Black Yak pulled the plug on its Heal Creek golf wear — 8 years in, still losing money

What happened

Why it happened

• The business was a side bet: a golf apparel licence taken on in 2017 just as the domestic outdoor market was peaking, and it never became core to the group.
• The golf market cooled after the COVID spending boom, and consumers shifted toward overseas outdoor brands such as Arc'teryx and Salomon.
• The brand accumulated operating losses for years, and the group's economics degraded as its loss widened from 4.1bn to 6.4bn won, so a loss-making licensed line became untenable.
• Because the licence with Grip International runs until 2027, an outright exit was not clean; the company chose a production halt and inventory clearance instead.
• The decision moved the cost of the unsold season onto franchise owners, told to run on carryover stock and markdowns while the licensee absorbed brand risk.

Aftermath

In late April 2026 BYN Black Yak told Heal Creek franchise owners it would stop producing new FW-season products, citing a worsening business environment and accumulated losses. It moved up discount sales of 2026 SS stock and adjusted 25 FW policy to keep stores running, and said the brand was not withdrawing. Group operating loss had widened to ~6.4bn won in 2025 from ~4.1bn won in 2024, with sales down four straight years. The Grip International licence runs until 2027.