F&F considers legal options over 'unilaterally initiated sale' of TaylorMade
Two Korean investors are battling over the ownership of golf apparel brand TaylorMade. South Korean fashion company F&F Co. Ltd. has accused private equity firm Centroid of 'unilaterally' initiating a sale of the US brand 'without obtaining F&F's prior consent'.
The move is 'prompting serious concerns', F&F said in a statement, with the company making it known that it intends to 'take all available legal and contractual measures to hold the responsible parties accountable'.
F&F had joined Centroid in its takeover of TaylorMade and became a strategic investor in the brand back in 2021, when the Korean Economic Daily reported that the firm had snapped up a 49.51 percent stake.
The transaction included 'key contractual rights', such as consent rights and a right of first refusal, F&F noted in its recent statement.
F&F said that its intent from the outset, as the 'largest investor', was to eventually acquire TaylorMade, an objective it remains 'steadfast' in. The company added that it 'will deploy all necessary resources to pursue this goal'.
TaylorMade has changed hands repeatedly since its funding in 1979, moving from a privately-owned brand to later come under the wing of Salomon. The French sports company was later acquired by Adidas in 1997, before the German sportswear giant sold the group to Amer Sports, at which time TaylorMade was not part of the deal.
The brand eventually fell into the hands of private equity firm KPS Capital Partners, which, in 2017, bought TaylorMade, alongside other brands, from Adidas in a 425 million dollar deal.
FashionUnited has contacted Centroid with a request to comment.
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