Youngone Corp. Buys up Swiss Bike Company at $100 Mil.

Korea's outdoor apparel and gear makers are buying up foreign brands in droves. Following the acquisition of Nau, a Portland (Oregon) apparel brand, by Korean outdoor company Black Yak in late 2013, Youngone Corp. recently purchased the controlling share of a Swiss bike company.

Youngone Corp., the nation's largest outdoor gear purveyor, said on January 23 in a regulatory filing that it has bought up 3,751,250 shares of Scott Sports SA of Switzerland at the cost of 108.53 billion won. With this transaction, Youngone's stake rose to 50.01 percent (6,251,250 shares). Earlier in 2013, Youngone had bought a 20.1-percent stake (2.5 million shares) in Scott Sports at 45.99 billion won.

 

Founded in 1958, Scott Sports specializes in producing bicycles and ski and snowboard wears. In 2011, Youngone established a venture called Scott North Asia jointly with Scott Sports to sell Scott Sports products to markets in Korea, Japan, and China.

In March last year, Youngone took an 80-percent stake in ... continue reading ....



Source hankyung.com ©