PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩200 per share · Prices as of the 2026-10-02 close
Creas F&C, the domestic golf apparel market leader, fully divested its OnTide subsidiary in March 2026 to refocus on branded apparel, but shrinking domestic golf apparel demand and profit recovery remain works in progress.
Maintains the No.1 share of the domestic golf apparel market through licensed brands such as Ping, Pearly Gates, and Master Bunny Edition
After a failed July 2025 sale to Cosmo Investment, completed a full divestiture of OnTide to Yakjin Trading for about KRW 38.6 billion in March 2026
After a large Q1 2026 loss (owners' net loss of KRW 8.9 billion), swung to an operating profit of KRW 10.9 billion and owners' net profit of KRW 7.1 billion in Q2 2026
The domestic golf apparel market has shrunk for three consecutive years, from KRW 4.25 trillion in 2022 to KRW 3.14 trillion in 2025
Diversifying into outdoor brands such as Hydrogen, Mammut, and And Wander to reduce reliance on golf apparel
Creas F&C is the No.1 player in Korea's domestic golf apparel market by share. Following its 1998 founding, the company signed a licensing agreement for the U.S. golf brand Ping in December 1999, and has since secured and sold licensed apparel from Japan's Pearly Gates and Master Bunny Edition and Scotland's St.
Andrews in the domestic market. It also operates its own brand, Fantom; flagship brands such as Ping and Pearly Gates once grew to annual sales in the tens of billions of won, though brand-level revenue has reportedly contracted again as the domestic golfer population declines.
The company has been expanding beyond golf apparel, having acquired the Italian brand Hydrogen and secured exclusive domestic rights to the Swiss sports brand Mammut in 2022.
It later obtained exclusive domestic rights to the Japanese high-fashion outdoor brand And Wander, bringing its outdoor brand lineup to three pillars.
On the manufacturing side, the company had held OEM apparel subsidiary OnTide (formerly Kukdong) since acquiring it in 2022, but persistent losses led it to pursue a divestiture starting in 2025, ultimately selling its entire stake to Yakjin Trading in March 2026 to fully separate the business.
The company sells golf and sports apparel through diverse channels and has built a brand portfolio spanning consumers from their twenties to seniors. Distribution runs through department stores, directly operated stores, and its online mall, Creas Mall.
Competitors include Kolon Industries FnC (G/FORE, WAAC), LF (Hazzys Golf), Descente Golf, and Castelbajac, among other major domestic fashion houses.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩146.9B | ₩1.6B | 1.1% |
| 2025Q3 | ₩117.2B | -₩3.7B | −3.1% |
| 2025Q4 | — | -₩1.3B | — |
| 2026Q1 | ₩63.2B | -₩6.7B | −10.6% |
| 2026Q2 | ₩89.8B | ₩10.9B | 12.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩380.9B | ₩78.5B | ₩26.7B | 20.6% | 8.4% | 90.3% |
| 2023 | ₩367B | ₩46.1B | ₩24.2B | 12.6% | 6.5% | 85.8% |
| 2024 | ₩331.3B | ₩12.1B | -₩25.1B | 3.7% | −7.0% | 84.0% |
| 2025 | ₩311.9B | -₩4.7B | ₩12.8B | −1.5% | 3.5% | 99.9% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Consolidated revenue fell for four straight years, from KRW 380.9 billion in 2022 to KRW 367.0 billion in 2023, KRW 331.3 billion in 2024, and KRW 311.9 billion in 2025.
Operating profit also dropped sharply, from KRW 78.5 billion (20.6% margin) in 2022 to KRW 46.1 billion (12.6%) in 2023 and KRW 12.1 billion (3.7%) in 2024, before turning into an operating loss of KRW 4.7 billion (-1.5%) in 2025.
Even so, owners' net profit in 2025 remained positive at KRW 12.8 billion, contrasting with the overall consolidated net loss of KRW 4.6 billion, indicating that losses attributable to non-controlling interests were relatively large.
Conversely, in 2024, despite an operating profit of KRW 12.1 billion, owners' net loss reached KRW 25.1 billion, suggesting one-off items such as subsidiary-related impairments or non-operating losses weighed on net income.
On a quarterly basis, revenue was KRW 146.9 billion with operating profit of KRW 1.6 billion and owners' net profit of KRW 1.8 billion in Q2 2025, before revenue fell to KRW 117.2 billion with an operating loss of KRW 3.7 billion in Q3.
