Fila Korea Ltd and Sport Brands International Ltd (SBI) announced that Fila Korea has acquired the global Fila footwear and apparel business from SBI for an undisclosed purchase price.
The transaction was structured as a sale of SBI's subsidiary, Fila Luxembourg, which holds the rights to the worldwide use of the brands and trademarks of “FILA”. SBI will retain ownership of Cloudveil Mountain Works Inc and Motionwear Inc.
Mr. Yoon-Soo (Gene) Yoon, the Chairman of Fila Korea who, in 2005, completed a successful management buyout of Fila Korea from SBI stated, “We are proud and honored to have purchased the global Fila business and look forward to leading the company on a global basis.”
“Fila is an internationally recognized trademark and we believe it has incredible potential. We plan to capitalize on the brand's great tradition and to build upon its illustrious history.”
Fila was conceived in 1911 in Biella, the shadows of the Italian Alps. It was born of a textile DNA that was luxuriously and vibrantly textured. It was schooled in the art of fine wovens, as exquisitely dimensional as its homeland: the brand assumed boldness from its mountainous landscape, its fluidity from the Mediterranean coast.
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