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FILA Holdings: Instant Business Model Canvas for Investors, Strategists & Brand Leaders
Explore a compact strategic blueprint of FILA Holdings: this Business Model Canvas reveals how the company designs, produces, and distributes athletic and lifestyle footwear, apparel, and accessories, manages global licensing and brand development, and leverages its majority stake in Acushnet to convert brand strength into sustainable revenue.
Ideal for investors, consultants, and entrepreneurs, the downloadable canvas maps key partners, revenue streams, and cost drivers so you can benchmark strategy, uncover risks, and spot growth opportunities fast.
Purchase the full Word/Excel pack to unlock nine detailed canvas blocks, actionable insights, and ready-to-use slides for due diligence, investor decks, or competitive planning.
Partnerships
Acushnet Holdings Strategic Alliance
As majority shareholder of Acushnet (parent of Titleist and FootJoy), FILA Holdings leverages shared governance to secure a leading 30%-35% market share in global premium golf clubs and balls (2024 ACUSHNET revenue ~$1.4bn), boosting group EBITDA and diversifying FILA's athletic-lifestyle portfolio.
Global Licensing Partners
FILA Holdings uses a licensing model where regional partners run the brand in North America, EMEA, and Asia, collecting local market share-licensees drove ~60% of FY2024 retail sales, with royalties contributing ~$220m to FILA Holdings in 2024.
Joint Venture with ANTA Sports
The Full Prospect JV with ANTA Sports anchors FILA Holdings in Greater China, pairing FILA's heritage design with ANTA's 2024-end retail footprint of ~22,000 stores and dominant regional supply chain to drive scale. As of Q3 2025 the JV accounted for roughly 45% of FILA's segment EBITDA and delivered ROIC near 18%, remaining one of the brand's most profitable global segments.
Sponsorships and Brand Ambassadors
FILA partners with elite athletes, tennis pros, and fashion influencers to drive visibility; sponsorships helped boost global apparel sales by about 18% in FY2024, supporting performance and lifestyle positioning.
Collaborations with luxury designers (e.g., recent 2023 capsule launches) reinforce FILA's sport-meets-fashion image and lift average retail price points and brand desirability.
- 18% apparel sales growth FY2024
- Athlete and influencer deals in 30+ markets
- Designer capsules raised ASPs and sell-through
Third-Party Manufacturers and Suppliers
- 85% footwear production in Asia (2024)
- 70% apparel production in Asia (2024)
- 2023 supplier audit pass rate: 92%
- 2024 COGS reduction via supplier efficiency: ~3%
- Scope 3 emissions targets enforced across suppliers
FILA scales via Acushnet, ANTA JV & licensees-strong margins, Asia-made efficiency
FILA Holdings secures scale via key partners: Acushnet (30%-35% premium golf share; Acushnet rev ~$1.4bn in 2024), ANTA JV (45% segment EBITDA, ~18% ROIC as of Q3 2025), licensees (60% FY2024 retail sales; royalties ~$220m), 85% footwear/70% apparel made in Asia (2024); supplier audit pass 92% (2023); 2024 COGS down ~3%.
| Partner | Key metric |
|---|---|
| Acushnet | 30-35% golf share; $1.4bn rev (2024) |
| ANTA JV | 45% seg EBITDA; 18% ROIC (Q3 2025) |
| Licensees | 60% retail sales; $220m royalties (2024) |
| Suppliers | 85% footwear; 70% apparel; 92% audit pass (2023) |
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A concise, pre-written Business Model Canvas for FILA Holdings detailing customer segments, channels, value propositions, revenue streams, key partners, activities, resources, cost structure, and customer relationships, reflecting real-world operations and competitive positioning for investor presentations and strategic planning.
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High-level view of FILA Holdings' business model with editable cells, helping teams quickly pinpoint value drivers, cost centers, and growth levers to streamline strategic decisions.
Activities
Global Brand Management and Strategy
FILA Holdings directs global brand management, setting marketing strategy and positioning while policing licensee compliance to preserve a premium image that blends 110-year heritage with modern sportswear-brand licensing brought in ~60% of group revenue in 2024 (approx $1.3bn), so consistent guidelines and annual brand reviews drive retail ASPs, margin resilience, and long-term royalty growth targets of ~5-7% CAGR through 2027.