Q4 2025 posted an operating loss of KRW 1.3 billion and an owners' net loss of KRW 4.2 billion, and Q1 2026 revenue plunged to KRW 63.2 billion with an operating loss of KRW 6.7 billion and an owners' net loss of KRW 8.9 billion, the weakest quarter in the recent series.
Q2 2026, however, showed a clear turnaround with revenue of KRW 89.8 billion, operating profit of KRW 10.9 billion, and owners' net profit of KRW 7.1 billion.
This quarterly volatility appears to reflect a combination of the changing consolidation scope of subsidiary OnTide (from partial consolidation to full divestiture) and seasonal peak effects.
Over the trailing four quarters (Q3 2025 through Q2 2026), cumulative owners' net profit stood at negative KRW 5.7 billion, meaning that despite the Q2 2026 turnaround, the rolling annual figure remains in negative territory.
Korea's domestic golf apparel market shrank for three consecutive years, from KRW 4.25 trillion in 2022 to KRW 3.75 trillion in 2023, KRW 3.45 trillion in 2024, and KRW 3.14 trillion in 2025.
The exodus appears driven by the resumption of overseas travel after the pandemic ended and by tighter household budgets that pushed cost-sensitive golfers in their twenties and thirties away from the sport.
As a result, competitors handling golf apparel also saw declines; Kolon Industries' FnC division, which operates G/FORE, WAAC, Jack Nicklaus, and Arrow, posted a 5% revenue decline and a 64% drop in operating profit last year.
Even so, Korea reportedly still holds the world's largest golf apparel market share at 45%, suggesting the country's overall industry position remains intact despite a shrinking domestic market.
Some assessments note that in the first half of 2026, following the pandemic boom and subsequent downturn, the golf apparel sector has shown early signs of a rebound centered on securing core, dedicated golfers.
The industry has been responding to stagnant domestic demand by expanding into overseas markets such as the U.S., Japan, and China, as well as adjacent sports categories like park golf.
Creas F&C is pursuing a similar strategy, using outdoor brands such as Hydrogen, Mammut, and And Wander to reduce its reliance on golf apparel.
In March 2026, Creas F&C signed a contract to fully sell its holdings of OnTide, comprising 22,459,094 common shares (29.27%) and 8,350,730 preferred shares (10.88%), for total consideration of about KRW 38.6 billion.
This followed the collapse, roughly five months earlier, of a July 2025 sale to Cosmo Investment, which failed to pay KRW 24 billion of the agreed KRW 30 billion purchase price.
The company explained that it decided to divest as OnTide had not generated profit even after being brought in as an affiliate, prompting a portfolio realignment. Following the sale, the company said it plans to accelerate its global push centered on outdoor brands such as Hydrogen, And Wander, and Mammut.
A company representative stated, "The golf apparel market is showing a recovery led by authentic brands, and our sales continue to grow." However, because the changing consolidation scope of OnTide complicates quarter-to-quarter revenue comparisons, tracking the revenue and profitability trend of the pure brand business going forward has become more important.
The company disclosed new equity investments in overseas entities including CREAS LYK JAPAN and CREAS LYK PTE. LTD., suggesting it is organizing its structure for expansion into Japan and Southeast Asia.
Creas F&C's shares trade at a substantial discount to book value per share. Owners' net profit over the trailing four quarters (Q3 2025 through Q2 2026) remained in loss territory, making a conventional price-to-earnings comparison of limited use in this window.
Compared with the double-digit operating margins of 2022-2023, the past three years have seen a sharp contraction in profitability, with the Q2 2026 turnaround offering an early sign of recovery.
The company has a history of paying cash dividends even in years of net loss, indicating continuity in its shareholder return policy.
Because one-off items such as the OnTide divestiture have influenced owners' net profit, tracking the pace of profitability recovery in the core brand business alone in coming quarters will be important.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-05
The completion of the full OnTide divestiture in March 2026 removed a chronic loss driver in the OEM manufacturing segment. The company stated that OnTide had failed to generate profit even after being consolidated, and it can now concentrate resources on the relatively higher-margin brand and licensing business.
This could reduce consolidated earnings volatility going forward and give a clearer picture of core business profitability.
After a weak Q1 2026 with an operating loss of KRW 6.7 billion and an owners' net loss of KRW 8.9 billion, Q2 2026 marked a clear reversal, with revenue of KRW 89.8 billion, operating profit of KRW 10.9 billion, and owners' net profit of KRW 7.1 billion.
This can be attributed to seasonal peak effects combined with the core business results being fully revealed after the OnTide separation. However, a single profitable quarter is not sufficient to confirm a sustained recovery trend, and continuity should be verified in coming quarters.
