案例库 · 财务与会计 · 财务决策 · 1984–2007
「金融、金融、然后是更多的金融」——Fila 如何离开比耶拉、又以韩国身份归来
1911 年诞生于科焦拉的网球品牌,2003 年被卖给一家美国基金,被去比耶拉化,又被自己的韩国授权商买了回去。如今档案回到了家。
Fila
传闻流传很广,但拿不出可查的文件。当成教训看,别当成事实。
对今天的意义
When a brand trades as a balance-sheet item, watch who understands it as a business. Cerberus priced Fila as a fix-and-flip; its own licensee priced it as a future — and took it public two years later at double the issue price.
怎么回事
Fila 于 1911 年诞生于比耶拉上方前阿尔卑斯山区的科焦拉——Fila 兄弟的针织厂,1923 年成为 Maglificio Biellese,总部设在比耶拉的 Cesare Battisti 大道。1973 年迎来那次大转折:给网球白装上色,比约恩·博格穿上它。然后是维拉斯、帕纳塔、萨巴蒂尼、塞莱斯和贝克尔;滑雪方面,从 1974 年起有斯坦马克,尤其是阿尔贝托·汤巴。到 1984 年,公司拥有 500 名员工,其中大部分在比耶拉——而这一年金融到来了:由切萨雷·罗米蒂掌舵的 Snia 买下了 80%。
金融、金融、然后是更多的金融。1988 年 Gemina 拿走了 Snia 的股份,那一年 Fila 营收 900 亿里拉、亏损 3 亿;1997 年控股公司 Hdp 继承了纺织业务组合——Fila 成了一家媒体重组里的一行。谈判始于 2001 年,在毛里齐奥·罗米蒂主持下;账单是 2001 年 1.397 亿欧元的亏损、2002 年 8090 万,以及 2.95 亿美元的债务。2003 年 3 月 8 日,Hdp——当时已是 Rcs MediaGroup——宣布把它卖给美国基金 Cerberus 的新公司 Sport Brands International:3.51 亿美元,对 2.95 亿美元的债务。交易于 6 月完成。
在 Cerberus 手下,它被 sbiellesizzata——去比耶拉化。意大利总部迁往米兰;比耶拉的大楼从 2004 年起空置。基金清理了账目,然后把它重新摆上货架。2005 年,Gene Yoon——这个品牌自 1991 年以来的韩国授权商——以 1.27 亿美元买下 Fila Korea;2007 年 1 月,他的公司买下了其余部分——全球权利——约 3.5 亿美元。「最早由韩国公司直接持有多数的国际知名品牌之一」——这是交易律师的话。1991 年,比耶拉曾向 Yoon 提供这家合资公司 45% 的股份;他拿不出这笔钱。
Fila Korea 于 2010 年 9 月在韩国综合股价指数上市,募资 9900 万美元,首日翻倍;2011 年它以 12.3 亿美元买下高尔夫制造商 Acushnet。它于 2020 年更名为 Fila Holdings,2025 年更名为 Misto Holdings。那份遗憾得到了回答:Yoon 在 2010 年创立的基金会保存着档案和博物馆。2022 年它买回了旧总部;2025 年 11 月,它在那里开设了 8200 平方米的品牌体验中心。如果说比耶拉只留下回忆,那么韩国迎来了现在——而如今,回忆也回了家。
为什么会这样
- 这个品牌在一家又一家控股公司之间流转——Snia、Gemina、Hdp——每一家都把它当成组合里的一行,直到亏损让它变成一项待处置资产。
- 这笔出售的对象是一家以「修复困境公司再转卖」为招牌的基金:Cerberus 清理了账目、把品牌去比耶拉化,并在四年内就把它翻手卖掉。
- 授权商看到了老板们没看到的东西:Yoon 在 1991 年因拿不出钱而放弃了 45% 的股份,2007 年却以与基金当初所付大致相当的价格买下了整个品牌。
教训
一个品牌可以比它的所有者活得更久,却仍然失去自己的家。Fila 被当作困境资产出售、被翻转它的基金去比耶拉化,最后被比耶拉在 1991 年低估的那个授权商买了回去。
资料来源
- Wikipedia (it) — Fila (azienda) (founded 1911 in Coggiola, provincia di Biella, by the Fila brothers; 9 February 1923 the Maglificio Biellese is born on Viale Cesare Battisti; 1973: Maby becomes Fila Sport, colour on the tennis line; champions: Vilas, Borg, Panatta, Sabatini, Seles, Becker; skiing from 1974 with Stenmark, then Tomba; 1988 Gemina takes 53.2%; March 1997 Hdp; 'Nel giugno del 2003 Rcs MediaGroup (ex Hdp) cede alla Sport Brands International, con sede a Bermuda e controllata dal fondo privato di investimenti statunitense Cerberus'; 2007: Gene Yoon of Fila Korea buys the worldwide group, 'il valore della transazione è stato superiore ai 350 milioni di dollari'; the Korean subsidiary bought in 2005 for 127 million dollars)
- Corriere della Sera — Addio alla Fila, Hdp completa il riassetto (8 March 2003, Stefano Agnoli: Cerberus newco Sport Brands International; 'Il prezzo pattuito per la cessione è di 351 milioni di dollari'; 2001 loss 139.7 million euros, 2002 loss reduced to 80.9 million; operating result 20 million against a 49.9 million loss in 2001; bank debt about 250 million euros plus about 37 million owed to Hdp; the farewell 'costituisce sostanzialmente l'atto finale della concentrazione nel settore editoriale'; Cerberus 'specializzata nel risanare aziende in difficoltà per poi rivenderle')
- Pambianco — Fila ceduta agli americani di Cerberus (10 March 2003: price 351 million dollars; 'indebitamento finanziario di 295 milioni di dollari al 31 dicembre scorso'; loss cut 42% to 80.9 million euros against 139.7 million; buyer assumes financial debts contracted from 1 January 2003 plus commercial debts; Hdp intervenes as guarantor; Q4-2002 net loss 16.6 million against 52.1 million; January–June 2003 orders down 23% vs 2001)
