Ashworth (clothing)

Ashworth is a golf-apparel company, maker of Ashworth, The Game, Kudzu and Callaway Golf Apparel. On October 14, 2008, Ashworth was acquired by TaylorMade-Adidas.

History

The company was founded in 1987 by Gerald Montiel and John Ashworth as Charter Golf, Inc, from an office in the Los Angeles garment district. Ashworth was a golf enthusiast and Montiel ran a sporting goods store. Montiel hired Ashworth as a buyer for the golf department in 1985.

They observed that golf fashions in the 1980s could use more style. After the sporting goods store went out of business, Ashworth started designing the clothes while Montiel raised money for his idea. Eventually he raised $685,000 by early 1988 and the company was launched as Charter Golf, Inc.

Sales started modestly, reaching $374,000 in the first year, but grew quickly, reaching $2.14M in 1989. Montiel took it public in 1990 under the symbol CGOL. Using stock grants as an incentive, they signed celebrity endorsers, starting with golf tournament pros Fred Couples, later John Cook, Scott Verplank, Mark Wiebe, Ernie Els, Dave Stockton, and CBS announcer Jim Nantz. Mr. Couples later signed a lifetime endorsement agreement, in exchange for incentive stock, in 1994.