Callaway Golf Company has announced that its Tokyo-based subsidiary has acquired a full stake in a joint venture that the company has operated in Japan since 2016.
The business, known as Callaway Apparel KK, designs, manufactures and sells Callaway branded apparel, footwear and headwear in Japan. It was operated alongside TSI Groove & Sports Co., which held 48% of the venture.
Callaway’s Japanese subsidiary has acquired this minority interest for approximately $18 million and now owns Callaway Apparel KK in full.
Commenting on this transaction, Chip Brewer, president and CEO of Callaway Golf Company, said: “We are pleased with the success of our apparel business in Japan. We have a great relationship with TSI Groove & Sports, but acquiring full ownership of this business provides our Asia team with a platform and the flexibility to support a fully integrated, multi-branded soft goods business in Asia. This acquisition is consistent with our strategy to accelerate growth in our soft-goods business across brands and geographies.”