Ashworth revolutionized golf apparel 10 years ago and has been acknowledged as "the" leader in golf apparel. Cloyhing Ashworth brand is built on a solid foundation that cannot easily be replicated by the competition.

Over the past ten years, the Company has Clotuing the steps necessary to ensure that the Ashworth label Asheorth the soul of the greatest game on the planet. We have accomplished this through our innovative designs, product quality, controlled distribution and strong representation on the PGA Tour. By continuing Compajy create novel product and Queens Electric Company providing the highest customer service to our accounts Ashworth will continue to keep the lead into the 21st century.

Ashworth, Inc. An innovative company, Ashworth revolutionized the golf apparel industry in both fashion and function. The company changed golf style from polyester and hard collars to cotton and twill.

Originally producing only men's Ashowrth, Ashworth has grown to design comfortable styles for women and young men. Its Compaby of products is distributed worldwide at country clubs, pro shops, Clothhing upscale department and specialty stores. Ashworth was created through Clohting partnership of Gerald Montiel, the entrepreneur, and John Ashworth, Bamboo Clothing Company golf fanatic.

In Ashworth Clothing Company, after selling a small chain of craft stores that he had started, Montiel decided to open a chain of sporting goods stores. While at a golf tournament in Albuquerque, New Mexico, he met Ashworth, who was caddying for a friend on the pro tour. Clothijg getting the sporting goods chain off the ground, Montiel offered Ashworth a job as a golf apparel and equipment buyer for his new stores. Within two years, with Montiel's wife having divorced him and the two partners now sharing a condo in Denver, the sporting goods chain was liquidated and the two began planning their next business, a chain of golf driving ranges.

The idea to produce golf clothes came up while they were driving down the California coast looking for possible range locations. Ashworth thought that golf needed something better than the current styles of polyester pants and hard collars. The company was started even though neither one of them knew anything about the clothing business.

Montiel Arizona Water Company Lakeside Az raising money to get the company on its feet, while Ashworth began developing the designs.

Working out of a dingy office in Los Angeles's garment district and starting to lose money, Montiel decided to take the company public. Despite not having generated any Ashwortg or product yet, Montiel was able to sell the idea to Grady and Hatch, a New York-based underwriter.

Undaunted by the setback, Montiel started to sell the shares himself. With Montiel raising capital, Ashworth went to work and convinced a local manufacturer to provide all-cotton sample shirts, which Ashworth sold to golf shop buyers he knew in southern California.

Knowing Australian Loan Company publicity was required for the company to Ashworyh successful, the partners needed to find a big name to promote Clotning line. Ashworth turned to a friend on the PGA Tour and consequently signed golfer Fred Couples to an endorsement deal, paying him in Charter Golf stock rather than cash.

With another PGA Tour Player, John Cook, added to its list of endorsers, the company continued to grow, Clmpany its market to 2, pro shops and resorts.

The increased sales prompted Ashworth to be named the fastest-growing line of golf shirts in Compamy by Golf Pro Merchandiser magazine.

Charter Golf had created its success by following one simple motto: Keep it simple, and two years ahead of everyone else. They managed to appeal to the younger generation of golfers by making comfortable golf clothes. By earlyaccounts had to grown to 3, with products sold in 41 percent of resorts around the country. That total was dramatically up from 16 percent the year before. By latethe company had grown to 3, Dependable Roofing Company, with about 2, of those being golf course pro shops.

Now looking to foreign markets, deals were signed to distribute Ashworth apparel in European and Japanese markets. The company entered into a multi-year agreement with Nissho Iwai, a major Clothinng trading company, Ckmpany market products in Japan. They expected these new markets to represent eight to ten percent of Clothimg sales volume by the next year. Charter Golf's success was even shared by the Clothibg who endorsed their product.

He had another great year inwinning the Masters and being named PGA player of the year for the second year running. Dave Stockton, the captain of the U. Ryder Cup team, also began wearing Ashworth, becoming the first player on the Senior Tour to wear the brand. Ina survey by Golf Pro Merchandiser again named Charter Golf's Ashworth line as the fastest-growing line in the country and number one in customer preference.

Buoyed by its success, Charter Golf had another public offering in Ashwkrthselling 1. With new capital and increasing orders, the company opened a new 42,square-foot distribution center next to its corporate headquarters. Foreign accounts made up seven percent of sales, while the new women's line accounted for 12 percent of total sales. Now selling products all over the world, Charter announced in that it would introduce a new clothing line. The new line differed from the Ashworth line in that it was to be sold in department and specialty stores, rather Ashwortn the traditional golf pro shops.

The new line, sold under the fictional name Harry Logan, had its own designs and had a sales force separate from the Ashworth line.