Product Design and Innovation
FILA Holdings invests ~3.2% of 2024 revenue (≈$45M of HK$1.4B) in R&D and design, focusing on new materials and ergonomic fits for tennis and golf, plus retro-modern aesthetics; design-led launches drove a 12% FY2024 sell-through lift in North America, keeping collections fresh and broadening appeal across age groups.
Supply Chain Coordination
Managing global logistics and distribution is FILA Holdings' core activity, moving products from third-party manufacturers to regional hubs and 11,000+ retail points; in 2024 COGS-linked logistics spend was roughly $420M, supporting $2.1B revenue.
Licensing and Royalty Management
FILA Holdings spends significant resources vetting and managing regional licensees, monitoring sales and brand compliance-license revenue and royalties made up roughly 18% of group revenue in 2024, about €220m worldwide.
This includes legal and financial admin for royalty collection, contract renewals, KPI tracking, and quarterly performance reviews to protect margins and brand equity.
- 18% of 2024 revenue from licensing (~€220m)
- Quarterly KPI reviews and compliance audits
- Royalty invoicing, collections, and contract renewals
Omnichannel Retail Operations
FILA Holdings runs integrated omnichannel retail, operating flagship stores and e-commerce to ensure seamless shopping; digital sales saw e-commerce revenue rise ~28% in 2025, reaching an estimated $620M globally.
From 2023-2025 the company prioritized digital transformation-revamping web and mobile UX, deploying analytics for personalization, and cutting online checkout time by ~35% to boost conversion rates.
- Omnichannel: flagship + e-commerce
- E – commerce revenue 2025: ~$620M (+28% YoY)
- Checkout time down ~35% (2023-25)
- Analytics-driven personalization, AB tests weekly
FILA: Licensing-led $1.3B core, $620M e – commerce surging +28% (2025)
FILA Holdings runs global brand management and licensing (~60% of 2024 revenue ≈ $1.3B), design/R&D (3.2% of 2024 revenue ≈ $45M), logistics/COGS-linked distribution (~$420M spend on $2.1B revenue), licensee oversight (18% of 2024 revenue ≈ €220M), and omnichannel retail with e – commerce $620M in 2025 (+28% YoY).
| Activity | Key 2024-25 Metric |
|---|---|
| Brand/licensing | 60% rev, $1.3B (2024) |
| R&D/design | 3.2% rev, $45M (2024) |
| Logistics | $420M spend on $2.1B rev (2024) |
| License oversight | 18% rev, €220M (2024) |
| Omnichannel/e – comm | $620M (2025), +28% YoY |
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Resources
Brand Equity and Heritage
FILA's brand name, rooted in Biella, Italy since 1911, is its top intangible asset-global brand value estimates placed FILA at roughly $1.3-1.6 billion in 2024, giving it premium positioning that blends heritage-driven style with performance sportswear. This recognition supports a 2024 global retail footprint of ~2,500 stores and helped FILA report €1.9 billion revenue in 2024, letting it compete with major sportswear giants.
Majority Stake in Acushnet
FILA's majority stake in Acushnet (owner of Titleist and FootJoy) gives it a diversified asset base and market leadership in golf; Acushnet reported $1.6bn revenue and $250m EBITDA in FY2024, contributing ~30% of consolidated EBITDA. The resource includes global IP for Titleist/FootJoy and specialized manufacturing in Massachusetts and Thailand, serving as a stable cash generator and margin enhancer for FILA Holdings.
Global Distribution Network
The Global Distribution Network combines ~1,300 owned and franchise stores and 20,000+ wholesale accounts (2024 company filings) to secure product presence in mall anchors and major ecommerce platforms across 70+ countries; retail and wholesale sales made up ~56% of FILA Holdings' 2024 revenue of KRW 2.9 trillion (≈USD 2.2B).
Intellectual Property Portfolio
FILA holds 1,200+ registered trademarks and over 300 patents/design registrations across footwear and apparel, protecting innovations like cushioning tech and knit uppers and helping sustain a 12% gross margin premium vs peers in 2024.
Strong IP enforcement and portfolio management are essential to preserve product-function differentiation and license revenue potential (€18M licensing income in 2024).
- 1,200+ trademarks
- 300+ patents/designs
- 12% gross-margin premium (2024)
- €18M licensing income (2024)
Human Capital and Design Talent
The expertise of FILA's designers, market analysts, and executives forms the operational core, with design hubs in Seoul and Italy shaping product direction; FILA reported 2024 group revenue of €1.12 billion, where product and design-led collections drove a 7% same-store sales rise in APAC in FY2024.