Creas F&C maintains the No.1 share of Korea's domestic golf apparel market and has long operated multiple licensed brands including Ping, Pearly Gates, Master Bunny Edition, and St. Andrews.
It further diversified with the 2022 acquisition of Hydrogen and exclusive rights to Mammut, followed by exclusive rights to And Wander, giving it three pillars in the outdoor category. Even as the golf apparel market contracts, this brand diversification could help spread out revenue sources over time.
Korea's domestic golf apparel market has contracted for three straight years, from KRW 4.25 trillion in 2022 to KRW 3.14 trillion in 2025.
The exit of golfers in their twenties and thirties, who had entered the sport during the pandemic boom, has accelerated amid the resumption of overseas travel and an economic slowdown. Because Creas F&C's core golf apparel brands are closely tied to this shrinking market, this represents a structural headwind.
A planned sale of OnTide to Cosmo Investment in July 2025 collapsed after the buyer failed to pay KRW 24 billion of the agreed KRW 30 billion purchase price. This episode showed that the company's restructuring-related transactions may not always be completed as planned.
The changing consolidation scope of OnTide, from partial consolidation to a full sale, also increased quarter-to-quarter volatility in revenue and earnings, complicating the interpretation of results.
The full-year 2025 operating loss of KRW 4.7 billion marked a reversal from the prior year's KRW 12.1 billion profit, and cumulative owners' net profit over the trailing four quarters (Q3 2025-Q2 2026) remains negative at KRW 5.7 billion.
While Q2 2026 turned profitable, a single quarter is not enough to conclude that the annual earnings structure has stabilized. In 2024, despite a positive operating profit, owners' net loss reached KRW 25.1 billion, a precedent that underscores the continued need to watch for one-off items.
Alongside the decline in Korea's golfing population, consumer spending appears to be shifting toward adjacent categories such as running and outdoor apparel.
With the golf apparel market having shrunk for three consecutive years since 2022, if this trend does not reverse in the near term, Creas F&C's core golf brands could face continued pressure. It is also possible that growth in alternative sports markets such as park golf will not fully offset lost golf apparel demand.
There is a precedent of a planned OnTide sale to Cosmo Investment in July 2025 collapsing due to unpaid balance. Any future asset sales or equity restructuring the company pursues could similarly face delays or fail to close depending on the counterparty's financing status or contract terms. This adds uncertainty to the company's planned schedule for improving its financial structure.
While new brand launches and overseas expansion may boost revenue, initial investment costs, higher marketing spend, and cost burdens are seen as factors that could limit profitability.
New outdoor brands such as Hydrogen, Mammut, and And Wander are still in an early stage requiring ongoing investment in store openings and marketing, meaning revenue growth may not immediately translate into improved profit.
Around the statutory deadline for the Q3 report, check whether the pure branded-apparel business shows improved revenue and cost ratios now that OnTide has been fully divested.
New product launches and department store sales performance for outdoor brands like Hydrogen, Mammut, and And Wander can indicate progress on the strategy to reduce reliance on golf apparel.
When full-year results are tallied, it will be important to check whether one-off items like those seen in 2024-2025 recur, and whether owners' net profit sustains a stable positive trend.
Watching for additional equity investment or new store opening disclosures related to overseas entities such as CREAS LYK JAPAN can help gauge the pace of international expansion.
Investors should confirm whether OnTide sale balance payments are completed as scheduled and whether further non-core asset sales follow, given that the first attempted sale previously collapsed due to unpaid balance.
Creas F&C retains brand strength as the No.1 player in Korea's domestic golf apparel market, but its business fundamentals have weakened considerably amid four straight years of declining revenue and shrinking operating profit since 2022.
In 2025, despite a consolidated operating loss, owners' net profit remained positive, and after a large loss in Q1 2026, both operating profit and net profit turned positive in Q2 2026.
In March 2026, the company fully separated its long-troubled OnTide subsidiary by selling its stake to Yakjin Trading, restructuring itself to relieve manufacturing burdens and focus on brand and licensing operations.
However, the domestic golf apparel market itself remains in a structural downturn, having contracted for three consecutive years, and cumulative owners' net profit over the trailing four quarters remains negative, so it is still premature to conclude that a firm profit recovery is in place.
Whether diversification into outdoor brands such as Hydrogen, Mammut, and And Wander can become a new growth pillar, and whether cost ratios and margins genuinely improve following the OnTide separation, are likely to be key variables shaping future results.
Investors will want to continue monitoring upcoming quarterly results and the growing revenue contribution from outdoor brands.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.