- SGB Media — Sports Brands Completes Fila Deal (23 June 2003: 'Sport Brands International, LLC (SBI) on Tuesday closed the $351 million acquisition of all global Fila subsidiaries, which include Fila USA, Fila Sport SpA, Fila Nederland BV, Ciesse Piumini SRL and Enyce, from Fila Holding S.p.A.'; SBI assumes all debt accumulated since the beginning of the year; Gene Yoon named CEO and President of SBI in Asia)
- WWD — Fila Sold to Fila Korea (18 January 2007: Fila Korea bought Fila Luxembourg, holding worldwide Fila brand rights, from Sports Brand International, a company within Cerberus; estimated purchase price around $350 million with Samsung helping the financing; 'Less than four years after buying Fila, private equity firm Cerberus Capital Management has sold the Italian active apparel company'; Yoon had acted as the brand's South Korean licensee for decades and completed a management buyout of Fila Korea in 2005; Baker, Paul Hastings: 'one of the first internationally renowned brands to be owned directly by a Korean company'; when Cerberus bought Fila in 2003 it had been up for sale for almost two years, burdened with more than $300 million of debt)
- NewsBiella — Fila: orgoglio coreano, rimpianto biellese (18 February 2014, Giampiero Canneddu — THE TELLING: Sochi 2014 point-of-view opening; 'La Fila, nata a Coggiola sulle prealpi della Valsessera più di cento anni fa, adesso è a tutti gli effetti un'azienda coreana'; 1984 Snia bought 80% of a 500-employee firm; 1988 Gemina 'fatturava 90 miliardi ma ne perdeva 3'; 1997 Hdp; 2001 sale talks under Maurizio Romiti; price '351 milioni di dollari, a cui si sottraggono i 295 milioni di dollari di indebitamento'; Yoon held 10% in 1991, was offered 45% but could not afford it; 2005 MBO for 127 million dollars; 'Finanza, finanza e poi ancora finanza'; 'la Fila si "sbiellesizzò" progressivamente'; closing: 'A Biella solo i ricordi, chiusi dentro un museo visitabile su prenotazione. E un sussulto di rimpianto...')
- SGB Media — Fila Korea Goes Public (4 October 2010: 'Fila Korea Ltd., which in March 2007 purchased the Fila brand from Sports Brands International Ltd.'; second-best debut of the year on the Kospi — closed at 68,700 won, doubling from the 35,000 won IPO price; raised 113.8 billion won ($99 million) offering 3.25 million shares at the top end; proceeds to pay down debt from the 2007 acquisition; Yoon: 'It is only fitting that the IPO comes just a few months before the Fila brand's 100th anniversary year')
- NewsBiella — FILA 'torna a casa' con il suo Brand Experience Center (4 November 2025: opens to the public 14 November 2025 in the historic building on Viale Cesare Battisti 26, which hosted the brand from 1923 to 2004, reacquired and fully renovated, about 8,200 square metres; Gene Yoon identified as Chairman di Misto Holding: 'Il mio amore per FILA risale ai primi anni del marchio... una pietra miliare che collega il nostro glorioso passato al futuro del Brand'; tennis area dedicated to Björn Borg; the 1970s transformation under Enrico Frachey)
- Fondazione FILA Museum — Chi siamo ('La Fondazione FILA Museum nasce nel 2010 per volontà di Gene Yoon, Presidente di FILA'; dual function of archive and museum preserving the history of FILA; museum at Via C. Cavour 17B, Biella)
- Misto Holdings — official history (1991: Establishment of FILA Korea Ltd.; 2005: independent via management buyout from FILA Global; 2007: acquired FILA global trademark rights; 2010: listed on the Korea Exchange, KOSPI 081660; 2011: acquisition of Acushnet Company; 2020: renamed FILA Holdings Corp.; 2025: name changed to Misto Holdings Corp.)
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