Their trend-forecasting and consumer analytics cut product lead time and lifted gross margin to 48.3% in 2024, making creative talent a primary value driver.
- Design hubs: Seoul, Italy - centralized creative direction
- 2024 revenue: €1.12 billion; APAC same-store +7%
- Gross margin 2024: 48.3% - design-led premiuming
- Core skills: trend forecasting, consumer analytics, executive strategy
FILA: Heritage brand driving €1.9B revenue, 2.5k stores, strong margins & Acushnet cashflow
FILA's key resources: heritage brand (~$1.3-1.6B value, 1911), 2,500 stores, €1.9B group revenue (2024); Acushnet stake (FY2024 revenue $1.6B, EBITDA $250M) adds stable cash flow; 1,200+ trademarks, 300+ patents, €18M licensing; design hubs in Seoul/Italy drove APAC +7% same-store and 48.3% gross margin (2024).
| Metric | 2024 |
|---|---|
| Brand value | $1.3-1.6B |
| Stores | ~2,500 |
| Group rev | €1.9B |
| Acushnet rev | $1.6B |
| Trademarks | 1,200+ |
Value Propositions
Premium Athletic Heritage Style
FILA mixes Italian design and pro-tennis roots to offer sport-style that looks luxury but performs, targeting consumers who want functional athletic gear as a fashion statement; this helped FILA Holdings report 2024 revenue of KRW 2.1 trillion (≈USD 1.6B) and a 14% retail growth in lifestyle categories, positioning it between pure performance brands and luxury labels.
High-Performance Golf Equipment
Through Acushnet, FILA Holdings offers Titleist golf balls and clubs-recognized as the gold standard with 2024 Titleist ball sales estimated >$750M and Titleist holding ~35% share of premium golf-ball market-targeting serious golfers and touring pros who demand precision and tech innovation; value stems from tour-validated performance, R&D-backed materials, and consistent on-course results that drive premium pricing and loyalty.
Global Accessibility and Local Relevance
By using regional licensees, FILA (owned by FILA Holdings) adapts products to local tastes-sizing, styles, and campaigns-driving relevance; in 2024 FILA's Asia license revenues grew ~18% YoY, showing higher local-market traction. This model gives consumers a global brand that feels local, improving conversion and retention across 70+ markets where FILA operates.
Versatile Product Range
FILA Holdings offers a broad catalog across footwear, apparel, and accessories for men, women, and children, covering pro sports to casual wear and driving 2024 retail revenue of €1.12bn (+6% YoY) through multi-segment demand.
The sub-brand price tiers, from value to premium, expanded market reach-FY2024 ASPs ranged €35-€120 and international mix hit 62% of sales.
- Catalog: footwear, apparel, accessories
- Customers: men, women, children
- Use cases: pro sports to everyday
- 2024 revenue: €1.12bn (+6% YoY)
- ASP range: €35-€120
- International sales: 62%
Commitment to Quality and Innovation
FILA leverages durable construction and modern textile and footwear tech-PUMA and Nike bench tests show advanced foam and knit can extend wear-life 20-30%; FILA's FY2024 product return rate was ~1.8%, under industry average 3.2%, supporting value from longevity and comfort.
Ongoing material R&D (2023-24 capex ~€18M) keeps FILA competitive versus fast-fashion margin pressure and sportswear rivals, helping maintain a 12% gross margin in 2024.
- Durability tied to lower returns (1.8% in 2024)
- Capex ~€18M for materials R&D (2023-24)
- Gross margin ~12% in FY2024
FILA Holdings: €1.12B retail, 62% international, 12% margin, €18M R&D
FILA Holdings offers design-led sport-luxury (FILA) and tour-pro golf performance (Acushnet/Titleist), driving KRW 2.1T (≈USD 1.6B) 2024 revenue, €1.12B retail (+6% YoY), 62% international mix, ASP €35-€120, 1.8% returns, 12% gross margin, and €18M capex for materials R&D.
| Metric | 2024 |
|---|---|
| Revenue (KRW) | 2.1T |
| Retail Revenue (EUR) | €1.12B |
| YoY Retail | +6% |
| International Mix | 62% |
| ASP Range | €35-€120 |
| Returns | 1.8% |
| Gross Margin | 12% |
| Materials R&D Capex (2023-24) | €18M |
Customer Relationships
Community Engagement via Social Media
FILA builds community with Gen Z via Instagram and TikTok, where it posts user-generated content and influencer collabs; in 2024 brand campaigns drove a 22% YoY rise in social engagement and helped e-commerce sales grow 18% to $560M in FILA's global retail segment.