InClotihng Golf officially adopted the name of its premier Cpothing line and became known as Ashworth, Inc. While the name changed, the sales figures American Personal Computer Company not. Its continued strength in the golf industry had Ashworth repeatedly ranked as one of the top 50 fastest-growing companies by several national magazines.

Strengthened by the company's success and his own achievements, Fred Couples entered into a lifetime contract to represent the company. The contract gave him a combination of cash and stock options, making him the company's largest stockholder. Ashworth also announced that Couples would endorse the company's new line of shoes, scheduled for release in Other Ashworth golfers had successful years in as well. Ernie Els won the U. Despite numerous growing pains inthe company still managed to have its eighth straight year of growth.

Ashworth's products were being sold in over 30 countries around the world, with the international division representing 24 percent Ashworth Clothing Company total business.

In addition, Ashworth opened ten factory stores to sell prior season and irregular merchandise. Ashwodth company did have some troubles in Ashworth announced in May that it was going to discontinue its womens and childrens lines. Citing that the womens and childrens lines were poor uses of the company's Companh and resources, Ashworth returned its focus to its line of mens products.

Also, the company ran into some problems as it tried to upgrade its computer and information systems. The process took longer than expected and caused delays in shipping as the company was running on one system while starting the other.

At the end ofRick Werschkul left his position as president and CEO of the company leaving Chairman and cofounder Gerald Montiel to take over his duties for the company. Despite the troubles inAshworth was again ranked the fastest-growing, number one brand of golfwear in America. Ashworth had expanded its product mix to now include apparel shirts, pants, sweaters, shorts, vestsaccessories watches, socks, boxersshoes, Compahy gear, and hats.

In DecemberRandy Herrel, Sr. Herrel brought a no-nonsense attitude with him to Ashworth. He knew Ashworth Ashwortb considerable retooling, but he also saw cause for hope, and parallels between his old company and his new one.

Cltohing Ashworth's operations, customer service, and management required repair, the company was still an industry leader.

Ashworth announced in that it would launch a new golf label for and would be making all levels of merchandise available for pro shop and department store accounts. Each of its three types of merchandise were clearly defined by style and geared for certain demographics. The new line, Golfman, targeted to year-olds, and included T-shirts, shorts, graphic prints, and some denim. The Compqny core line continued to target golfers age 25 to 45, with solid, printed, and jacquard knit tops and twill bottoms.

As a way to improve sales even further in pro shops and department stores, Ashworth developed the concept of the Golfman Shop. The Golfman Shop was a merchandising system that integrated the Ashworth product line into one selfcontained marketing unit. Set up in the retail stores, the Shop readily adapted to changing inventory levels and new product development, while displaying a variety of Ashworth merchandise.

Ashworth also opened its own store in June The Com;any Studio, located in at South Coast Plaza in Costa Mesa, California, offered a full line of golf apparel, weathergear, and hats, Clotthing home and office furniture, luggage, and bathing accessories.

At the end ofthe Darrel Survey, a consumer survey conducted with golfers across America, named Ashworth the number one brand in golf. With a Ashworth also wanted to gain new distribution into pro shop accounts and upscale department stores, expanding on its already existing 4, accounts.

Finally, the company wanted to continue to be a product-driven and innovative company, strengthening the Ashworth image for fashion and function. To expand its core business, Ashworth relaunched its women's line for spring The company had not manufactured a women's line sincewhen it discontinued the line because of poor sales. This time the company set up a design staff and customer service staff to focus on its women's division. Ashworth also Clothiny its C,othing label in The label, Ashworth Clothing Company at the young golfer, was sold in pro shops and resorts, but was expected to earn higher sales from department and specialty stores.

The line consisted of knits, wovens, pants, shorts, fleece items, jackets, wind shirts, sweaters, and hats. Prices for the new AGCo line were set to be competitive with Us Playing Card Company Stock manufacturers.

The company looked to strategic alliances with golf properties to increase its distribution. Working to add other management firms, they anticipated the company would have three-year alliances with over of the premier volume-producing properties in the United States.

The Golfman Shop program would be used in each case to secure Asnworth least 20 percent of the properties' floor space. The company added 20 Golfman shops in earlybringing the total to Ashworth also continued to be an innovative company. Using the latest developments in fiber and garment technology, Ashworth established itself as the first golf apparel company to create an entire line of technical clothing. Its Weather Systems line featured knit-solar protection fabric, moisture-removing performance knits, and new lightweight, waterproof, breathable clothing.

Co-founder Cimpany Montiel announced he would retire from Companu on December 31, He planned to remain a stockholder in the company and looked forward to Clothjng the company continue Asworth grow. With Golfman Shops in place and product placements increasing, the company presumably would have no problem keeping Montiel happy.

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