Honma Golf has entered into a strategic alliance agreement with Itochu Corporation to revitalise its apparel business using a “golf total brand approach”. Honma is among the most prestigious and iconic brands in the golf industry. The company expects that the 2019 Spring/Summer season will be the first one in which cooperation with Itochu will materialise.
As part of its continued efforts to deliver growth and to provide customers with a complete golf lifestyle experience through offering, among other products, Honma -branded apparel, the company has been actively exploring partnerships to revitalise its Apparel Business using a “golf total brand approach”.
The company believes that there is significant room to grow its apparel business, which together with bags and other accessories, accounted for approximately 13.4 per cent of the total revenue of the company and its subsidiaries for the six months ended September 30, 2017, as compared to approximately 60 per cent of the total revenue of many of its industry peers.
The formation of a strategic alliance between the company and Itochu will allow the company to work with Itochu to re-develop the company’s apparel business in Japan, as well as other markets where Honma has already built a stable consumer base from its golf clubs business. At the same time, this partnership will entitle the company to tap into Itochu ‘s rich networks and know-how in the apparel and textile industry to support the company’s re-launch of its apparel business leveraging its brand equity.
The company believes that this strategic alliance with Itochu will be invaluable in its effort to accelerate sales growth across all markets in the near to mid term.