Why Fila Holdings Is Changing Its Name
Following its general meeting on Monday, shareholders for Fila Holdings Corp. approved the renaming of the company to Misto Holdings as part of a larger refocus on the business.
According to the South Korean company, the change aims to “further solidify its position as a global brand portfolio company” citing that its previous name was closely associated with the Fila brand, which led to a “limited perception” of its broader portfolio and global brand management role. (In addition to Fila, Misto Holdings also manages brands such as Titleist, FootJoy, Scotty Cameron and many others.)
Misto added that the adoption of the name “better aligns with its strategic portfolio approach” while ensuring that all brands under its umbrella retain their independence and unique identities. That’s where the name comes in, the company said, which explained that the name Misto is derived from the Italian word for “harmony,” “blend,” and “diversity,” and symbolizes the company’s global brand portfolio.
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Looking ahead, Misto hinted at possible future acquisitions, stating that the company is “committed” to creating synergies between brands, embracing new opportunities and expanding its business scope in the global marketplace.
As such, Misto has introduced four core values to guide its operations including synergetic, empowering, resilient and responsible, with a new slogan of “Redefining Boundaries.” What’s more, the company has also launched a new corporate website, which will serve as its “key communication platform,” the Misto added.
“Fila Holdings has solidified its identity as a global brand portfolio company over the years,” Geun-Chang (Kevin) Yoon, chief executive officer and president of Misto Holdings, said in a statement. “Now, by changing our name to Misto Holdings, we are opening up new possibilities for growth. We will explore opportunities for synergies among our subsidiaries and brands.”
The company’s name change comes just days after it reported “robust” financial results for 2024, driven by the continued strength of its U.S. golf subsidiary Acushnet Holdings Corp., favorable currency exchange rates and improved cost management.
For the year, the company saw consolidated revenue reach 4.27 trillion won (approximately $2.9 billion based on current exchange rate), a 6.5 percent year-on-year increase from 2023. Fila also saw operating profit rise 18.9 percent from the previous year to 360.8 billion won ($250 million).
Originating from the sportswear brand Fila, founded in Italy in 1911, Misto Holdings acquired Fila’s global business in 2007 and became a publicly traded entity on the Korean stock market in 2010. In 2011, the company expanded further with the acquisition of Acushnet Holdings Corp., home to premium golf brands such as Titleist, FootJoy, Scotty Cameron, Kjus and Vokey.