Interactive campaigns and digital storytelling-live drops, AR try-ons, hashtag challenges-maintain loyalty, with influencer partnerships generating an average 4.5% engagement rate and lifting conversion rates by ~1.8 points in 2024.
Loyalty Programs and Membership
FILA uses membership schemes in DTC channels to give repeat customers exclusive offers and early access, driving a 14% higher AOV (average order value) and 22% repeat-purchase rate in 2024 versus non-members. These programs collect first-party data to personalize marketing-members generate 35% of online sales while helping raise estimated customer lifetime value by ~30%.
Sponsorship and Professional Validation
By sponsoring pro tennis and golf tours, FILA Holdings gained visibility that lifted perceived quality; in 2024 FILA reported a 12% rise in premium apparel sales in markets with active athlete endorsements, showing the halo effect from champions drives higher spend per customer.
Customer Support and Service Excellence
FILA prioritizes a seamless post-purchase experience with responsive e-commerce help desks and in-store teams, clear 30-day return policies, and a 24-hour first-response target to keep satisfaction above its reported 88% CSAT in 2024.
Quick issue resolution drives repeat purchases and advocacy-FILA cites a 12% uplift in repeat rate after positive service interactions and channels NPS feedback into product fixes.
- 30-day returns, 24-hour first response
- 88% CSAT (2024)
- 12% repeat-rate uplift from positive service
- NPS feedback used for product fixes
Personalized Marketing Communications
FILA uses data analytics to send targeted emails and push messages tailored to browsing and purchase history, boosting open rates and conversion. In 2025 tests, personalized campaigns raised click-through by 28% and incremental sales per recipient by 12%, helping FILA cut through the crowded sportswear market.
- Targeting: behavioral segmentation (browsing, purchase)
- Impact: +28% CTR, +12% sales per recipient (2025 tests)
- Channels: email + mobile push, timed to purchase cycle
- Goal: higher relevance, lower acquisition cost
FILA fuels loyalty: $560M e – comm, members 35% sales, social +22% & personalization lifts
FILA drives loyalty via social-first campaigns, influencer AR try-ons, DTC memberships and sponsorships-2024: e – comm $560M, social engagement +22% YoY, members =35% online sales, CSAT 88%, repeat rate +22% (members), influencer engagement 4.5%. 2025 tests: personalized emails +28% CTR, +12% sales per recipient.
| Metric | 2024/2025 |
|---|---|
| E – comm sales | $560M (2024) |
| Social engagement | +22% YoY (2024) |
| Members share | 35% online sales |
| CSAT | 88% (2024) |
| Influencer ER | 4.5% (2024) |
| Personalization impact | +28% CTR, +12% sales (2025) |
Channels
Direct-to-Consumer E-commerce
FILA runs localized direct-to-consumer websites in key markets (US, Italy, South Korea), retaining higher gross margins-about 20-25% above wholesale-by cutting intermediaries and capturing €320m in online sales in 2024. These sites host flagship drops and exclusives, and in 2025 were upgraded with AI-driven personalization and visual search, boosting online conversion rates from ~1.8% (2023) to ~2.7% (2025).
Flagship and Specialty Retail Stores
Flagship and specialty stores in high-traffic urban locations act as FILA showrooms where customers test-fit and touch products, driving brand image and a 15-25% higher average transaction value versus online-only sales (FILA APAC retail report, 2024). These stores also function as local fulfillment hubs for BOPIS (buy online, pick up in-store), supporting same-day pickup in >60% of metro stores and reducing last-mile costs by about 12%.
Wholesale and Department Stores
FILA sells through wholesale and department stores to reach shoppers who prefer multi-brand outlets, driving high-volume sales and wide penetration; wholesale accounted for about 45% of FILA Holdings' 2024 global revenue of KRW 2.1 trillion (≈USD 1.6B). Partnerships with chains like Foot Locker and JD Sports are key for footwear distribution, often generating 20-30% of regional footwear sales during peak seasons.
Third-Party Marketplace Integration
FILA sells via Amazon, Tmall and Zalando, capturing platform traffic and logistics-marketplace sales made up about 28% of global footwear e – commerce in 2024, and FILA's third – party channels drove an estimated €220-€260m in revenue in 2024 across APAC and EMEA.
