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| Formerly | Callaway Golf Company (1982–2022) |
|---|---|
| Company type | Public |
| ISIN | US1311931042 |
| Industry | Sports equipment,textile |
| Founded | 1982; 43 years ago (1982) |
| Founder | Ely Callaway Jr. |
| Headquarters | , U.S. |
Area served | Worldwide |
Key people | Chip Brewer (CEO) |
| Products |
|
| Revenue |  US$1.2 billion (FY 2018)[1] |
| US$31 million(FY 2014)[2] | |
| US$16 million(FY 2014)[2] | |
| Total assets |  US$625 million(FY 2014)[3] |
| Total equity | US$292 million(FY 2014)[3] |
Number of employees | 24,800 (December 2021) |
| Subsidiaries | Topgolf Callaway Golf TravisMathew Toptracer Odyssey OGIO Jack Wolfskin World Golf Tour |
| Website | callawaygolf.com |
Topgolf Callaway Brands Corporation., formerlyCallaway Golf Company, is an American globalsports equipment manufacturing company that designs, manufactures, markets and sellsgolf equipment, more specificallyclubs andballs, also including accessories such asbags,gloves, andcaps. In 2021, the company purchasedTopgolf, a chain of golf-related amusement and events centers.
The company sells its products through golf retailers and sporting goods retailers, through mass merchants, directly online, and through its pre-owned and trade-in services. Callaway markets its products in more than 70 countries worldwide. The company, based inCarlsbad, California, is the world's largest manufacturer of golf clubs.
In past years, Callaway marketed products under the "Toulon Design" and "Odyssey"putter brands, acquired in 1997,[4] as well as "Top-Flite", "Strata", and "Ben Hogan" brands picked up following the bankruptcy ofSpalding's former golf division in 2003.[5]
Callaway Golf Company was founded by former Burlington Industries textile president, Ely Callaway Jr. in 1982. Callaway was raised inLaGrange, Georgia, and was a graduate ofEmory University. He had previously been successful in the textile and wine industries, and was also an avid golfer. Among his favorite club brands was Hickory Sticks USA, which was known for producing clubs with hickory shafts and steel cores. At that time, Hickory Sticks was owned by Richard Parente, Dick De La Cruz, and Tony Manzoni. When Hickory Sticks started running low on funds, they began seeking investors and approached Callaway, who had just sold his vineyards for a $9 million profit. In 1982, he bought half of Hickory Sticks USA and the company was renamed "Callaway Hickory Stick USA." In 1983, he became the company's president and moved its headquarters toCarlsbad, California where he could be found selling clubs out of hisCadillac. In 1984, Callaway bought the rest of the company for another $400,000. The company's name was changed to its present name in 1988.[6]
In 1985, the company hired Bruce Parker as head of sales, who later became the company's Chief Merchant and, through his tenure with Callaway Golf as head of sales, was responsible for sales in excess of $3.0 billion.[citation needed] He was involved in all major decisions during the company's growth.
In 1986, Callaway hired a billiard cue designer, Richard C. Helmstetter, as a consultant. Helmstetter was named chief club designer that same year and introduced computer-controlled manufacturing machines. With his help and that of Glenn Schmidt, the company's master tool maker, the company developed the originalBig Bertha driver using large-volume (190cc) steel clubhead. The Big Bertha driver grew to 290 cc in 1997.[7]
In 1996, the company hired Roger Cleveland as chief club designer and in 2002, launched the Callaway Golf Forged Wedges, constructed fromcarbon steel with modified U-grooved faces.[8]
In 1996, Callaway announced development of a new golf ball, under the leadership of Chuck Yash, the former head ofTaylormade Golf. Callaway Golf spent three years developing the ball and a state-of-the-art production facility. The company invested $170 million in research and development, and construction of the 225,000-square-foot (20,900 m2) production facility.
