Adidas set to sell struggling golf brands as revenues sink 26%Comments Off on Adidas set to sell struggling golf brands as revenues sink 26%
Main golf business TaylorMade, worn by Britain’s Justin Rose, is the most likely to go, but smaller brands Adams and Ashworth also face the chop.
Bosses revealed an investment bank has been appointed for the disposal and comes as sales in the second quarter for the golf division plummeted 26%.
The TaylorMade division, the biggest golf supplier in the world, now accounts for just 6% of Adidas’s turnover in 2014 and has forced several profit warnings.
The news came as Adidas reported its first half results, which revealed group sales rose 5%, with strong growth from its Adidas and Reebok brands.
Chief executive Herbert Hainer gave a positive outlook for the group the rest of the year.
“With a strong order book on hand, we are very confident that the robust momentum of our core brands adidas and Reebok will continue throughout the second half of the year and fuel the targeted top- and bottom-line growth.”