Scott Sports: Youngone Corporation becomes majority shareholder
Korean company Youngone Corporation is making headway in the sportswear world. The group, which has served as a distributor for several sports and outdoor brands including Nike, The North Face and Puma in the Korean market, has embarked upon a growth strategy based on international acquisitions.
The group already acquired 80% of the American company Outdoor Research through Mountain Summit Holding.
An exclusive partner of Scott Sports since 2011 for its distribution in South Korea, Japan and China through its subsidiary Scott North Asia, the company initially acquired 20% of the shares of the Swiss brand. Early this year, it went further by acquiring 50.01% of the professional cycling and ski brand, which was founded in 1958 by Ed Scott. Scott Sports generated a turnover of some 300 million euros in 2013, achieving over 90% of its sales abroad. In 2014, it acquired the rights to the free-ski brand Powder Horn.
In acquiring the additional 30.01%, Youngone Corporation invested 108.53 billion South Korean won (86.6 million euros).
The Korean group was founded in 1974 by Kihak Sung. Present since 1980 in Bangladesh, the group produces for several sportswear players. It reports that 50% of its sales come from its 16 local factories.
€1 = $1.13/£0.77
Copyright © 2022 FashionNetwork.com All rights reserved.