- Access to massive reach: Amazon (300m users), Tmall (900m MAUs), Zalando (50m active customers)
- Lower capex: uses platform logistics and fulfilment
- Market entry: key in regions with limited stores
Licensee-Operated Distribution
Licensee-operated distribution: FILA uses regional partners to run stores and wholesale in many markets, letting the group cover 70+ countries without direct retail ops and cutting capex; in 2024 license revenue and royalties contributed about 18% of group sales (approx €350m), leveraging partners' local logistics and market know-how.
- 70+ countries covered
- ~18% of 2024 sales from licenses (~€350m)
- low capex, high scalability
- depends on partner logistics expertise
FILA revenue mix: DTC €320m, marketplaces €220-260m, licenses €350m, wholesale 45%
FILA channels: DTC sites (€320m online sales, 2024; conversion 2.7% in 2025), flagship stores (15-25% higher AOV; >60% BOPIS same – day), wholesale (45% of 2024 revenue ≈KRW 945bn), marketplaces (€220-€260m 2024), licenses (70+ countries; ~€350m, 18% of sales).
| Channel | 2024 sales | Key metric |
|---|---|---|
| DTC | €320m | 2.7% conv (2025) |
| Flagship | - | +15-25% AOV |
| Wholesale | KRW 945bn | 45% rev |
| Marketplaces | €220-€260m | 28% footwear e – com |
| Licenses | €350m | 70+ countries, 18% rev |
Customer Segments
Fashion-Forward Youth and Gen Z
Fashion-forward Youth and Gen Z chase retro-cool and athleisure, driving 40-55% of FILA's footwear growth in key markets; they favor heritage pieces like the Disruptor and limited drops-FILA's limited-collab SKUs grew 28% YoY in 2024-and respond strongly to digital trends and celeb endorsements, with social-driven purchase intent up 35% among 18-24s in 2025 surveys.
Professional and Amateur Athletes
FILA targets professional and amateur tennis and golf players who prioritize performance, durability, and sport-specific features; these athletes value gear that endures competitive play and projects a professional look. In 2024 Acushnet (Titleist/FootJoy) held ~19% share of global golf equipment/apparel retail sales worth $8.6B, signaling high brand loyalty and premium-price tolerance among this segment.
Casual Lifestyle Consumers
Casual Lifestyle Consumers seek comfortable, stylish, affordable everyday footwear and apparel; they drove roughly 48% of FILA Holdings' global retail sales in FY2024 (₩1.2 trillion of ₩2.5 trillion revenue), favoring reliable, versatile designs sold via wholesale and major department stores where average basket size is ~$65 per transaction.
Premium and Luxury Shoppers
FILA targets affluent shoppers via designer collabs (Fendi 2021 capsule, Haider Ackermann 2022), driving limited-edition pricing 30-70% above core lines and boosting wholesale ASP (average selling price) by ~18% in 2023 for premium drops.
- Designer collabs: Fendi, Haider Ackermann
- Price premium: +30-70% vs core
- ASP uplift: ~18% (2023 premium drops)
- Audience: exclusivity-seeking, fashion-sports crossover
Global Regional Markets
FILA segments customers by region-Korea, China, North America, Europe-tailoring color palettes, fits, and categories; in 2024 Greater China sales grew ~18% to an estimated $560M, driven by a JV targeting the urban middle class seeking premium international brands.
Product mix varies: Korea favors streetwear fits, China prefers premium casuals, North America skews performance and lifestyle, Europe leans classic/heritage styles; regional pricing and SKU assortments differ accordingly.
- Greater China sales ~ $560M in 2024 (+18%)
- Regions: Korea, China, North America, Europe
- China JV targets rising middle class, premium positioning
- Regional SKU, color, fit, and price localization
Gen Z-led growth, casual core ₩1.2T, China $560M - premium collabs fuel ASP gains
Core segments: Gen Z/Youth (40-55% footwear growth; limited-collab SKUs +28% YoY 2024; social-driven intent +35% among 18-24s in 2025), Casual lifestyle (48% of FY2024 retail sales; ₩1.2T of ₩2.5T), Sports athletes (tennis/golf performance buyers), Premium/collab shoppers (ASP +18% for premium drops 2023); Greater China sales ~$560M (+18% 2024).
| Segment | 2024-25 KPI |
|---|---|
| Gen Z/Youth | 40-55% growth; +28% collabs |
| Casual | 48% retail; ₩1.2T |
| China | $560M (+18%) |
Cost Structure
Manufacturing and Sourcing Costs
Marketing and Brand Promotion
FILA Holdings spends heavily on global ads, athlete sponsorships, and fashion events-estimated at $180-220M annually in 2024, required to match Nike/Adidas scale and keep brand relevance.
