How Yonex Became A 55-Year Overnight Success In Tennis

Forbes

With an impressive roster of top talent—including Casper Ruud, Jessica Pegula, Ben Shelton and Tommy Paul—the Japanese sports equipment brand has raised its game and seen record growth.  Read the full story on Forbes: https://www.forbes.com/sites/justinbirnbaum/2024/08/30/how-yonex-became-a-55-year-overnight-success-in-tennis/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00Today on Forbes, how Yonex became a 55-year-old overnight success in tennis.

00:07Roughly a decade after Yonex released its first ever tennis racket in 1969,

00:13the Japanese sports equipment company pursued one of the most impactful sports ambassadors in history,

00:18Billie Jean King.

00:20It wasn't an easy courtship.

00:22Founder Minoru Yoriyama repeatedly sent rackets to the 12-time Grand Slam singles champion,

00:28and each time they were rejected.

00:31But countless hours of tinkering in the factory to appease one of tennis' all-time greats

00:35led to the development of Yonex's famed square-headed racket,

00:39which offered a larger sweet spot without sacrificing control.

00:43And King, along with her doubles partner Martina Navratilova,

00:47began competing with the company's products in 1980.

00:50Alyssa Yoneyama, Yonex's CEO since 2022 and the granddaughter of the company's founder,

00:57says, quote,

01:08Yonex's love affair with tennis' top talent didn't end with King and Navratilova.

01:14The brand's history includes some of the most prominent names the sport has ever seen,

01:18including Monica Sellis, Martina Hingis, and Leighton Hewitt.

01:23These days, Yonex supplies rackets to a small galaxy of tennis stars,

01:27including Casper Rude, No. 9 among the world's highest-paid tennis players,

01:32and 2022 Wimbledon champion Elena Ribacchina,

01:36who also have apparel deals with the brand,

01:38as well as four-time Grand Slam winner Naomi Osaka,

01:42Italy's Jasmine Paolini,

01:44and many of the top American players,

01:46Jessica Pagula, Ben Shelton, Francis Tiafoe, and Tommy Paul.

01:51Despite that all-star roster and more than 50 years in the business,

01:55Yonex has lagged behind its competitors in the American tennis market,

01:59ranking fourth in rackets sold at U.S. specialty stores

02:02and commanding noticeably less buzz than Wilson, Head, and Babula.

02:08Meanwhile, Yonex barely registers on the apparel front,

02:11miles behind juggernauts such as Nike and Adidas.

02:16But Yonex is finally starting to see the growth it has sought for decades.

02:20The brand nearly tripled its U.S. racket market share from 5.6% in 2019

02:25to 14.7% last year, according to data from the Racket Industry Research Group.

02:31And that share climbs to 27.9% when focusing on higher-end models

02:36priced at $250 or more.

02:39Meanwhile, Yonex is becoming more ubiquitous at the professional level.

02:43More than 30% of participants in the women's singles draw

02:46at this year's Australian Open used its rackets,

02:49while 20% did so on the men's side.

02:52Casey Yoneyama, head of global marketing at Yonex, says,

03:09Even with such an emphasis on tennis,

03:12Yonex's business has historically been dominated by another racket sport, badminton.

03:17The Tokyo Stock Exchange-traded company posted banner results

03:20in its most recent fiscal year ending March 31,

03:23with revenue growing nearly 8.8% to a record $769 million,

03:29and operating profit climbing 15.4% to $77 million.

03:34Badminton accounts for 63% of Yonex's annual sales,

03:39stemming from the company's dominance in China and Taiwan

03:42and the sport's rising popularity in India.

03:45Alyssa Yoneyama adds that badminton has,

03:54Tennis proved to be a natural next step,

03:56and the sport's global reach was too good an opportunity to pass up.

04:00In recent years, Yonex has benefited from several positive health

04:04and exercise trends emerging from COVID-19.

04:08Quarantine and social distancing pushed consumers toward outdoor sports

04:12and, Alyssa Yoneyama says,

04:18Additionally, the company has invested heavily on the product side,

04:22opening a new R&D facility in Japan this summer

04:25and constructing a tennis-specific factory set to be completed next year.

04:31For full coverage, check out Justin Birnbaum's piece on Forbes.com.

04:37This is Kieran Meadows from Forbes. Thanks for tuning in.

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