How one man brought FILA back from da dead. VOL chicks dig dad shoes

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The Man Who Brought Fila Back From Dead Is Worth $830 Million
By
Yoojung Lee
June 22, 2019, 12:00 PM EDTUpdated on June 23, 2019, 8:07 PM EDT
  • Gene Yoon went from Fila employee to acquiring entire business
  • Fila revamped its strategy, leading to a surge in shares
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The Man Who Brought Fila Back From Dead Is Worth $830 Million
They’re the chunky, thick-soled throwbacks to the 1990s known as “dad shoes.” And they’re beloved by millennials, whose fascination with retro footwear has brought Fila back from the dead.

They’ve also helped Yoon Yoon-soo amass an unlikely fortune. Gene, as he’s known in English, is estimated to be worth about $830 million through his stake in Fila Korea Ltd., which acquired the global Fila brand in 2007 in what South Korean media called a shrimp swallowing a whale. Yoon went on to oversee a revival in Fila’s fortunes, sending shares of his company surging.

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Fila Disruptor 2

Photographer: Edward Berthelot/Getty Images


Central to Fila’s comeback was its move to bring back iconic products from the ’90s, targeting shoppers craving classic looks. Its “Disruptor 2” sneakers, for example, reintroduced in 2017, were among the most popular women’s shoes at one point last year, according to global fashion search platform Lyst. Fila estimates that more than 10 million pairs were sold as of January.

Yoon, 73, declined to comment for this story. He told a local newspaper in South Korea in 2017 that Fila is more than just a sports brand to him. “It’s more like a baby I had at the late age of 45,” he said.

Jenner, Rihanna
Fila has also been helped by celebrities wearing its products -- U.S. model Kendall Jenner and singer Rihanna have both been seen in clothing bearing Fila’s iconic red, white and blue logo -- and by its relatively low pricing.


“Fila changed its target from people in their 30s and 40s to younger customers while cutting prices,” said Na Eun-chae, an analyst at Seoul-based brokerage Korea Investment & Securities Co. “That worked well, along with its focus on the shoe segment.”

Fila Korea shares have surged 400% from the start of last year through Friday, boosting its market value to $4.3 billion. The stock rose as much as 0.4% in early trading Monday. Yoon and his family own about 20% of the company.

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Yoon Yoon-soo

Source: Fila

Yoon, a late bloomer who graduated from college in his 30s, started at Fila in 1991 as head of the company’s South Korea business, earning an annual salary of $1.5 million. But he had his sights set on bigger things. In January 2007, he spearheaded a $400 million leveraged buyout of the global Fila brand and all its subsidiaries. In 2010, he took the company public in South Korea.


a majority stake, starting in 2011, in the company now called Acushnet Holdings Corp., the maker of Titleist golf balls. Acushnet listed its shares in New York in 2016. Fila Korea reported revenue of 3 trillion won ($2.6 billion) in 2018, 61% of which came from Acushnet, according to Fila Korea.



Fila now operates in more than 70 countries. The brand is seeing rapid growth in markets such as China, where Fila Korea has a 15% stake in a joint venture with Anta Sports Products Ltd.


Yoon, who once said he’d like his epitaph to be that he “worked hard,” is unlikely to be judging his success by his net worth alone.

“Wealth accumulation that’s not morally justified has no meaning,” he once told South Korean newspaper Chosun Ilbo. “We need to look back on how we made our fortunes.”

https://www.bloomberg.com/amp/news/...-million-fortune?in_source=amp_trending_now_1
 
as long as Fila keeps their late 80's Italian-mid 90's bball swag they really can't lose, especially since their prices are extremely reasonable now.

crazy how a Korean affiliate bought out da entire brand.
 
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