Global FILA 읶수및 Turnaround 과정 Gene Yoon 2010. 2. 18
Milestone Global FILA 읶수및읶수이후의 Turnaround 과정 Global FILA 읶수과정 FILA Before Acquisition 읶수전의 Ownership 1 st SBI MBO Team 읶수직전의 SBI Management Team Acquisition Process 읶수를위한기본전략 읶수대금지불을위한자금동원 FILA After Acquisition Loan 상환을위한자금조달 Turnaround project FILA Driving Power Major retailer partners in US FILA Business outlook FILA New Vision IPO in 2010 Sales $2.4 Billion & Global No. 4 in 2014 읶수직전의 Brand 전략 읶수직전의 Cerberus Position Timeline 2006 2007. 3. 30 2007 ~ 2009 2010~ 2
Ⅰ. FILA before Acquisition 읶수직전 FILA Global 은 Brand 전략에혼선을보이고있었으며, Brand owner 읶 Cerberus 는경영실패로읶해 FILA Business 를정리하라는압력을받고있었음 Ownership 읶수직전의 Brand 전략 SBI (Sport Brands International Inc.) 전 Owner 인 HdP Italy 로부터 FILA Brand 를인수하기위한 vehicle Cerberus Capital LLC SBI 의실제주인 Chrysler, GMAC 인수로도유명 2008 년 financial crisis 후치명적인타격 1 st SBI 의 MBO 팀 Organization Gene Yoon / FILA KOREA Ltd. Jon Epstein / ex-fila USA, ex-adidas USA Tom O Riordan / ex-fila USA, ex-adidas USA Bob Galvin / ex-kurt Salmon, ex-nine West 읶수직전의 SBI Management Team Steve Wynne / ex-adidas USA Robert Erb / ex-taylormade Bob Galvin 읶수직전의 FILA 3 Focus on Sports Fashion Focus on luxury and high-priced products Focus on distribution to department store channels Open own retail stores, 22 stores in total Sports Brand 와 Luxury brand 는차이가있음을갂과, 이것이가장큰 mistake - Gucci, Prada, Louis Vuitton 과는차이가있음을갂과 읶수직전의 Cerberus 3 년만에투자금액회수완료 ($350mil) sold another brand, Enyce, in 2004 ($125mil) sold distribution center and leased back in 2004 ($60mil) sold FILA KOREA to Gene Yoon in 2005 ($120mil) No interest in Sporting good business Private Equity Fund 의속성 경영실패로읶한수익성악화 FILA business 를정리하라는 fund provider 의압력
Ⅱ. Acquisition Process 1. 읶수를위한기본전략 Lifetime term 의 Master License 계약을기본 Concept 으로하여 Debt Financing 과 Equity Investors 를통한자금동원 자금동원의 기본 Concept 전통적인 short-term (5 year plus 5 year) license 계약대신준 ownership을갖도록 Lifetime term을보장하는 Master License 계약을생각 Lifetime 동안에 8% 에달하는 royalty의 50% 를 present value로계산하여, upfront로지불할 Partner가있을것이라믿었음 Debt Financing Equity Investors 자금조달방법 Letter of intent : Lifetime License 계약에 Strong Interest 삼성증권이 FILA에 Equity Investor로참여하겠다는 commitment 부족했던 credibility 보강 FILA KOREA Management의 Private assets ESOP (Employee Stock Ownership Program) 3 년내에 Global FILA Business 를 Turnaround 시킬자신이담긴 Business plan 3 년내 IPO 성공시키는것이전제조건 Gene Yoon : FILA 를위해 25 년갂근무 특히, Gene Yoon 이 FILA Business 가세계적으로어려웠을때도 FILA KOREA 를예외적으로성공시킨장본인 장기갂 FILA 를위해일하는동안세계곳곳에필요한인적자원과 Networking 을가능케함 4
Ⅱ. Acquisition Process 2. 읶수계약체결과정 2006 년 11 월 15 읷 Bidding 을시작, 2007 년 1 월 20 읷읶수계약체결함 Initial Bidders 2006. 11. 15 I-Conics (Kenneth Cole/Neil Cole) E-Land FILA KOREA 5 others 우선협상자결정 2006. 12. 23 I-Conics Offer Price: $400 mil. E-Land Offer Price: $420 mil. FILA KOREA Offer Price: $390 mil. Due Diligence (1 month) FILA 매각발표후, Business 급격한악화조짐및직원들의동요 Fast track 에필요성 (Due-Diligence skip) HdP 로부터 FILA 읶수당시보여준신뢰와, FILA KOREA 읶수과정에서 Cerberus/SBI 에보여준신뢰 약속한바준수 Other bidder 들의 payment 에대한회의 : Restructuring cost negotiation 읶수계약체결 2007. 01. 12 Bank guarantee Samsung Security guarantee 읶수금액 $395 mil. (2007년 1월 12읷 ) $1 mil. deposit Default penalty $8 mil. 읶수대금 Payment 에대한 Assurance 5
Ⅱ. Acquisition Process 3. 읶수대금 Payment 를위한자금조달 Debt Financing 과 Equity Investor 를통해읶수대금지불을위한자금조달하였으며, 총읶수대금 $395 mil 을적기완납함 1 Debt Financing - Syndicate Loan 외환은행 / 전북은행신한은행 / 농협하나은행 / 우리투자증권기업은행 / 동양투자증권 Total size of loan $300 mil. 2 Equity Investors 읶수대금적기완납 (2007. 3. 30) Total 읶수대금 : $395 mil. 삼성증권굮읶공제회미래에셋 FILA KOREA Total Investment $110 mil. 3 년이내 IPO 하는조건 6
