorMade and Hansung, as a strategic investor. It said that the purpose of the acquisition was to take over the management rights of TaylorMade's headquarters and is focusing on the operations in the global markets, which account for 90% of TaylorMade’s total revenue.
Given this, it is understood that it is Centroid’s will to replace the domestic company with licensing rights instead of F&F’s. Centroid also seems to have considered an option that TaylorMade operates its own golf apparel business here in a bid to further boost its valuation.
Hansung, which started operating TaylorMade’s apparel business in July, may have to close the clothing business of TaylorMade in just one year if the contract is terminated in 2022.
Hansung recorded revenue of 217.2 billion won in 2020 on a non-consolidated basis, up 5.4% year-over-year. Its operating profit increased 45% to 36.8 billion won. (Reporting by Sun-ho Kim)
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