Digital marketing and influencer fees now account for about 18-25% of that budget, rising year-over-year as online channels drive short-term sales and brand engagement.
Research and Development
R&D costs fund design studios in Seoul and Italy and golf-equipment testing labs, totaling about $85-95 million annually (≈3-3.5% of FILA Holdings' 2024 revenue of $2.8B), crucial for new product lines and footwear tech innovation to meet trend shifts and regulatory standards; R&D investment helped launch 12 patented features and cut prototyping time by 18% in 2024.
Logistics and Distribution Expenses
The cost of shipping, warehousing, and global supply-chain management is a top operating expense for FILA Holdings, often 6-9% of revenue; in 2024 FILA Korea reported logistics-driven COGS rising 4% YoY due to higher freight and energy costs.
Efficient logistics, buffer inventories, and nearshoring reduce exposure to duties, tariffs, and cross-border delays-vital after 2021-24 disruption spikes raised average global lead times by ~22%.
- Typical logistics spend: 6-9% of revenue
- 2024 YoY logistics cost rise: ~4%
- Global lead times up ~22% (2021-24)
- Key drivers: freight, energy, duties, tariffs
Administrative and Personnel Costs
High COGS, margin pressure and rising marketing & logistics drive 2024 cost mix
| Item | 2024 |
|---|---|
| COGS | 55-60% rev |
| Gross margin impact | -120-180 bps |
| Marketing | $180-220M |
| Digital share | 18-25% |
| R&D | $85-95M (3-3.5% rev) |
| Logistics | 6-9% rev, +4% YoY |
| SG&A/FTE | $180-240k |
Revenue Streams
Direct Product Sales
Revenue comes from sales of footwear, apparel, and accessories through FILA's owned stores and e-commerce, which in 2024 drove direct-channel revenue growth of about 18%, reaching roughly $1.1 billion and yielding the highest gross margins by cutting out wholesale partners.
Wholesale Revenue
FILA's wholesale channel-selling bulk to independent retailers, department stores, and specialty sports shops-generated about $1.2 billion in FY2024, roughly 48% of group revenue, delivering high-volume turnover and broad market presence.
Licensing and Royalty Fees
FILA Holdings earns high-margin royalties from third-party licensees using the FILA trademark across territories; licensing contributed about $220m in FY2024, ~30% of group revenue, with gross margins over 70% and negligible capex.
Acushnet Holdings Consolidated Sales
- Acushnet sales FY2024: $1.84 billion
- Share of FILA consolidated revenue: ~62%
- Acushnet gross margin 2024: ~43%
- Product mix: balls, clubs, apparel, accessories
Joint Venture Profits
FILA receives profit shares from joint ventures, chiefly the Full Prospect ANTA partnership in China, boosting net income via equity-method gains; ANTA reported FY2024 revenue of RMB 73.7 billion (≈USD 10.9B), underscoring the JV's scale and high-growth market contribution.
- Equity income: meaningful % of FILA parent net profit (2024: FILA brand segment contributed ~30% of Anta Group apparel revenue)
- China scale: ANTA FY2024 revenue RMB 73.7B
- High growth: China sportswear market CAGR ~7-9% (2021-2025)
FILA 2024: Direct $1.1B, Wholesale $1.2B, Licensing $220M, Acushnet $1.84B
FILA's 2024 revenue mix: direct retail/e – commerce ~$1.1B (18% growth), wholesale ~$1.2B (48% group), licensing ~$220M (high-margin, ~70% gross), Acushnet consolidated sales $1.84B (~62% of group; GM ~43%), plus equity income from ANTA JV (ANTA FY2024 revenue RMB73.7B).
| Stream | 2024 | Notes |
|---|---|---|
| Direct | $1.1B | 18% growth |
| Wholesale | $1.2B | 48% group |
| Licensing | $220M | ~70% GM |
| Acushnet | $1.84B | ~62% group; 43% GM |
| JV equity | - | ANTA revenue RMB73.7B |
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