Callaway Golf Company engineers, recruited from Du Pont andBoeing, used aerodynamic computer programs (first used by Boeing and General Electric) to evaluate more than 300 dimple patterns and more than 1,000 variations of ball cores, boundary layers, and cover materials to create the new Rule 35 ball. They settled on only two versions of the Rule 35 ball—choosing to develop a "complete-performance" ball rather than separate balls developed for spin, control, distance, and durability. Ely Callaway explained the company's product development objectives as follows: "We have combined all of the performance benefits into one ball so players no longer need to sacrifice control for distance, or feel, or durability. Each Rule 35 ball contains a unique synergy of distance, control, spin, feel and durability characteristics. This eliminates confusion and guesswork in trying to identify the golf ball that is right for each individual golfer."[9]
In 1997, Odyssey Sports was acquired, expanding Callaway's line of putters.[4] This led to introduction of the Odyssey White Hot putter line in 2000.[10]
Ely Callaway resigned as CEO and president in 1996, remaining as chairman of the board. Donald H. Dye was named CEO and president. Callaway also continued as president and CEO of Callaway Golf Ball Company. In 1998 he again became president and CEO of Callaway Golf Company, but died of pancreatic cancer on July 5, 2001. Ron Drapeau assumed his positions.[11]
In 2003, Drapeau announced the company's intention to purchase Top-Flite Golf and its Ben Hogan Golf division soon after Top-Flite Golf filed forChapter 11 bankruptcy.[12] Due to competition fromAdidas, the acquisition cost Callaway Golf $169 million.[5]
On November 8, 2004, Callaway Golf named chairman and chief executive William C. Baker president and COO, replacing Patrice Hutin.[13]
In August 2005, George Fellows was named president and CEO of Callaway Golf. He retained this position until June 2011.[14]
In 2012, Oliver "Chip" Gordon Brewer III was named CEO of Callaway. Callaway sold the Top-Flite brand toDick's Sporting Goods, citing declining sales,[15] and the Ben Hogan brand toPerry Ellis International, with Callaway retaining several trademarks, including Apex and Edge.[16]
In 2017, Callaway acquired OGIO, a US-based bag and apparel brand, and TravisMathew, a California-based lifestyle and golf apparel brand.[17][18]
In 2019, Callaway acquired German outdoor apparel companyJack Wolfskin.[19]
On October 27, 2020, Callaway announced that it would acquireTopgolf —a chain of entertainment-oriented interactivedriving ranges—for $2 billion. Callaway believed that the acquisition would help to widen its demographic reach and appeal to renewed interest in golf that had emerged since theCOVID-19 pandemic. Callaway promoted that its "leadership in the global golf equipment market and geographic diversity, combined with Topgolf's revolutionary technology platform and access to golfers of all abilities, will allow both companies to accelerate growth and create competitive advantages."[20][21]
On August 24, 2022, Callaway Golf Company announced that it would rebrand as Topgolf Callaway Brands; itsticker symbol on the New York Stock Exchange was changed from "ELY" to "MODG" on September 7, 2022.[22] Topgolf Callaway CEO Chip Brewer explained that the rebrand was based on feedback from investors suggesting that an emphasis be placed on the Topgolf acquisition, and he suggested that the subsidiary could account for over half of its earnings by 2025.[23]
On September 4, 2024, Topgolf Callaway Brands announced that it would undo the merger and split into two separate, publicly-traded companies by late-2025; the combination of Callaway and Topgolf did not prove to be economically successful due to market conditions, and its share price had declined from $29.52 to $10.76 since the completion of the merger. Callaway will retain a stake of at least 19.9% in Topgolf and assume Topgolf Callaway's debt. Callaway will also remain the official equipment supplier for Topgolf.[20]
Due to tariffs in the United Statesimposed by President Donald Trump taking effect on August 1, 2025, a factory inShwepyitha Township,Yangon,Myanmar that produced bags forSamsonite and Callaway shut down.[24]
In February 1992, Callaway Golf went public on theNew York Stock Exchange with a market capitalization of $250 million. By late 1997, it reached a market capitalization of over $3.0 billion.[citation needed]
Callaway has maintained endorsement deals with manyprofessional golfers who play on the world's leadingtours, includingXander Schauffele,Sam Burns,Chris Kirk,Akshay Bhatia,Min Woo Lee, andFrancesco Molinari.
They have also had commercial relationships with some of the legends of the sport includingArnold Palmer andAnnika Sörenstam, and celebrities such asJustin Timberlake andStephen Curry.[25] After being endorsed by Callaway late in his career,Seve Ballesteros expressed his gratitude to Ely Callaway by giving him a vintage Rolex, one he had worn since he first signed with the watchmaker.[26]
Masaki Aiba, one of the members of the Japanese groupArashi, was appointed as brand ambassador for Callaway Golf Company Japan in September 2024. He also opened an Instagram page calledAiba Masaki with Callaway Golf in which he shares his passion for the game, hoping "to convey its charm to those interested but that have never played, as well as to those who love it".[27][28]
On December 8, 2005, Callaway Golf received the 2005 Torch Award for Marketplace Ethics, from the San Diego Better Business Bureau.
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