The Acushnet (owner of Titleist and FootJoy) Company saga started a year ago when they sold Cobra Golf to PUMA AG. In those days I thought Acushnet Company is just restructuring and want to focus on golf balls and golf shoes. Now it seems to me that it was not enough to the owners of Acushnet Company, Fortune Brands. Unfortuantely this is in line with the declining number of US and European golf players.
The new owner Fila Korea is quite a new player in the golf industry. After the acquisition, Acushnet will remain as a standalone company through separate operation from Fila Korea. The good news is the fact that Asia Pacific represents over 30% of the world's total golf equipment spending, and that South Korean golfers are among the most passionate and organized in the game. The negibouring China is also a growing golf market. Therefore it is good that South Korea is so close to the Chinese golf market.
Although at present, golf is still recognized as a luxurious sport by most Chinese. According to the survey of National Golf Foundation, Shanghai, Beijing and Guangdong, the cities with the highest level of per capita consumption, have 40% of total 18-hole equivalents in China.
I hope that this Korean company will keep on investing in Titleist and Footjoy for our favour.