On May 21, golf headwear giant Imperial announced the acquisition of Pukka, Inc., an upstart brand that burst onto the golf scene in 2003 with an innovative and edgy approach to design and delivery. According to the announcement, Imperial and Pukka will continue to be run separately under the umbrella of CPC, an investment holding company focused on long-term investment strategy that acquired Imperial in 2021.
“Since the day I started Pukka, I said that we should aspire to have the respect that Imperial has earned,” says Pukka founder and CEO Shawn Rogers. “The biggest hurdle we had from day one in the golf industry was gaining the trust of the marketplace. We worked very hard to ‘Be Original,’ and even trademarked the saying, carving out an exceptional share of the overall marketplace because of the uniqueness we brought to the industry. Imperial has always seen us in that light and appreciated and respected our differences.”
Bourbon, Missouri-based Imperial, which was founded in 1916, sells into several markets, including the direct-to-consumer (DTC), golf, corporate and supply chain channels. In addition to customers like The U.S. Open, PGA Championship, Open Championship, Ryder Cup, Presidents Cup and Solheim Cup, Imperial can be found at all Top 100 U.S. golf courses and has been voted the No. 1 headwear brand in golf for seven consecutive years by the Association of Golf Merchandisers (AGM) and reported as the No. 1 headwear brand in the combined on- and off-course retail golf channels by Golf Datatech. While Imperial is a brand rich in heritage featuring traditional styling with a modern twist, Pukka pushes the boundaries with more youthful styling and marketing in the golf, action sports and team sporting goods markets.
“Imperial and Pukka are very complementary brands, products and ordering experiences,” says Imperial SVP David Shaffer, who confirms Pukka’s Findlay, Ohio-based management team and operations will remain in place. “I think both brands fulfill a unique demand in the headwear market and co-exist nicely. Our plan is to keep the two companies separate, especially product, design, sales and marketing.”
Ryan Nolz, Pukka’s National Sales Director, says this partnership probably came as shock to the industry, but that it makes a great deal of sense from a strategic standpoint, as the companies’ production methods and capabilities are different yet complementary.
“Pukka will continue to lean into our fully custom program and maintain our No. 1 status as the only true, fully custom offering in the business, and Imperial will continue to dominate their segment of the marketplace,” he adds. “We will continue to grow and build the greatness of both brands autonomously, but with strategic angles that benefit all involved.”
In spring of 2023, Pukka updated its design technology, internally and externally. The internal updates are allowing the design team to be more efficient and turn artwork more quickly. Externally, Pukka launched a Knit Customizer website on a consumer-facing 3D design platform that allows the user to build their custom knit in real time.
According to Rogers, Pukka will benefit from the vast resources of CPC, which was formed from the merging of Curran Companies’ and C3 Capital’s management teams with the goal of investing $60 million to $120 million per company. Rogers believes CPC’s vast resources, will help accelerate a range of growth and operational initiatives at Pukka.
“My decision to sell had many factors, both personally and professionally,” he says. “The key element to making a sale was very clear. I only wanted to work with a strategic partner that would keep the brand, the culture and the company intact. We definitely found that match with Imperial and CPC.”
Adds Nolz: “We’ve simply taken the two best hat companies in the business and combined them, creating an absolute juggernaut that can address all aspects of the headwear category.”