Korean firm Fila Holdings' revenue ascends 6.7% in Q1 FY24

A significant contributor to this growth was Fila’s golf-related subsidiary, Acushnet, which recorded KRW 939.95 billion in quarterly revenue. This represents a single-digit YoY increase, largely driven by continued strength in the North American market, Fila Holdings said in a press release.

Fila brand’s quarterly revenue reached KRW 242.67 billion, also showing a single-digit YoY rise. This growth is attributed to the full-scale execution of Fila's mid- to long-term strategy. Notably, Fila US demonstrated performance improvement in the first quarter by reducing discounted sales. Meanwhile, Fila Korea received positive consumer responses to its spring-summer 2024 sportswear collection.

“Despite the deepening downturn in domestic and international consumer demand due to high inflation and high interest rates, our earnings improved due to the continued growth of our golf related subsidiary, Fila's cost reduction efforts, and favourable foreign exchange rates,” said FILA Holdings CFO Ho-Yeon (Aaron) Lee. “We will spare no effort in providing quality investment and support to improve our overall performance and enhance Fila’s brand value.”

Fibre2Fashion News Desk (DP)