Ashworth (clothing)
| Company type | Subsidiary |
|---|---|
| Industry | Clothing |
| Founded | 1987 in Los Angeles, United States |
| Founder | Gerald Montiel, John Ashworth |
| Headquarters | United States |
Area served | Golf apparel market |
Key people | Randy Herrel (former CEO), Allan Fletcher (former CEO) |
| Products | Golf apparel including t-shirts, polo shirts, hoodies, cardigans, sweaters, pants, jeans, shorts, jackets, coats, gilets |
| Owner | YGM Group |
| Parent | YGM Trading Limited |
| Website | www |
Ashworth is a United States-based clothing brand that has been part of the YGM Group portfolio since 2019.[1] The label provides an extensive selection of garments, including t-shirts, polo shirts, hoodies, cardigans, sweaters, pants, jeans, shorts, jackets, coats, and gilets.
History
Established in 1987 by Gerald Montiel and John Ashworth under the name Charter Golf, Inc. in Los Angeles, the firm focused on enhancing the style of golf apparel. Montiel, a retailer specializing in sporting goods, teamed up with Ashworth, a golf buyer and enthusiast, to raise $685,000 by 1988 to initiate the venture.
The company's initial revenue was $374,000 during its first year but quickly expanded to $2.14 million by 1989. Charter Golf went public in 1990 with the ticker CGOL. They leveraged stock-based incentives to attract endorsements from prominent golf figures such as Fred Couples—who committed to a lifetime agreement in 1994—and other distinguished players and commentators.
A secondary stock offering in 1992 generated $10.9 million to support growth initiatives, placing the company's valuation at $44 million on revenues of $28.8 million. The business rebranded as Ashworth, Inc. in 1994 and saw robust expansion until difficulties with implementing a new management information system hindered progress between 1995 and 1996. Subsequently, leadership shifted: Montiel took back control before appointing Randy Herrel from Quiksilver toward the end of 1996.
Herrel reinvigorated both operations and product development, driving revenues from $2.1 million in 1989 up to $74.5 million by 1995 and reaching $89 million by 1998. John Ashworth exited the company in 1997 due to "philosophical differences" and later initiated a competing golf apparel brand in partnership with Quiksilver.
In 2001, under Herrel’s leadership, Ashworth entered into a licensing partnership with Callaway Golf Company to manufacture Callaway-branded clothing. The company’s sales peaked at $204 million in 2005; however, rising competition resulted in its first financial loss since going public. Herrel stepped down early in 2006 amid shrinking profits; by 2007 revenues had declined to $202 million with a net loss of $14 million.
Allan Fletcher assumed the role of CEO late in 2007 but served only until late 2008 when TaylorMade, then owned by Adidas, acquired Ashworth for $72.8 million including debt—equating to shareholder equity valued at $26.5 million. In May 2017, Adidas divested its golf brands to KPS Capital Partners. Subsequently, on September 9, 2019, Ashworth was purchased by YGM Trading Limited.[1]
Target market
Ashworth caters to golfers seeking both contemporary and classic apparel designed specifically for optimal performance on the course.
Sponsorships
The company endorses professional golfers such as Fred Couples, Justin Rose, Sean O'Hair, Justin Leonard, Ryan Palmer, Rory Sabbatini, Johnson Wagner, and Dave Cowden, Jr., who act as brand representatives.
External links
- Official website
- ASHWORTH UK
- [1] Newtimes Group of Companies website
- [2] YGM Group corporate website