Kevin Yoon: «My bet on Fila»

A 2026 business plan that foresees 3.3 billion euros of revenues against the current 2.8 billion euros as well as a 16% EBITDA versus a 13% EBITDA in 2021. Kevin Yoon has chosen MFF to explain his five-year development plan for Fila. The recently appointed President and CEO of Fila Holdings Corp. presented an ambitious vision during his first appearance in his new role for the Italian company, which was rescued by his father Gene Yoon in 2007 as it was one step away from bankruptcy and which is now listed on the Korea Stock Exchange (KRX). «It has been quite a journey since we acquired the brand almost 15 years ago and we worked very hard to get to this point. Now, with a new strategy underway, we will reach another level,» he pointed out. He anticipated to MFF the appointment of a new Global Creative Director and that he is working on upcoming important co-labs as well as considering new runway shows.

What financial goals are you setting with your five-year plan?

The financial targets in our five-year plan reflect the desire to increase our profitability rather than our company size. More specific financial targets for the next five years include 4.4 trillion Korean won (3.27 billion euros against 2.8 billion euros in 2021, ed.) in consolidated sales and 15-16% EBITDA (up from 13% in the year just ended, ed.).

You became CEO of Fila at a delicate time. How much are the new lockdowns in Asia impacting you? What about the war in Ukraine?

Many countries are coming back to pre-Covid-19 levels and we expect to see improvement. In the areas affected by the conflict, we did not have a direct impact on our business as we do not have direct operations in the region.

Which markets are growing the most?

Of course, the directly managed areas, which are Korea and the US. We are aiming for additional sales of 650 million euros in the US with an operating margin of 11-12% and 700 billion won in South Korea, with an EBITDA of 13-14%.

Fila is known for its co-labs from Fendi to Gosha Rubchinskiy. Are there any new ones in the pipeline?

Our goal for the future is to carefully select the most interesting projects. The recently launched Y/Project x Fila collection is a good example of a successful collaboration. New initiatives are underway, but it is too early to reveal details.

Are you working to hire new creative directors? Will there be one globally?

Yes. As part of our effort to unify the brand message globally, we are working to hire a Global Creative Director from the fashion industry who has both a successful track record with sports brands and the right sensibility towards sports product design. We are taking our time to select the candidate that best fits our values and future vision for the brand, and we hope to be able to share a name in the coming weeks.

How important is Italy among your markets? Which openings and investments are you planning?

Italy is one of the biggest markets in Europe for us and we are very happy with the way the Fila brand is managed by our local licensee, both in terms of market share and brand equity.

After the 2021 show with Katie Grand in Milan for the 110th anniversary, do you plan any other events during the fashion weeks? In Milan or around the world?

Both in Milan and around the world. 2021 also saw our presence in Paris for the SS 2022 shows collaborating with Y/Project and in February 2022 we presented the Roksanda x Fila collection at LFW-London Fashion Week. It is too early to reveal details but there are projects underway that will see Fila back on international catwalks very soon.

Korea is trending around the world thanks to Squid Game and movies. Are you working on projects with movies or TV series? Both Korean and non-Korean…

We have worked on some commercials through local TV series in Korea, but not on a global scale. As with other media initiatives with film or streaming platforms, we will carefully select those opportunities that are in line with our strategy, have global relevance and connect the brand with talent and stories fitting Fila's premium positioning.

How many direct stores do you have now and how much does wholesale weigh in? What will the mix be in 2026?

We currently have no directly operated stores outside Korea. As we are accelerating our DTC strategy both online and offline, we plan to invest in flagship stores in major cities around the world, according to our five-year strategy. We expect the impact of the DTC channel to become a key ingredient of our future success.

Are there any upcoming new product categories or licenses?

Our licensing structure virtually covers all key product segments and geographies, and we are not currently interested in expanding our partnerships into new areas. The main goal of the Global Creative Director will be rather to unify the brand image across product design and communication so that a consistent Fila image will emerge in all brand’s expressions.

What plans do you have for the metaverse?

We are looking with interest at the gaming industry and the e-sports segment, while at the same time we are also discussing and evaluating the mixed signals that this opportunity may have on our brand and business.

You are part of the family who was able to revive an Italian legend by saving it from bankruptcy. How do you feel about receiving the baton from your father?

I am grateful to be a part of this family and this tradition. It has been quite a journey since we acquired the brand almost 15 years ago and we worked very hard to get to this point. Now, with a new strategy underway, we will reach another level, perhaps one in which Fila is on a global scale. I look forward to even greater achievements in the future. (All rights reserved)