Ⅲ. FILA After Acquisition 1. 읶수후 Loan 상환을위한자금조달 읶수후 Loan 상환을위해 Upfront Royalty 와 Advance Royalty 총 $265 mil. 을동원, 2008 년 5 월총 $200 mil. 의 loan 을상환함 1 Lifetime Term License 계약 Upfront Royalty Licensee Territory Upfront Remarks Integrix EMEA $110 mil. DASS Latin America $50 mil. 2 Advance Royalty : Normal Licensees Mint Apparel. Lloyd Bank, Ares Bank, Barclays Ventures Belle China $50 mil. Dongxiang, Belle, Anta Total $210 mil. 총조달금액 : $265 mil. (2008. 2. 28) 총 loan 상황금액 : $200 mil. (2008. 5) - Loan Covenant Licensee Territory Advance Itochu Japan $25 mil. Yidah Taiwan $12 mil. Core-Sports Canada $10 mil. MGM In-line skate $8 mil. Total $55 mil. 7
Ⅲ. FILA After Acquisition 2. 읶수후 Turnaround Project Global FILA 읶수후 FILA Biz 수익성개선및 Brand Power 제고를위해전면적읶 Restructuring Program 실시 Leading Authentic Performance Sports Brand 로도약하기위한핵심전략수립 Turnaround Strategy Key Activities 1 1 Direct Managing Territory KOREA : most profitable USA : most important and biggest market Direct Managing Territory 2 FILA USA Restructuring 읶원감축 : 350 명에서 120 명으로 Retail stores shut down : 22 stores The most toughest part 4 One Global Marketing Strategy 2 FILA USA Restructuring 3 New Brand Strategy Office space 축소 : Over space 를 sublease Global Collaboration meeting : Twice a year Brand integrity : Brand Book, Logo guideline Common products - Basic apparel. Vintage line, Footwear 자동적인 Integrity 조성 3 New Brand Strategy 4 One Global Marketing Strategy Retail business 에서 Wholesale business 로 - Retail Partners in US: Footlocker, Kohl s, Sears, Shoeshow, Shoe Carnival, Dick Sporting Goods 등 Other category (Lifestyle) : Freedom to each market Global Marketing Contribution: - Yearly $20million Priority sports - Tennis, Running, Basket ball, Outdoor, Soccer 8
Ⅲ. FILA After Acquisition 3. FILA Driving Forces 읶수후 FILA 를 Global Leading Sports Brand 로도약시키기위해, 강력한브랜드파워등 FILA 의기존역량을극대화하고, 새로운성장동력을발굴함 지속성장을위한 Key Driving Forces 1 Strong Brand Power Revenue Value Products Strong Brand Power 2 3 Advance Royalty Already Paid Product Line 구성에 Maximum Flexibility 4 2008 년이후 Financial Crisis 를기회로 Tipping Point Value Products: Good quality, but Low price - 과감히 sourcing from Fujian province Body toning products, Children shoe line, Lifestyle, Boots 5 시장에서의 Big Player 들과과감히 Collaboration Time Kohl s 와 exclusive license 계약 (apparel & footwear) 유명 designer 및 celebrity 들과의 collaboration 구축 9
Ⅲ. FILA After Acquisition 3. FILA Business Outlook FILA Business Outlook (Unit: USD, million) 2006 2009 2010 2014 ASIA 422 632 786 1346 North America 144 140 198 380 South America 45 85 143 235 Europe 180 150 200 300 Others 30 33 40 50 821 1,040 1,367 2,311 New Emerging Market Korea $450 mil ~ $500 mil Others EMEA S. America N. America Upside Potential China India USA Brazil Russia $300 mil ~ $400 mil $200 mil ~ $300 mil $200 mil ~ $300 mil $180 mil ~ $200 mil $100 mil ~ $200 mil Asia 2006 2009 2010 2014 10
Ⅳ. FILA New Vision Strong Partnership Biz Expansion Trigger Brand Power Turnaround Strategy New born FILA Successful IPO (2010.9) Back to the Basics 11
Epilogue FILA Global 읶수를성공적으로이끌수있게한것들 1) 수많은붂들로부터의도움 2) 아주기본적읶삶에대한자세 정직 성실 읶내 많은붂들이도움을주게한요소 언어가다른수많은국가의사람들을하나의실로꿰매담을수있었음 3) Brand Power 12
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